I have bought a second hand car in May’2011, which is 5 year old. Now I want to insure it. I have checked and found out that this model is not manufactured any more in Indian Market. How do I estimate the sum insured for which I insure it?
I have bought a second hand car in May’2011, which is 5 year old. Now I want to insure it. I have checked and found out that this model is not manufactured any more in Indian Market. How do I estimate the sum insured for which I insure it?
Because your car is more than 5 years old than the IDV of the car would be decided on the basis of mutual consent between you and the Insurer. Call the customer care of your insurer and insure your car at the current market price.
Check the current market price and insure it at that price.Quote:
Originally Posted by Ice
IDV of the vehicles beyond 5 years of age and of obsolete models of the vehicles (i.e. models which the manufactures have discontinued to manufacture ) is to be determined on the basis of an understanding between the insurer and the insured/proposer. Instead of depreciation, IDV of old cars is arrived at by assessment of vehicle’s condition done by surveyors, car dealers etc.