Zero Depreciation Car Insurance Means Quora

However if you have bought the add on along with the comprehensive car insurance you could have saved rs 10 000 since the insurer will not consider the depreciation of car parts while settling the claim. It appears most often on auto policy web sites with some connection to india. Zero depreciation is an add on on your regular car insurance.

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It means that if your car gets damaged following a collision no depreciation is subtracted from the coverage of wearing out of any body parts of car excluding tyres and batteries.

Zero depreciation car insurance means quora. It simply means that in the event of a tota. The no claim bonus provides several benefits to vehicle owners under a car insurance policy. This cover is highly beneficial for car owners as it ensures no deduction on account of depreciation for replaced parts in case of an accident. Hence zero depreciation is a good buy for any car owner provided the extra premium does not pinch.

The zero depreciation cover is also known as bumper to bumper cover. This cover protects the owner of the car from the depreciation factor due to normal wear and tear which affects the settlement value in case of a claim. Assuming the total cost of repair is rs 5000 including replacement of various bike components here is an example to show how the compensation will vary if you have a comprehensive 2 wheeler insurance policy or a zero depreciation bike insurance policy. Zero depreciation cover provides for the complete coverage of the vehicle without any deductions.

The depreciation value of the replaced or damaged parts is usually deducted at the time of claim but with zero dep policy one can claim the full amount. If your car insurance is without the zero or nil depreciation add on the insurance company will pay the repair after deducting the depreciation cost of rs 10 000. When you make a claim with a basic car insurance policy the insurance company does not. This is new term coined for advertising and marketing purposes and used almost exclusively with respect to auto insurance.

Zero depreciation car insurance. Icici lombard car insurance policy offers zero depreciation cover that is it provides coverage on replaced parts with no deduction for depreciation for the first two claims in a policy year. In a zero depreciation policy the insured gets the total cost of the damage or loss that is caused to the insured car. Benefits of ncb in car insurance.

Zero depreciation also known as nil depreciation or bumper to bumper car insurance is a car insurance policy that leaves out the depreciation factor from the coverage thus giving you complete cover. The zero depreciation cover is an add on which doesn t consider depreciation on cars. Lower premiums the no claim bonus helps a policyholder to earn at least 20 discount on his car insurance premium for every claim free year the ncb discount percentage is granted to the policyholder.