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21.08.2018, 10:48 |
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What is depreciation and how does it relate to claims payments?
Answer:
The value of your automobile (in most cases) decreases over time because of the wear and tear of driving. So, naturally, the amount of money the insurance company will pay you if your car is totaled in an accident will generally be less as it gets older and has racked up a lot of miles.
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