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What is zero depreciation car insurance?
What exactly is zero depreciation insurance? I just bought a brand new Tesla and I want to get the best car insurance policy available to cover it. I stumbled across zero depreciation car insurance, but I'm not sure how it works.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“A zero depreciation
car insurance
policy covers the full replacement cost of parts if you need them repaired or replaced following an accident.If you have regular
collision coverage
, your car insurance company may only pay for the depreciated amount of the part. That means if your transmission is damaged in an accident and needs to be replaced, they may only pay for 50% of the cost if they deem that the part had 50% depreciation on it.Getting a zero depreciation car policy can save you tons of money, especially if you’re accident prone or if you want to have your Tesla for decades.
If you want help shopping for the best deals on depreciation insurance, try using the
Jerry
app. Jerry compares rates from the top providers and delivers the best deals to your phone in minutes. And the best part–shopping for insurance through Jerry is free.”View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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