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|27th November 2007, 21:57||#1|
Join Date: Aug 2007
Swift VDI IDV question?
I have a question on how IDV is calculated.
Does the sum insured include the VAT on the car i.e. is it on ex - showroom price less depreciation?
On taking a loan from the bank, the bank asked for me to have the car insured from the insurer of their choice, and now the total insured value is way below what I expected.
In my case,
(Car = Rs 444,435/-) + (VAT = Rs 55,555/-) = Rs 499,990/-
which is what I expected the car to be insured at.
Somehow the value communicated was taken as car value only and now the IDV is approximately Rs 420000/-.
Is this the way its calculated or should I be getting the car insured at ex-showroom price ?
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