New IDV of Car after loss?

[Kunal]

I have insured my Hyundai Santro 2006, with National Insurance Company for 2,70,000. My car got stolen on 15th May' 2009, I have submitted my claim papers to the above insurance company in the month of 1st June' 2009. I was told by the company by mistakenly company insured my car for 2,70,000 and actually the value of the car is 2,35,000 so they wont give the full amount but I have paid my premium for 2,70,000.

Please help me in this regard,

Kunal

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[Policy_expert]

Hi Kunal, I don't know how they have arrived at two different IDVs of same make and model. Is the IDV is provided by you or they them self put in the value?

[Matrix]

I won't believe this there is stranded formula for all the vehicles for arriving at IDV. How come such a big company make mistake. Even in online software the calculation of IDV is present. Its only possible if the model is obsolete. Please provide more details about it.

[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.