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Depreciation is quite simply the decrease in value of things or ‘assets’, as they get older. For example, a newer car is obviously priced higher than an older one. Similarly, there is a certain depreciation associated with all the materials like glass, plastic, metal that make up your car.
Each of the materials or parts has a different rate of depreciation. Here’s a quick video explaining how this works
After a lot of statistical research and data crunching, your zero depreciation premium depends on 3 main factors:
Ideally, Zero depreciation car insurance cover is for people with brand new cars (or even relatively brand new would do), but specifically:
Now that you fully understand the benefits of a zero depreciation add on, why not go ahead and buy it.