what is the benefit of zero depreciation car insurance?

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What is zero depreciation insurance and how it works?

Without the zero depreciation cover, all insurers account for depreciation on your car’s parts and therefore pay you your claim only after subtracting the amount of depreciation. With the add-on, no depreciation is subtracted, and you get more money during claims. What is Depreciation?

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What is Zero Depreciation/nil Depreciation Cover in comprehensive motor insurance?

When you buy Comprehensive Motor Insurance along with Zero Depreciation/Nil Depreciation cover, insurers will not deduct the depreciation amount while settling claims. Hence, you will receive a higher claim amount during settlement. You can avail of this add-on cover when you buy car insurance for new car or at the time of car insurance renewal.

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What is depreciation in car insurance?

Depreciation in simple terms is the decrease in the value of your car. This reduction is due to its natural wear and tear with time. The older the car, the higher the depreciation. Insurers deduct the depreciation amount while settling the claims, which reduces the claim amount. What is Zero Depreciation?

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Do insurance companies offer Zero-Depreciation Cover for older cars?

Some of the insurance providers do offer zero-depreciation cover for cars older than 5 years as well. It varied from company to company. Let us give you an example of how much you will have to pay for the damaged parts and its depreciation. Assuming your car is worth Rs. 15,00,000.

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1. What is zero depreciation insurance and how it works?
2. What is Zero Depreciation/nil Depreciation Cover in comprehensive motor insurance?
3. What is depreciation in car insurance?
4. Do insurance companies offer Zero-Depreciation Cover for older cars?
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