Whether you buy a car or a two wheeler or a commercial vehicle, buying a motor insurance policy has been made mandatory for every person buying a vehicle in India.
When you buy a new vehicle, it is provided by the insurance company at that time. The insurance provided by the company is valid for at least one year. After one year, the vehicle owner has to renew the insurance keeping in mind his needs.
Whether you buy a car or a two wheeler or a commercial vehicle, buying a motor insurance policy has been made mandatory for every person buying a vehicle in India. Being insured, in the event of an accident with the vehicle, the burden of compensation for damages does not spoil your budget.
If you have also covered zero depreciation cover in your motor insurance, then it can give you more benefits. KNOW HOW :-
What is depreciat?ion
The parts and parts of an old car wear out, due to which the market value of the car also decreases. This is called depreciation. This is the reason why renewing car insurance every year reduces the value of the car as well as the amount of the insurance claim.
If zero depreciation cover is not taken in the motor insurance policy, the insurance company does not bear the full cost in case of new parts being installed.
Zero Depp what happens
does not include depreciation of fixed value of the car to take a zero depreciation cover. In case of damage to your vehicle in an accident, the insurance company pays the full amount of the claim. This is called ‘Zero Dep’ cover.
Keep these things in mind if you take a
motor insurance policy, then keep in mind that the premium increases by 20 percent by adding zero depth cover to the insurance policy.
The zero depreciation cover is available only on a new vehicle or a car that is more than 3 years old. If your car is four years old then you have to buy a general insurance policy only.
