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How Does the Waiver of Depreciation is Calculated in a Car Insurance Policy-

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              How Does the Waiver of Depreciation is Calculated in a Car Insurance Policy?
                                                              By Amy Nutt.



   The first car a person has is probably one of the most exciting events of their life that far, as the
world seems to just open up and everything seems to be possible, as long as the car is running. One of
the most important things about owning a car is car insurance, which is a subject that can be quite the
headache to get to know, especially considering all of the terminology and little rules associated to the
insurance industry. Something to know specifically is the waiver of depreciation, which is calculated
into a prospective car insurance policy.

 What is it?
 The waiver of depreciation basically states that the insurer will not depreciate the car if something
happens, whether it gets totaled or it gets stolen. Normally, this waiver only stands for 2 years (24
months), but after that, the value of the car is on a depreciated basis. There are a total of eight different
methods conducted for calculating depreciation, such as the straight line method or accelerated
depreciation method, which are the two processes used in the calculation of depreciations. This waiver
of depreciation can really aid people, and acts as a savior for those who happen to have something
bad happen to their vehicle within this short period of time, allowing them to be reimbursed for the
original price of their vehicle.

 Calculations, Calculations
 The waiver of depreciation is one calculated on the actual purchase price of the car and the equipment
in the car, the suggested list price the car was sold for, and the total cost of replacing the car with of
the same model and make with the same equipment that the initial car was loaded with. This really
helps the consumer, especially noting the fact that it comes at a rate that is less than $50 a year, it's a
steal! Unfortunately, this is something that many do not know until they are in what could be a
traumatic experience.

 The waiver of depreciation is calculated into the car insurance policy with other factors, such as driving
history and age, and this and other things make up the total car insurance quote. Obviously, the value
of the vehicle will make this higher, and with the younger and reckless of a driver, this number can be
quite large.

Decisions and Necessity
As we know, having a car is something that is essential for getting things done. Unfortunately, this is a

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world that is full of human error, and accidents do happen, which brings the need for adequate car
insurance. With car insurance, people are protected from their errors and others, and the companies
can really help a lot of the time with dealing with these experiences. Although sometimes it may be a
headache getting adequate help from them, it is important for the car owner to know that it is widely a
law to have car insurance, so understanding what they are really up to are something that everyone
should get to know intimately.

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                             How is Depreciation Calculated in a Home Insurance Claim?
                                                                 By Derek Rogers



You may not be aware, but depreciation plays a very large role in the calculation of a home insurance
claim. It is important for homeowners to be aware of who determines the calculations of depreciation
and what method, exactly, is used in determining that rate of depreciation. With any home insurance
policy, you should be aware of this information.

 The entity responsible for determining the depreciation is ultimately the insurance company. Your
insurance company will decide the amount of depreciation and will subtract that amount from the cost
of your property. The rate will stand as they decide unless you challenge their calculations. Some
homeowners do challenge their insurance companies when they make an insurance claim.

 The way in which these rates are determined is through published depreciation tables. These tables
list the useful life and depreciation of a wide variety of properties. Such depreciation tables can be
accessed through your home insurance company or may even be found online. More often than not,
home insurance adjusters and their claims departments; also have computer software that has the
insurance depreciation tables factored in. Such software makes figuring depreciation very easy and
almost error free. The insurance adjuster simply fills in the type of property, its condition and its age
and the software figures the depreciation automatically.

 One very dangerous, but frequent way that depreciation is calculated is when the insurance adjuster
makes a guess. Often, insurance adjusters will make a guess based on their past experience.
Sometimes, their guesses are correct but many times, they are not. If you think that your home
insurance adjuster may be guessing at depreciation calculations when you file a claim, definitely do
your homework.

 Before making a home insurance claim, it is best to have a full understanding of what type of coverage
you have. A standard home insurance plan will cover dwelling loss as well as contents (personal
property) loss. It is very important to ensure that your home insurance plan also has coverage for the
value of the contents of your home. If you do not have this coverage and experience a home loss, the
insurance adjuster will depreciate every item in your home.

 Recoverable depreciation is also worth understanding if you are going to make a home insurance
claim. This type of depreciation will determine what conditions exist and how losses are settled. In
most cases, the home insurance company will pay you the actual monetary value of the damaged or
lost property until repair or replacements are completed. If depreciation is not calculated properly, you
could stand to lose thousands.

 In order to successfully file a home insurance claim and ensure that your depreciation is calculated
accurately you must be informed. You should always require that your insurance adjuster provide
copies of the exact depreciation tables that they use. When your claim is filed, if you find that the tables
and actual estimate do not match, you can refuse the claim and demand that the claim be
re-estimated.

Derek Rogers is a freelance writer who represents a number of UK businesses. For Loss Assessors
and Home Insurance Claim Services, he recommends Morgan Clark:


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