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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.
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.
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Dear Sir, Madam, I have a Honda Brio bought under finance from Sundaram Finance. Is it mandatory for cars bought on loan to buy comprehensive insurance or will third party insurance suffice?
As far as the law is concerned, ONLY a third party insurance will suffice. The Indian Law mandates at least third party plan. However, you must take a comprehensive car plan if you also want the damage for your car to be covered because third party plans do not cover own car insurance damage.
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Difference between Smart private car policy and 0% depreciation
At the time of making a claim in a comprehensive car insurance policy, the insurance company will compensate for the damages factoring depreciated value of car parts (say 60%) which require replacement. Here, you will have to bear the remaining cost of the part (40%).If you take a Zero Depreciation... Read More>>
What is the additional excess on zero depreciation policy in private cars.
For basic info on zero depreciation cover please click below linkhttp://www.myinsuranceclub.com/ask-an-expert/difference-between-smart-private-car-policy-and-0-To reduce the insurance premium, the policyholder can choose to pay an excess amount (deductible) than the compulsory excess demanded by the... Read More>>
I have a wagon R Lxi duos( with LPG) manufactured 2009, i have a policy from bajaj-allianz. But now i want to convert my LPG version into CNG version, what will be the change i have to notify to my insurance company?
You will have to inform them about this modification to your car. Also submit the bill or invoice copy of the CNG kit to them. Include this CNG kit in your insurance policy by paying additional premium.
i had lost my original copy of my car insurance alto k10 vxi model. how can i receice duplicate copy ?
Just send an email to your insurance company and they will revert with a soft copy. Take a print out of the same and keep it in your car.
I have a car which is registered in the name of my father.
After his death 4 years ago, the car is unused till now.
The insurance policy got expired in 2010.
Can I renew the insurance of the car now without any ownership change formalities?
1) Please transfer the car in your name2) Once the transfer is done, submit the RC to the any general insurance company to issue a fresh policy to you
please explain zero dep car insurance policies and best available in mkt.
At the time of a claim in the comprehensive car insurance policy, the insurance company will compensate for the damages factoring depreciated value of car parts (say 60%) which require replacement. Here, you will have to bear the remaining cost of the part (40%).If you take a Zero Depreciation... Read More>>
I Have Purchased Maruti ALTO Lxi in 2012.I would like to know best car renewal insurance plan.
You can fill in the details and compare the premiums
Other than the details already provided, you need to mention:
I am in the process of selling my maruti 800 96 model.However I just purchased a new policy 1 week back.The RC book transfer process is on. Is it possible for the buyer to use the car without transfering insurance policy in his name.If a claiming situation occurs we can transfer it to his name at...
No. The new buyer has to transfer the insurance policy in his name immediately.
Hello people Few days back my bolero zlx met with an accident ...I gave a police complaint and inform to Bharti AXA insurance company my question is vehicle is in temporary registration number more over the T/R number expired 2 months back
My I get the insurance claim in T/R number expired...
If your claim is a third party liability claim, you can go ahead with the claim proceedings but if the same is for your own car damage, the same may not be payable
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