So in other words , one should go for true IDV that is true depreciated value of the vehicle . If one goes for a higher IDV he will only be paying a higher premium but will be reimbursed only the true depreciated value irrespective of the higher IDV. This seems like a no win situation to me.However if you have a lower IDV then you are at a loss when the car is scrapped totally but at a profit when paying the annual premium .
Now the question remains is what is True IDV . Dont all the insurance companies have the same depreciation rates as the basis of their calculation ?
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