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Jun 20 2011 11:41AM
Vehicle owners drive in ‘zero dep’ policy cover

Zero depreciation covers, also known as ‘zero dep’ policies, for motor insurance are becoming a hit among mid- and top-segment vehicles with most preferring the enhanced cover over the standard motor policy. These policies came to India two years ago after the regulator gave companies the freedom to modify standard motor insurance policies. One glaring shortcoming of the standard motor policies was that the insured had to pay a large amount for repairs of plastic and fibre parts and also in the case of old vehicles, a large chunk of the repair cost was recovered from the customer because he was getting new parts for old. In the case of mid and top segment cars, the vehicle owner ends up paying for a large chunk of the repairs due to damages to the bumper and rubber parts. In major accidents, the cost of these can itself add up to over Rs 1 lakh, which has to be borne by the owner even if he has a standard motor policy. The zero dep policy pays the claim in full for a premium.
 
 
 
 
 
 
 
 
 
     
 
     
 
 
 
 
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