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Why your second vehicle needs insurance too.

3

Apr, 2017

Why your second vehicle needs insurance too.

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Insurance companies often come across instances of second hand car insurance claims, where the new owner claims for damages to the vehicle without having transferred the insurance policy in his name after the purchase. The claim however is not admissible in the absence of a valid contract between the insurance company and the new owner of the vehicle. In a recent case, the Pune Consumer Court ruled in favour of the insurance company and upheld the insurer’s decision of not paying the claim to a second hand vehicle owner since […]

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Components of Motor Insurance

28

Jun, 2013

Components of Motor Insurance

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IDV: IDV means Insured’s Declared Value. It is the current market value of your vehicle. IDV is arrived at by adjusting the current Manufacturer’s Listed Selling Price(*see below) of the vehicle with depreciation percentage listed in the table below: VEHICLE % OF DEPRECIATION Not exceeding 6 months 5% Exceeding 6 months but not exceeding 1 year 15% Exceeding 1 year but not exceeding 2 years 20% Exceeding 2 years but not exceeding 3 years 30% Exceeding 3 years but not exceeding 4 years 40% Exceeding 4 years but not exceeding 5 […]

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