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Top Differences Between Zero Depreciation and Comprehensive Car Insurance Policy

Wish

Written by Udit Varshney

Updated Oct 15, 2023

A comprehensive car insurance policy is a type of car insurance policy whereas, a zero depreciation cover is an add on cover.

As per the Indian Motor Tariff it is compulsory that every car is covered by at least third party liability car insurance cover. However, this policy only insures you against third party liabilities. Thus, to get your car a complete coverage one should opt for a comprehensive car insurance plan or a comprehensive car insurance plan with a zero depreciation cover.

Top Differences Between Zero Depreciation and Comprehensive Car Insurance Policy

Differences Between Zero Depreciation and Comprehensive Car Insurance Policy

A comprehensive car insurance policy is a type of car insurance policy whereas, a zero depreciation cover is an add on cover. Thus, it is not possible to compare comprehensive car insurance with a zero depreciation cover. However, we can say comprehensive insurance + zero depreciation cover =100% protection.

What is Comprehensive Car Insurance Policy?

This policy can be referred to as a ‘complete package’ that covers your vehicle from every possible damage, the vehicle's own-damages as well as the third party liabilities. Here’s a list of everything that this kind of policy covers-

  • All own-damages incurred by your car in an accident
  • Theft of car
  • Damaged due to fire
  • Damage due to natural disasters
  • Third party liabilities

What is a Zero Depreciation Cover?

A zero depreciation cover is a car insurance add-on which is available for purchase with comprehensive car insurance as well as standalone own-damage car insurance plans.

When you opt for a comprehensive car insurance policy with zero depreciation cover, the premium gets slightly raised but no depreciation is charged at the time of repair of car parts. The depreciation rate of the car also gets waived off when you have this add-on.

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Conclusion

Car insurance can be availed in three forms namely standalone own-damage car insurance policy, third-party car insurance policy, and comprehensive car insurance policy. Opting for a comprehensive car insurance policy along with the add on cover of zero depreciation gives your vehicle complete protection from any kind of accident or damage. The liability to pay for any depreciation of an insured car is the responsibility of the policyholder. However, when a policyholder selects a zero depreciation add-on, the liability rests with the insurer.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

Wish

Written by Udit Varshney

Udit has built B2C segments across various industries and has had significant contributions to the insurance sector. Read More

Disclaimer

This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
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