user
Hanish

Question

Hi. I need to renew my car insurance with IDV of 280000/-. Kindly share the premium available from different insurance firms

  • Asked By: Hanish
  • On: 7th Sep 2011 9:04 PM
  • Answered Within: 124 Days
expert
MIC Expert

Answer

Dear Hanish,

The Insured’s Declared Value (IDV) of the vehicle will be fixed at the commencement of each policy period for each insured vehicle. The IDV of the vehicle is to be fixed on the basis of manufacturer’s listed selling price of the brand and model at the commencement of insurance and adjusted for depreciation (as per schedule specified below). The schedule of age-wise depreciation as shown below is applicable for the purpose of Total Loss/ Constructive Total Loss (TL/ CTL) claims only.  A vehicle will be considered to be a CTL, where the aggregate cost of retrieval and / or repair of the vehicle subject to terms and conditions of the policy exceeds 75% of the IDV.

Note:

IDV of vehicles beyond 5 years of age and of obsolete models of the vehicles (i.e. models which the manufacturers have discontinued to manufacture) is to be determined on the basis of an understanding between the insurer and the insured.

The car premium depends not only on the IDV but also on the make of the car, the year of manufacturer, Model No, etc. Hence all the details are required for car insurance quotes.

Alternately you can provide us with your contact details and we can ask the insurance companies to contact you directly.

  • Answered By: MIC Expert
  • On: 10th Jan 2012 5:41 PM

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