Can I get insured for a higher amount?

[Raj]

I have an eight-year-old Maruti 800 in good condition and definitely worth more than the Rs 50,000 my insurer has valued it at. Can I get it insured for a higher amount?

The car insurance would be done on the basis of IDV. Because your car is more than 5 years old than IDV will not come into picture. The insured value of the car would be decided on the basis of mutual consent between Insurer and Insured. If you are able to convince the insurance cos underwriter and go for value higher than 50000/- (in your case). Than the law of over insurance comes into picture and you pay more amount but will get the actual amount.

So I would suggest pay the premium actual value of the car.