Important Information Regarding Bumper To Bumper Insurance

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The Bumper to Bumper insurance Policy is also called The “Zero Depreciation Insurance policy”. The Bumper to Bumper insurance was first announced in the year 2009 in India. The insurance policy itself implies that the policy provides complete coverage along with the depreciation issues of the vehicle.

Under the bumper to bumper insurance, the depreciation isn’t deducted from the cover for the wearing out of any body parts of the vehicle, except for batteries and tires. When you claim for the depreciation then the insurance corporation is legally responsible to pay the full cost, or nearly the complete cost, for the damages caused because of accidents or other collision.

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What Is Bumper To Bumper Insurance Policy?

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As everything becomes old with time by the rules of nature; our vehicles too, get older day by day. Also, when we use the vehicle regularly, we may find scarcity in it. This is the reason that along with the weakening, the vehicle’s value decreases. It has been named deprecation in the world of insurance. Insurance company reduces the cost of the car every year upon renewal of the policy.

Under the Bumper to Bumper Insurance policy i.e. zero depreciation insurance policy, you will get 100% cover for all metal parts, fiber, and rubber without any deduction of the depreciation. The cover also consists of the expenses for key replacements, emergency transports, and hotel expenses. Bumper to Bumper Insurance policy i.e. Zero Depreciation insurance plan is gaining acceptance among the present-day generation bike buyer, car buyers, specifically those purchasing expensive cars and high-end.

Deputation is not included in the value of the car under this policy. If this causes damage to your car due to an accident or other reason, the insurance company pays the full amount of the claim.

Insurance companies believe that the price of the car is fixed after one year. Insurance companies decide the different value of the car for each year. When a car owner claims a loss on the car, the beam reduces the value of the car due to the company’s depreciation.

Thus this is like those of the Comprehensive Insurance Policy. Most people buy Comprehensive Insurance for their car or vehicle as they are promised full settlement in the zero depreciation cover in the comprehensive policy.

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Benefits Of The Bumper to Bumper Insurance:

At first glance, you will find that the Bumper to Bumper Insurance policy or the Zero Depreciation Car Insurance Policy is better than ordinary car insurance. But everything has a different value and comes with some benefits with it.

The usual, comprehensive insurance policy for the vehicle does not cover for damages acquired by the plastic, glass, fiber, nylon, and other body parts of your car. On the other hand, the bumper to bumper insurance policy recompenses for all kind of accident costs.

The Bumper to Bumper Insurance policy is valid for only 5 years.

At the time of raising the claim, the covered is guaranteed of 100% payment of the expense of your vehicle’s maintenances, without taking depreciation feature that rises from usual wear & tear.

The bumper to bumper insurance policy guarantees 100% mental peace as well as satisfaction to its insured by assuring the fact that the policyholder does not lose any cash at the time of repairing the damaged vehicle. Theoretically, the bumper to bumper insurance policy repairs the insured person’s vehicle for free instead.

The inherent expense of maintaining the bumper to bumper insurance plan is certainly a little more than the comprehensive car insurance policy; however as adding every single add-on to the car insurance plan increases its concluding expenses, similarly, purchasing a Bumper to Bumper insurance cover adds to the worth of the insurance policy.

Nevertheless, the advantage the bumper to bumper insurance policy offers during the claim for the policy is way greater as compared to the premium paid to the policy.

The Bumper To Bumper Insurance policy is valid for both 2 Wheeler and 4 Wheeler and for expensive cars too.

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Difference Between Bumper To Bumper Insurance & General Insurance:

Under the zero depreciation, the insurer gets full cover, in which case the insurer does not have to pay any expenses and the entire insurance company raises the cost.

Whereas, in general, auto insurance, if an accident happens and is claimed, then the company gives only a few percents of the different parts of the vehicle, and the rest is to be given by the customer from their pocket.

Under zero depreciation, you have to spend about 20 percent more but if you see its benefits, then you will realize that it gives you a lot of benefits in the long term. In the general policy, you have to spend 25 to 50 per cent of the cost on your own.

In Bumper to Bumper Insurance policy, you also get cover for plastic, fiber, and glass parts while the general policy does not cover the cost of spoiling or replacement of these things.

NOTE:

However, the car’s tires and batteries are not covered under the Zero Depreciation Policy.

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Mind These Things before Buying the Bumper To Bumper Insurance Plan

All those who have a car, they only need auto insurance. But do you know that most people are now taking Bumper To Bumper Insurance Plan? This is especially known as Zero Depreciation Insurance Policy.

Before buying the Bumper To Bumper Insurance Plan, make sure to compare it with the premium of general insurance. It is possible that you can be cheated by your agent.

Also, keep in mind that how many claims you can get in a year? Even if your company is offering a maximum number of claims, do not take any claim for every little thing.

Customers should choose the Bumper to Bumper Insurance policy carefully as in the bumper to bumper insurance there are many terms and different rules.

If the insurance companies grant a limited number of claims under the Bumper to Bumper Insurance Policy, then customers should not spend it for any small claims.

While taking Bumper to Bumper Insurance cover, keep in mind that companies do not cover the normal breakdown in the parts, for this, you have to take the extended warranty option.

Auto industry experts believe that taking bumper to bumper insurance cover can be expensive at the beginning, but as far as the claim is concerned, the maximum benefits are available to the customer in this policy.