New IDV of Car after loss?

[maxjlone]

The way it has always worked in the case of insurance is that in case of total loss one gets the sum insured or the market price, whichever is less. Unfortunately what this means is that you are not covered for replacement cost to an extent. The guiding principle has always been that one should not profit from insurance losses, as one would if one got paid a sum that is more than the current market price. This way, the insurance companies are now being upfront about the cover and the charge for it.