WHAT IS BUMPER TO BUMPER INSURANCE ?
Bumper To Bumper Insurance
Bumper-to-bumper insurance is termed as an insurance cover when the claims for vehicle parts are settled without applying depreciation as in the case of package policy or comprehensive policy, claims are settled after applying depreciation on replaced parts. Depreciation implies the reduction in the value of the vehicles and its parts due to wear and tear.
Understanding bumper-to-bumper insurance policy
To gain immunity from depreciation, people can opt for a bumper-to-bumper add-on insurance policy cover. This add-on policy is only made available to cars aged at least five years or less.
In the bumper-to-bumper car vehicle insurance policy, the insurance covers the cost for all the parts, except for the engine, tyres, batteries, tubes and glasses. This car vehicle insurance policy is usually provided as an add-on with the standard policy.
BUMPER TO BUMPER INSURANCE NEWS
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Insurers seek hike in tax exemption for higher adoption of pure risk plans
Currently, under Section 80C of the Income Tax Act, an individual can claim a deduction of the life insurance premium paid from ...| January 18, 2022, Tuesday
