As per the car insurance norms, the value of a new car that is less than six months old is 95% of its current market value.
Your car’s value depreciates very quickly. Usually, the value of your vehicle will decrease to 91% of its initial market price the minute you purchase it. Over time, the value keeps decreasing as you use your vehicle.
Yes. You can buy a zero-depreciation cover on your comprehensive car insurance plan. With this cover, you get maximum coverage and save yourself from paying car depreciation costs during claims.
No. Zero depreciation cover and other add-on benefits can be availed on comprehensive car insurance only.
Zero depreciation cover is beneficial for cars that are up to five years old.