Zero Dep Car Insurance Policy
So in other words only new cars are eligible for 0 depreciation car insurance.
Zero dep car insurance policy. This means that if your car gets damaged in an accident you will receive the entire cost from the insurer. Comprehensive insurance policy is ideal for. With this add on cover you dont have to face any depreciation in your insurance coverage. You pay a little extra premium and get better payback at the time of claims.
Zero depreciation car insurance is the all encompassing car insurance policy inclusive of add on covers and protection against financial liabilities arising from a number of common everyday scenarios. The car insurance zero depreciation policy is applicable to cars under the age limit of 3 years. It means if your car gets damaged following a collision you will receive the entire cost from the insurer. It enhances your comprehensive policys coverage for your car.
50 depreciation on such parts are considered before paying the claim. The zero depreciation insurance gives cover for new cars only up to 5 years old while comprehensive insurance gives cover for cars which are less than 15 years old. Zero dep insurance cover also known as zero dep policy is a type of insurance cover which offers complete coverage without factoring in depreciation value of the vehicle. Age of the covered car with zero dep addon the depreciation rates are considered as nil.
A zero depreciation cover is simply an add on cover which complements the basic car insurance policy. Zero depreciation or nil depreciation car insurance offers full protection and settlement coverage for your new car without any depreciation. Thus for a 5 lakh car add on premium for zero dep policy would be approx rs 4000 4500 or for a mid sedan priced at rs 10 lakh add on premium would be approx rs 8000. Also known as bumper to bumper insurance know about difference between zero dep and comprehensive policy including.
With age the depreciation of your car keeps increasing and will not be covered in the claim. Actually zero depreciation is an add on. This infographic will tell you how zero depreciation add on benefits you especially in the time of making claims. With zero depreciation policy getting popular in india the additional premium for add on zero dep policy is approx 8 to 9 of idv value of the vehicle.
With the zero dep addon no depreciation is considered for such parts. As compared to a regular car insurance policy zero depreciation car insurance will be slightly more expensive in terms of premium.