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Zero Depreciation Auto Insurance; Do You Need It Or Not?
An individual purchases his or her own vehicle after a lot of hard work, with some of them putting down their life savings to own their own transportation.
Accidents do not give notice before occurring since they happen all of a sudden. To cope with this unwanted pressure insurance companies have devised brilliant Auto Insurance policies.
In India, as of now, there are two auto insurance policies available to vehicle owners. The first is Third Party Auto Insurance and second is Comprehensive Auto Insurance.
Also Read: 7 Types Of Auto Insurance: Which One Suits You The Best?
Insurance companies are now offering Zero Depreciation on Comprehensive Auto Insurance. It is mostly applicable to new vehicle owners and is available for both two-wheelers and four-wheelers.
With Zero Depreciation Insurance, the company provides entire amount to repair damages caused. It does not factor depreciation of parts and offers complete all-round vehicle protection from accidents.
Also Read: Types Of Auto Insurance Currently Offered In India
Should You Or Should You Not Have Zero Depreciation Cover:
Q.
Which
vehicles
are
applicable
for
Zero
Depreciation
Insurance?
A.
It
is
best
if
new
vehicle
owners
opt
for
Zero
Depreciation,
as
it
provides
safety
from
damages
without
owner
spending
any
extra
money
on
damages.
However,
both
new
and
experienced
owners
can
opt
for
it.
Also Read: 5 Things That You Need To Know About Auto Insurance
Q.
Premium
amount
for
Zero
Depreciation
Insurance?
A.
The
premium
is
slightly
higher
than
even
Comprehensive
Auto
Insurance.
Most
new
vehicles
have
the
option
of
choosing
Zero
Depreciation,
you
can
choose
against
it
as
well.
It
does
not
make
sense
to
purchase
this
policy
for
older
vehicles
as
their
value
and
premium
amount
would
not
be
viable.
Q.
Number
of
claims
that
can
be
made
under
Zero
Depreciation
policy?
A.
The
amount
of
times
an
individual
can
claim
for
damages
is
limited
and
varies
between
insurance
companies.
It
is
best
if
small
damages
are
taken
care
of
by
the
owner
or
else
they
would
lose
their
No
Claim
Bonus
as
well.
You
need
to
check
with
Insurance
company
how
many
claims
can
be
filed
in
a
year,
before
opting
for
one,
and
some
even
offer
cashless
options.
Also Read: Ghat Road Driving Tips This Monsoon
Q.
So
should
you
or
should
you
not
opt
for
Zero
Depreciation
Auto
Insurance?
A.
We
strongly
suggest
that
if
you
can
afford
the
investment
will
surely
be
worthwhile.
Technically,
if
your
vehicle
is
damaged
you
will
be
at
an
advantage
with
Zero
Depreciation
as
only
a
minimum
amount
of
money
will
be
pulled
out
of
your
wallet.
In
case
of
Comprehensive
Auto
Insurance,
the
owner
would
have
to
pay
for
parts
that
are
not
included
in
the
policy.