Age deduction

Deductions are the amount by which the value of a belonging or asset is reduced. The age deduction is the value decrease on what is to be reimbursed depending on the time since purchase and to correspond to market value. If the market value cannot be determined in a claim, it is determined at what it costs to acquire a new equivalent object, but with deduction for age, wear and tear, obsolescence, reduced usability and other circumstances.

When an object is to be replaced, your compensation is therefore reduced depending on the object's age and how it has been used up to the time of the damage. The compensation is the amount paid to the policyholder in a claim when it is covered by the terms of the insurance. In most cases, you also need to pay a deductible to use the insurance, which will be deducted from your compensation.