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Zero Dep Insurance क्या होता है ? No Claim Bonus क्या होता है? Zero Dep| Sumit Choudhary - YouTube
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Hello Friends, my name is Sumit Choudhary and welcome to my channel.
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my INSTAGRAM Id : motorcar.in please message for your querries.
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In this video we will talk about "Zero Depreciation"
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because whenever we are getting insurance for car
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then you will hear this term from insurance agents
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that you should take Zero Dep or Nil Dep
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in this video we will understand in detail Zero Depreciation / Nil Depreciation
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friends Zero Dep is a type of "Add-on" on your insurance policy
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Add on means Additional Top up which you buy on your policy
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it can be taken only when you opt for "First Party Insurance"
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now I have already uploaded a video on 1st Party insurance and 3rd party ins
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in which all details have been covered minutely
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involving all the risk of your cars covered and
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link of the video is in description box and in i-Button above
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even if you will search on youtube my video will be on top
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that video will give you deep insight what you are loosing in insurance
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but just to give you an overview, in third party insurance
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if I have a car and I hit/damaged some 3rd person"s car
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or if I damaged his property/car or any other loss
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that loss of 3rd person is covered under 3rd Party Insurance.
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in First Party insurance, all benefit of 3rd party insurance will be same
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even my own car damage in accident will be covered
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that is the big difference in 1st Party Ins and 3rd Party ins
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third party is a compulsion and you dont have a choice
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if you want to drive on indian roads as per law
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First party insurance is your choice
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law does not bound you for that, its optional
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so suppose you get a "1st Party Insurance"
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and your own car damage is covered under the policy
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but during claim settlement company dont pay you all money
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and uses a term "Depreciation" for that
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so now what is "Depreciation"
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suppose you buy and product from the market today
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so with time there will be wear and tear in the product.
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and with its usage, wear and tear will increase
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may be some material loss or physical damage
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so these all losses are called depreciation
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which ultimately results in reduction in value of product.
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so on the same lines, if my car get hit in accident
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then all the parts that my car presently have in it
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would have suffered some or other depreciation already befor accident.
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insurance company do not pay me for that depreciation to me
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suppose my car had a spare part of value Rs. 100
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and for that part company would have set some depreciation loss %
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lets say 30% depreciation after one year of usage.
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and my car meets and accident after 1 year
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so insurance company will only give me remaining Rs. 70
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while I had to pay Rs. 100
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and that too when i have insured my car damage under 1st party ins
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so why to give me only Rs.70 and why not full Rs. 100
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so to cover this gap between these values
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Insurance Companies offered an "Add on" named Zero Depreciation
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and to get that you need to pay extra premium over First Party Insurance.
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so that if by mistake our vehicle meets some accident.
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Depreciation won't be counted during claim settlement.
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but there is a time limit upto what you can take this "Add-On"
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If you buy a new vehicle today
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you can take Zero Depreciation for next 5 years.
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so that you don need to worry about any damage for next 5 years
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Zero Depreciation covers this additional financial risk of yours
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but you need to consider 2 3 points in this
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One point is Bonus Point
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or generally called "No Claim Bonus"/NCB
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to understand this lets say I got an Insurance
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and this year may car got no damage in the whole year
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so i dint take any claim from the insurance company
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and ultimately I saved precious money of Insurance Company
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or I might have taken back more than premium amount in claim
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suppose I took First Party insurance in Rs. 30000.
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and I took accidental claim of Rs. 40,000
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so company paid me more than I paid to the company
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My new INSTAGRAM id: motorcar.in Please follow me for quick answers on your querries
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So insurance company made a Reward Policy for them who dont claim any money in whole year.
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so that I who saved Company's money will be benefitted some way
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so suppose I dint take any claim this year term
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and when I will renew my Insurance Policy next year
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there will be a component in the policy premium
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named "Vehicle Own Damage"
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I wont have to pay some percentage of that component next year.
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and it keeps on increasing every year like 20%,then 30% , 40%
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and it will go upto 50% of Own Damage Component.
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so it is some sort of Rebate on Own Damage Component only
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and this is generally known as No Claim Bonus.
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and few years back you could claim at max twice an year
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of any type of damage in your car.
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But IRDAI, regulatory authority of insurance in India has
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has brought in new amendment
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and you can claim any number of times you suffered loss in vehicle.
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earlier it used to feel like a restriction on claims
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thats why when earlier we used to get small damage in car
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we had to avoid taking claims of that
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so that if tomorrow you met some big accident
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it would not be covered under this 2 time policy
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but today that restriction has been lifted off.
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and no more you are bound in limited claims
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and you can claims 365 claims in 365 days for sake of possibility
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this was all about Zero Dep, if still you have some doubt
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Please ask me on my Instagram Id for quick answers
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My instagram Id : motorcar.in
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and please watch "First Party Insurance vs Third Party Insurance" for
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better clarity on the subject topic
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or you can ask me in the comment section
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if you really liked my video, please press the like button an Subscribe to the channel
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Thankyou so much for watching...Jai Hind ...Jai Bharat
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