Benefits of having Zero-Depreciation car insurance policy
Car insurance is a wonderful tool that ensures you will never have to worry about the financial disaster with regards to your car. However, one of the issues of cars that affects insurance policy is depreciation. Time, wear & tear to the car reduce its value at the time of a claim, sometimes even more than you think. However, if you have applied for a Zero-Depreciation car insurance policy, then you can rest assured that you will not have to incur a considerable loss.
Zero Dep Policy
The policy allows you to claim the entire cost of repair at the time of a claim. Zero-Depreciation car insurance policy makes sure that depreciation on the car is not taken into factor when you file a car insurance claim. Zero dep policy offers complete coverage for all rubber, fibre and metal parts without considering depreciation. The things that are not considered under the policy include engine damage due to water ingression or oil leakage, any sort of mechanical breakdown, oil change or consumables. However, there is a limit to the number of claims that you can make under the policy during the course of a year. Moreover, the premiums for the policy are higher than that of standard policies, but the benefits offered by the policy are worth it. The following people benefit the most from zero dep policy:
- People with new cars
- People with luxury cars
- New / Inexperienced drivers
- People living in accident-prone areas
- Small bumps and dents
- Expensive spare parts of your car
Benefits of the Policy
You can avail the following benefits:
- Control expenses as depreciation cost are not taken into account
- Most of your car insurance claims on the insured parts are settled
- Increases the value to the basic car insurance coverage and makes your investment almost equal to zero
So, when you get a car, taking a zero dep policy is a very good idea along with your car insurance and protects your money and your car.
