Vehicle depreciation refers to the decrease in value of a car or other vehicle over time.
Full definition
In this specific post we'll have a look
at vehicle depreciation and the way that it may alter the cost that you pay for your auto insurance.
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Canadian car owners should all be complaining; it is estimated in Ontario and Quebec that rust from salt causes an extra $ 3 billion
in vehicle depreciation each year.
It is also possible to make deductions when filing taxes with the IRS
for vehicle depreciation and associated repairs and maintenance.
BC Injury Law Doing It Yourself — Suing For
Accelerated Vehicle Depreciation In BC Small Claims Court As I've previously written, when a vehicle is involved in a crash and is then repaired it is generally worth less than it would be had it not been damaged.
NIL Depreciation Cover in the plan is available on additional premium to cover the full value of parts in claim of Partial Damages to the Vehicle
If you travel a lot, you'll likely be taking more deductions based on your car (and there can be nuances there, like writing off actual expenses and writing off
vehicle depreciation).
In short,
vehicle depreciation is a lack of value from variables like age.