What is Depreciation in Insurance? (2020)

What is depreciation in insurance? It's a slightly technical concept that has two implications for your insurance policy. Do agents have to understand it? Absolutely.
When something of value lives its natural economic lifespan, its value decreases. This is inherent in most assets that can be insured; houses and cars as well.
In today's session, tito will be talking about what depreciation is in insurance and what those implications are to your clients. Plus! Don't forget to watch to the end where tito talks about some interesting insurance hacks to help you when depreciation does not work in your favor!
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Property Insurance Playlist:
• Property Insurance 101
Motorcar Insurance Playlist:
• Car Insurance 101
Personal Accident Playlist:
• Personal Accident Insu...
Surety Bonds Playlist:
• Surety Bonds 101
Marine Insurance Playlist:
• Marine Insurance 101
English Mondays Playlist:
• English Mondays
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[@rodmahinayjr.6280]

Tama ako depreciation of parts hahaha

[@sheyneatendido1635]

Hi sir, question po 3 years & 3 months na po car namin at kailangan po mag claim big amount po ang estimate 354k. The coverage of our insurance, personal accident is 700k. Kasama po ba kami sa parts depreciation kahit po 3yrs palang ang car and low odometer? Please reply po.

[@agapito045]

Salamat sayo Tito Migz. Dahil sayo naipasa ko exam sa IC

[@ciara5983]

What is your insurance company Tito😊

[@lahion9952]

Where to pm for insurance company? Hehe

[@francisgenabe7095]

Hi tito i want to inquire for the insurance Company.