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How is Nil Depreciation Different From Regular Car Insurance?
For example, if repair costs are ₹20,000, a standard car insurance policy may pay ₹12,000 after depreciation, but with zero depreciation car insurance, you would get the full amount.
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4. Role in Claim Settlement
Zero depreciation cover makes a noticeable difference when you file a claim under car insurance. While in regular car insurance, depreciation value is deducted from the claim amount, car insurance with zero dep cover gets the full claim amount. This means the full cost of the replaced parts is covered, reducing the out-of-the-pocket expenses of car owners.