Quick Guide For Zero Depreciation In Car Insurance

Some parts of your car face wear-and-tear faster than the others and these parts are often referred to as depreciated parts. Once you file for an insurance claim, the insurance company deducts a value equal to the depreciated value of all such parts and does not settle your claim in full. The parts that are made up of rubber, plastic, fiber, etc. fall in this category.

If you want to avoid this deduction from the final claim amount, you can avail of a zero depreciation car insurance cover. It is also known as nil depreciation cover as it nullifies the deduction from the claim amount due to the deprecated components of your vehicle. The benefits of a zero depreciation car insurance policy are stated below:

Comes at a reasonable price

If you have already purchased a comprehensive car insurance policy, you can avail of a zero depreciation car insurance cover at a nominal price. It is because it is an add-on insurance policy that only enhances your claim amount to reduce the part of the repair costs that has to be borne by the insured.

Ideal for luxury cars

If you own a luxury car, the spare parts would cost you thousands when they get damaged during an accident. Also, if you don't have a zero depreciation car cover, the depreciated value of these spare parts can cost you dearly even if you have a comprehensive car insurance plan in place. Therefore, it is a smart move to get this add-on cover for your expensive cars.

Deduction in IDV

A comprehensive car insurance plan will provide compensation equal to the IDV (Insured Declared Value) of your car if your vehicle suffers total damage due to a collision or accident. This value is decided by the insurance company and the depreciated value of your old spare parts is further deducted from this value.

If you subscribe to a zero depreciation car insurance, this deduction can be avoided and you will get compensation equal to the IDV.

To go through the best zero depreciation car cover plans and comprehensive car insurance policies of the top insurance companies, you can visit the portal of Bajaj Finserv. Here you can learn more details on different types of add-on cover plans as well.

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