Zero Depreciation Car Insurance - Is It Worth The Buy?
Published On 18 Feb 2019 By Megha Raha
Benefits of Zero Depreciation Car Insurance.
Bumper to bumper - if you are a car owner, you must have heard about this term a thousand times. Little were you aware that it is a layman version of zero depreciation car insurance. To begin with, this add-on is of great benefit. It actually saves you tons of money in the long run. Wondering how? Well, let’s spill the beans.
Oh wait........ Zero
depreciation car insurance - do you know what it means?
Don’t worry if you have a
vague idea about the concept. It certainly is a cardinal part of
vehicle insurance, an add-on in particular. It is no secret that
vehicle of any type is a depreciating asset. More the wear and tear
in a vehicle, higher is the depreciation. In a nutshell, describing
the best car insurance policy is never complete without topping the
same with a zero depreciation cover.
Zero dep offer absolute
coverage to a vehicle without factoring in depreciation. Before
taking a leap, let’s check out a couple of alternative popular
names for a zero depreciation cover. These include:
- Bumper to Bumper
- Nil Depreciation
- Zero dep
Motor Insurance Policy
Paired With Zero Depreciation - Think It’s a Good Idea?
Stop making decisions for a
while and put some thought into your actions. If your car rams into
another vehicle or
tree, the damages would be severe. Expenses? Well, the numbers are definitely going to put you in a state of shock!
Did you know that a standard car insurance offer enough coverage to a vehicle? Cars age with time and so does its parts. They wear out and depreciate in value. When you buy car insurance, these parts are not covered. Having a zero dep add-on saves you from the trouble of spending riches in getting these parts fixed and repaired. Plastic and metal parts in the vehicle, prone to degrade with time are also covered using a zero dep.
Since it is an add on, car
insurance premium sees a definite hike. You certainly pay extra in
terms of premium but isn’t it worth it? Afterall, bearing the brunt
of damages in a vehicle is quite expensive. With the zero dep feature
added to your car insurance, your insuring company pays it all.
What are the most availed benefits of zero depreciation car insurance policy?
1. Depreciation cost of a vehicle is not reckoned. Therefore, chances of paying for expenses out of your own pockets is almost nil.
2. Comprehensive car insurance or
the best motor insurance policy in the market, having it coupled with
the zero dep add-on always add more value to the basic cover.
What to Remember?
Zero depreciation is an exclusive feature added to a basic policy. It’s not only available for new cars. Instead, insurers offer zero depreciation insurance policy can be opted for cars as old as 5 years. Bear in mind though, this amazing bonus could be extended up-to 8 years too. This depends on your insurer, claim history and tons of other factors.
Disclaimer: Every detail provided in this website is for information purpose only. Insurancedekho under no circumstances, endorse the information provided. However, we are constantly doing our best to keep our privileged customers up-to-date with neutral and factual information.