{"id":3900,"date":"2023-12-23T17:20:37","date_gmt":"2023-12-23T11:50:37","guid":{"rendered":"https:\/\/www.insurancesamadhan.com\/blog\/?p=3900"},"modified":"2023-12-23T17:22:36","modified_gmt":"2023-12-23T11:52:36","slug":"understanding-depreciation-a-comprehensive-guide-to-motor-insurance-depreciation","status":"publish","type":"post","link":"http:\/\/www.insurancesamadhan.com\/blog\/understanding-depreciation-a-comprehensive-guide-to-motor-insurance-depreciation\/","title":{"rendered":"Understanding Depreciation: A Comprehensive Guide to Motor Insurance Depreciation"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"http:\/\/www.insurancesamadhan.com\/blog\/understanding-depreciation-a-comprehensive-guide-to-motor-insurance-depreciation\/#Introduction\" >Introduction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"http:\/\/www.insurancesamadhan.com\/blog\/understanding-depreciation-a-comprehensive-guide-to-motor-insurance-depreciation\/#What_is_Depreciation_Definition_and_Implication_in_motor_policy\" >What is Depreciation: Definition and Implication in motor policy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"http:\/\/www.insurancesamadhan.com\/blog\/understanding-depreciation-a-comprehensive-guide-to-motor-insurance-depreciation\/#Types_of_Depreciation\" >Types of Depreciation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"http:\/\/www.insurancesamadhan.com\/blog\/understanding-depreciation-a-comprehensive-guide-to-motor-insurance-depreciation\/#SAFEGUARDS_Choosing_the_right_Add-Ons\" >SAFEGUARDS: Choosing the right Add-Ons<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"http:\/\/www.insurancesamadhan.com\/blog\/understanding-depreciation-a-comprehensive-guide-to-motor-insurance-depreciation\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Introduction\"><\/span><span style=\"font-weight: 400;\"><strong>Introduction<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Mr. Sunil had a Honda City car and in order to safeguard himself, he bought a comprehensive motor insurance policy. While purchasing the policy, his focus was on buying the cheapest plan and without understanding the coverages, he simply choose the plan with the lowest premium.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Unfortunately, 6 months later his vehicle met with an accident and the garage provided a repair estimate of Rs. 1.8 lacs. He filed a claim with the insurer for cashless repairs but to his surprise, when the surveyor came, he allowed for a claim of only Rs. 1,03,000\/-.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On questioning the reasons for deductions, the surveyor told him that he had not taken a <\/span><b>Zero Depreciation or Nil Depreciation cover <\/b><span style=\"font-weight: 400;\">in his policy<\/span><b>. <\/b><span style=\"font-weight: 400;\">Till this time, Sunil had no understanding of depreciation, but he realized how important it is to understand the coverages and not to just be penny wise and pound foolish.\u00a0<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-3901\" src=\"https:\/\/www.insurancesamadhan.com\/blog\/wp-content\/uploads\/2023\/12\/larger.png\" alt=\"\" width=\"1920\" height=\"1080\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_is_Depreciation_Definition_and_Implication_in_motor_policy\"><\/span><b>What is Depreciation: Definition and Implication in motor policy<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As per accounting definitions, the monetary value of any asset decreases over time as it is used, experiencing wear and tear. This reduction in value is depreciation, which is calculated differently for various assets based on their lifespan and other factors.<\/p>\n<p>Similarly, all motor vehicles are subject to depreciation. As they are used, their value decreases due to wear and tear. To calculate this depreciation, specific criteria are applied, which we will discuss below.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Types_of_Depreciation\"><\/span><b>Types of Depreciation<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Please note that there are two types of depreciation slabs that are levied on a motor vehicle:<\/span><\/p>\n<p><b>Depreciation of the total value of a car:<\/b><span style=\"font-weight: 400;\"> As soon as a car is driven out of the showroom, its value gets reduced. In fact, for a brand-new vehicle being purchased, the IDV taken by the insurer is 95% of the actual value, thus, deducting 5% as depreciation costs.<br \/>\n<\/span>Also, every year the value is reduced by the insurer in the IDV in order to reduce depreciation costs. This depreciation is calculated based on the age of the vehicle and the slabs defined for the same are as below<\/p>\n<table>\n<tbody>\n<tr>\n<td><b>AGE OF THE VEHICLE\u00a0<\/b><\/td>\n<td><b>% OF DEPRECIATION FOR FIXING IDV\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Not exceeding 6 months\u00a0<\/b><\/td>\n<td><b>5%\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Exceeding 6 months but not exceeding 1 year\u00a0<\/b><\/td>\n<td><b>15%\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Exceeding 1 year but not exceeding 2 years\u00a0<\/b><\/td>\n<td><b>20%\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Exceeding 2 years but not exceeding 3 years\u00a0<\/b><\/td>\n<td><b>30%\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Exceeding 3 years but not exceeding 4 years\u00a0<\/b><\/td>\n<td><b>40%\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Exceeding 4 years but not exceeding 5 years\u00a0<\/b><\/td>\n<td><b>50%\u00a0<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">For vehicles exceeding 5 years of age, the IDV is decided by mutual understanding of insurer and insured. It needs to be noted that IDV cannot be changed later in the event of a total loss or constructive total loss (Constructive Total Loss: where the cost of repairing or retrieving the vehicle is more than 75% of the IDV).<\/span><\/p>\n<p><b>Depreciation on the various parts of the vehicle in case of partial loss claims<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The depreciation not only applies to the total value of the car but also to various parts of the vehicle. For better understanding, let us say that you have a 2020 model of Maruti Wagon R. Now, in an accident, the bumper, bonnet, and headlights get damaged and need replacement.