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Explaining Zero Depreciation Policy

28

Aug, 2014

Explaining Zero Depreciation Policy

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You have had an accident and now need to pay a whooping Rs. 1 lakh for repairing your car. However, you assume that since you have a motor insurance policy your damages would be covered. Unfortunately, when you file for claims, you come to know that you would have to pay hefty fraction of the overall costs, approximately Rs. 45,000, from your own pocket. What you forgot to factor in are the depreciation costs. Depreciation is the decrease in the value of an asset due to continuous use. In car […]

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How Motor Insurance Add-on Covers Can Benefit You

25

Aug, 2014

How Motor Insurance Add-on Covers Can Benefit You

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Add-on covers for added coverage to add value addition to your car It was monsoon season when one of my friends who was driving his three-year-old BMW on flooded streets of Mumbai met with an accident damaging windshield, bumper and hood of the car. As the streets were waterlogged, he tried to start the car resulting in hydro-static lock. He was more than 100 kms from his city of residence and car repair took more than 12 hours so he rented a hotel room till the car was repaired. Thanks […]

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