Cars wrecked in an accident or stolen are covered by zero depreciation, eliminating the need to consider depreciation value each year. However, only new automobile cars up to a maximum age of 5 years are eligible for zero depreciation cover.
Even if the car owner has full coverage, the insurance company usually subtracts depreciation from the true statement to arrive at the ultimate pay-out number during a claim.
With a Zero Depreciation Insurance cover, the insurer does not consider the fact that the automobile may have depreciated throughout its insurance period. Alternatively, if there is a loss or damage caused by an accident or theft, the insured can recover the whole amount without taking into account depreciation. However, one can only make two claims in a policy term.
There are many Zero Depreciation car insurance benefits for the policyholders. Here is a list of benefits for you:
Bajaj Allianz Zero Depreciation Car Insurance
Chola MS Zero Depreciation Car Insurance
Digit Zero Depreciation Car Insurance
Future Generali Zero Depreciation Car Insurance
HDFC Ergo Zero Depreciation Car Insurance
IFFCO Tokio Zero Depreciation Car Insurance
Kotak Mahindra Zero Depreciation Car Insurance
Liberty Zero Depreciation Car Insurance
Magma HDI Zero Depreciation Car Insurance
National Zero Depreciation Car Insurance
New India Assurance Zero Depreciation Car Insurance
Oriental Zero Depreciation Car Insurance
Raheja QBE Zero Depreciation Car Insurance
Reliance Zero Depreciation Car Insurance
Royal Sundaram Car Insurance Zero Depreciation
SBI Zero Depreciation Car Insurance
Shriram Zero Depreciation Car Insurance
Tata AIG Zero Depreciation Car Insurance Cover
Universal Sompo Zero Depreciation Car Insurance
Zuno Zero Depreciation Car Insurance
Ans: No. Whenever a car has been more than 5 years old, regardless of its condition, one cannot include the Zero Depreciation add-on with the insurance.
Ans: It depends on the car’s condition involved in the accident and the insurer’s final decision. If the condition necessitates a replacement, the coverage amount is paid to the policyholder. Otherwise, repair charges are paid without depreciation.
Ans: It depends on the insurer’s decision based on the history of claims and current inspection of the car’s condition or other involved damages and liabilities.
Ans: The amount of premium for adding Zero Depreciation cannot be determined until it is computed using approved methods. It must be noted that an additional amount is to be paid to get the benefits of zero depreciation.
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