What is Invoice Price Cover in Car Insurance?
This is another gem of an Add-on cover which can be of great use. By paying a small additional amount in premium, you can save a lot in case of a major damage to your car.
In case of theft or total loss/damage to your car, the insurance company pays you the depreciated value of your car under if you have purchased a normal plan. This value is called the IDV or Insured Declared Value of the car. It is decided before you take the insurance plan. Read more on IDV of your car.
If you avail the Invoice Price Insurance Cover, the insurance company will pay you the invoice
value of your car, including the first time registration charges and road tax on the insured vehicle. It makes it a lot easier for you to buy the same car off the showroom all over again.
The name “Invoice Price Cover” is unique to Bharti AXA General Insurance Company. Some others have the same Add-on called as “Return to Invoice” etc.
So yes, Invoice Price Insurance Cover as an Add-on to your basic car insurance plans makes a lot of sense.