Once your claim is accepted, you will be paid the approved claim amount minus certain deductions which you will have to pay out from your pocket:
Standard or Voluntary Deductible: this is a fixed amount that you have to bear before the policy comes into force. For private cars, this amount currently is Rs. 1,000.
Depreciation: Standard insurance pays for the actual cash value of your damaged or destroyed vehicle part. However, since the part was already in use, its value will be less than or depreciated in comparison to a new replacement part. This will be 30% for fibre components and 50% for plastics and rubber. If you do not want to bear the depreciation cost, you can buy zero depreciation add-on which is available typically for cars not older than 3 years.