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The company cannot always get parts of 2020 and replacing the old parts with new will not be right with the law of indemnity. Hence the insurer deducts depreciation factor on these parts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For different types of parts, the depreciation is different:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">For all rubber, nylon, plastic parts, tyres, tubes, battery and air bags: A fixed rate of 50% is deducted irrespective of age of the vehicle.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">For fiber glass components it is 30%<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">For labor charges and glass components depreciation is NIL<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">For all other parts i.e. metal parts, wooden parts etc.<\/span><\/li>\n<\/ol>\n<table>\n<tbody>\n<tr>\n<td><b>AGE OF THE VEHICLE\u00a0<\/b><\/td>\n<td><b>% OF DEPRECIATION\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Not exceeding 6 months\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Nil\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Exceeding 6 months but not exceeding 1 year\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5%\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Exceeding 1 year but not exceeding 2 years\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10%\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Exceeding 2 years but not exceeding 3 years\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15%\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Exceeding 3 years but not exceeding 4 years\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25%\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Exceeding 4 years but not exceeding 5 years\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35%\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Exceeding 5 years but not exceeding 10 years\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">40%\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Exceeding 10 years\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">50%\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">The depreciation on these parts is decided as per the above slab rates and only after deduction of the said % a claim is processed.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"SAFEGUARDS_Choosing_the_right_Add-Ons\"><\/span><b>SAFEGUARDS: Choosing the right Add-Ons<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The question arises, how to save your pocket from the above heavy depreciation deductions and the answer to this is plain and simple, get the required Add-Ons in your policy.<\/span><\/p>\n<p><strong>NIL DEPRECIATION \u2013 Zero Depreciation cover \u2013 Bumper to Bumper: <\/strong><span style=\"font-weight: 400;\">There are multiple names to this cover, but the benefit is what is important. This cover provides safety from the depreciation deductions on the parts in case of partial loss claims. It is very important to have this add-on, especially in today\u2019s times where replacing the damaged parts of the vehicle is very costly and depreciation deduction on the same can cost dearly.<\/span><\/p>\n<p><strong>Return to Invoice Cover: <\/strong><span style=\"font-weight: 400;\">This cover helps against the total loss and CTL claims against the depreciation of the total value of the car. This add-on gets you the complete invoice value of the car along saving you from the depreciation deductions and also helps in getting back the registration and road tax costs.<\/span><\/p>\n<p><a href=\"https:\/\/www.insurancesamadhan.com\/register?utm_source=organic&amp;utm_medium=blog&amp;utm_campaign=blog_post&amp;utm_term=blog_term\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/stage.insurancesamadhan.com\/assets\/img\/contact.png\" alt=\"Insurance Samadhan\" width=\"500\" height=\"70\" border=\"0\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><b>Conclusion<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">At the time of taking a motor policy, ensure that Nil depreciation and RTI covers are taken in order to safeguard yourself from depreciation deductions in case of partial, total and constructive total loss scenarios.<\/p>\n<p><strong>By- Chirag Nihalani<\/strong><\/span><\/p>\n<p><a href=\"https:\/\/www.insurancesamadhan.com\/register?utm_source=organic&amp;utm_medium=blog&amp;utm_campaign=blog_post&amp;utm_term=blog_term\"><strong>Click here to register your complaint with Insurance Samadhan<\/strong><\/a><\/p>\n<p>Visit our website:\u00a0<a href=\"https:\/\/www.insurancesamadhan.com\/\">insurancesamadhan.com<\/a><\/p>\n<p>Mail us at\u00a0<a href=\"mailto:corporate@insurancesamadhan.com\">corporate@insurancesamadhan.com<\/a><\/p>\n<p><script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\/\",\n  \"@type\": \"Article\",\n  \"mainEntityOfPage\": {\n    \"@type\": \"WebPage\",\n    \"@id\": \"https:\/\/www.insurancesamadhan.com\/blog\/understanding-depreciation-a-comprehensive-guide-to-motor-insurance-depreciation\/\"\n  },\n  \"headline\": \"Understanding Depreciation: A Comprehensive Guide to Motor Insurance Depreciation\",\n  \"description\": \"Uncover the complexities of motor insurance depreciation. 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While purchasing the policy, his focus was on buying the cheapest plan and without understanding the coverages, he simply&hellip; <a href=\"http:\/\/www.insurancesamadhan.com\/blog\/understanding-depreciation-a-comprehensive-guide-to-motor-insurance-depreciation\/\" class=\"more-link\">Continue Reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":14,"featured_media":3902,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","footnotes":""},"categories":[143],"tags":[],"class_list":["post-3900","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-motor-insurance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Understanding Depreciation: A Comprehensive Guide to Motor Insurance Depreciation - Insurance Samadhan<\/title>\n<meta name=\"description\" content=\"Uncover the complexities of motor insurance depreciation. 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