What is a zero DEP insurance?
What is a zero DEP insurance?
What Does Zero Depreciation Car Insurance Policy Mean? Zero depreciation means – If you have nil depreciation cover then you can claim the total cost of replacement of car parts in case of accidental damage. The depreciation value of the damaged parts won’t be deducted from the claim amount.
How much IDV should I choose?
IDV of a new car Normally, the depreciation of a new car is 5 per cent, hence by default, the maximum IDV should be 95% of the ex-showroom price of the car.””
Why does IDV decrease every year?
Insured Declared Value (IDV) means the maximum value for which your car is insured in case of total loss/theft in a particular year. This value normally decreases as the car depreciates over its lifespan. Feb 6, 2019
Why insurance against third party is necessary?
Third-party insurance is important because it is mandated by the law for all vehicles driving on the road to have a third-party insurance policy. Moreover, third-party insurance financially protects you against any third-party damage, loss of property, death or bodily injury caused to the third party. Apr 26, 2021
How do I know if my insurance is zero DEP?
You can easily calculate zero depreciation car insurance premium calculator available on the websites of car insurance online to know the amount of premium you will bear.
