What is depreciation?
Depreciation is defined as the decrease in the value of the vehicle with time due to age, and wear and tear. As your car ages, its market value goes down, and so does the claim amount that you get.
FAQs
- Can I choose any benefits according to my choice?
- Is there any cover for existing damage?
- All items covered under ˜Personal Effect and Belongings?
- What is the inference of ‘total loss’ in the ‘New Vehicle Replacement’ benefit?
- What are the limits on the monetary coverage offered under each of the benefits?
