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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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Opt for Add-on Covers for Comprehensive Motor Insurance Benefits

26

Oct, 2013

Opt for Add-on Covers for Comprehensive Motor Insurance Benefits

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Consider this… Abhishek has bought a new car, and paid a basic policy premium of Rs. 15,000. Due to the rainy weather, he had a mishap where he ran into a tree. Due to this accident, there has been extensive frontal damage to the vehicle. In such a situation, while a large part of repair costs would be taken care of by his policy, he would still have to spend at least Rs. 30,000 from his own pocket to get all repairs and replacements done. On the other hand, had […]

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