Depreciation of car parts - Applicable for partial loss claimsThe rate of depreciation of car parts is assessed uniformly across the board by all car insurance companies. The standard depreciation rates followed in the industry are as listed below:Age of the carPercentage depreciationBelow 6 monthsnil6 months to 1 year5%1 year to 2 years10%2 years to 3 years15%3 years to 4 years25%4 years to 5 years35%5 years to 10 years40%More than 10 years50%So consider a scenario in which a fibreglass car part that costs Rs.10,000 is replaced during the repair work on your car following an accident. The insurance provider only pays 70% of the replacement cost, i.e., Rs.7,000. This implies that you will have to pay the remaining Rs.3,000 from your pocket.Consider another example in which a paint job was done on the car. If the cost of the paint work was Rs.3,000, you will have to pay Rs.1,500 because the insurer only bears 50% of the cost.