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Old 13th August 2017, 10:55   #3886
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Originally Posted by vinu_h View Post
Since an insurance policy is issued prior to registration of a new vehicle, my policy does not have a mention of the registration number. The insurance company says that they will include it during renewal. As per them, if the VIN and engine number are listed right in the policy, the car is covered. Is this ok ?
Yes that is OK. As long as the engine and chassis no along with the Insured's name and address are Ok there should be no problem at all. You can get the registration no updated either during renewal or during the current policy too. In the current policy it will not reflect in the policy document but will appear as an addendum.
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Old 17th August 2017, 14:27   #3887
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Default Re: Automobile Insurance Queries? Ask me

My insurer is offering me 6.19lacs as IDV for my 2 year old vehicle. However, I have asked him to increase the IDV to 7 lacs (with corresponding increase in basic premium). I have two questions in this regard:
1. Does the zero depreciation add on cost also increase with increase in IDV (like in my case)?
2. How is the depreciation calculated in the event of a "total loss"? Is it calculated on 7 lacs or will they go back to 6.19 lacs for calculating depreciation?

Thanks in advance.
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Old 17th August 2017, 15:43   #3888
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by feluda86 View Post
1. Does the zero depreciation add on cost also increase with increase in IDV (like in my case)?
2. How is the depreciation calculated in the event of a "total loss"? Is it calculated on 7 lacs or will they go back to 6.19 lacs for calculating depreciation?
1- Everything is proportional and ever increasing in India

2- IDV or Market price whichever is LESSER! will be paid in case of total loss.

I wouldn't recommend a higher IDV after the first 2-3 years when your bumper to bumper no dip covers end.
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Old 17th August 2017, 16:47   #3889
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Originally Posted by Jaggu View Post
1- Everything is proportional and ever increasing in India

2- IDV or Market price whichever is LESSER! will be paid in case of total loss.

I wouldn't recommend a higher IDV after the first 2-3 years when your bumper to bumper no dip covers end.
Just curious, how do they calculate the Market price?
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Old 17th August 2017, 18:31   #3890
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by bhavik.1991 View Post
Just curious, how do they calculate the Market price?
Same way as anyone ascertains the price of anything (like tomato, onion etc.) in the market

In more developed countries there are reliable Auto Magazines which publishes used car indicative prices. There insurers usually accepts those values as market price.

In India also this is largely the method. For Eg:- How do you decide at what price you want to sell your vehicle - reasonable people make a few enquiries from peers/similar vehicle owners/workshop/dealership etc. to get an idea and then decide on a price.

Even Insurers have a similar mechanism in place and usually have the going prices of a particular model in their data base - also they use services of Valuators/Surveyors etc. to get an indicative market value for a particular model of vehicle

I know this leaves a lot of scope for ad hoc decision making but that's the way it is.

Best Regards & Drive Safe

Ram
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