Zero depreciation car insurance is also known as nil depreciation or Bumper-to-Bumper insurance. In this type of insurance, the depreciation factor is not taken into consideration, giving complete protection to your vehicle. If, by chance, your vehicle gets damaged in a collision, the insurer will not deduct the cost of depreciation from your insurance cover. Covering the cost of all the damaged parts of the car will be the insurance provider's responsibility. However, tires and batteries will remain excluded from the coverage. There is also a limit on the number of claims you can make in a year.
Fibre, rubber and metal parts get covered in zero depreciation car insurance, reducing any expenses incurred in repairing these items following damage.
This blog will cover why you should buy zero depreciation car insurance.
Why Buy Zero Depreciation Car Insurance?
· You own a luxury car
Zero depreciation car insurance is a must for luxury cars as these vehicles comprise expensive components. Moreover, the spare parts are equally expensive, so to reduce such expenses, you should opt for this type of insurance.
· You are new to driving a car
When new to driving, you are more likely to ram your vehicle here and there. Zero depreciation car insurance saves you from expenses incurred for repairing dents and normal wear and tear of the car.
· You need to drive in accident-prone areas more
If you are to drive frequently to those regions that are known as accident-prone areas, there is the likelihood that you may damage your vehicle. It saves you from incurring additional charges in case of repair for your car.
· If you are willing to cut your expenses and save money
Zero depreciation car insurance is a must if you want to cut on the expenses from your pocket. It’s a boon for both you and your vehicle that this applies to new cars and those up to 5 years old. It significantly reduces expenses and helps you maintain your vehicle in good shape.
When buying zero depreciation car coverage for your vehicle, buy car insurance online for convenience and bagging a better deal.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the relevant industry. It is advised to verify the relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.