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Explaining Zero Depreciation Policy


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 […]