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    Thread: Guidance required for general insurance

    1. #11

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      Quote Originally Posted by nanu.007 View Post
      Thanks Sir for clearing doubts. Why is this inversely proportional Since IDV decreases over years, the insurance cost should decrease. But the cost of zero dep cover increases over the years.
      that is what I think. I am not an insurance expert to say it with authority.
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    2. #12

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      Quote Originally Posted by nanu.007 View Post
      One last question sir about premium amount, of the little what I knew I understood that the amount that the company has mentioned on the policy and the amount for which we have paid the premium for, that amount will be compensated. i.e. say the value of a vehicle depreciates by 10-15% every year but we have paid additional premium for more idv will we get the claim as per the policy?
      I sincerely thanks all members here who have replied here once again.
      For total loss case, you should get whatever idv is mentioned on your policy, because that is agreed amount of idv between insurance company and the car owner. but insurance companies try to play around not giving idv on total loss,and it takes time and threat of taking the case to court to get the idv as mentioned in papers.

      inflated idv does not help in case of

    3. #13
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      Quote Originally Posted by speed79 View Post
      For total loss case, you should get whatever idv is mentioned on your policy, because that is agreed amount of idv between insurance company and the car owner. but insurance companies try to play around not giving idv on total loss,and it takes time and threat of taking the case to court to get the idv as mentioned in papers.

      inflated idv does not help in case of
      inflated idv does not help in case of.... Just for knowledge's sake idv mentioned on the insurance is idv if both parties agree to it?
      I get your point. Thanks all members.

    4. #14

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      Quote Originally Posted by nanu.007 View Post
      inflated idv does not help in case of....
      Inflated IDV does not help in case of repair claims. It helps only in case of theft or total loss in an accident.

      Quote Originally Posted by nanu.007 View Post
      Just for knowledge's sake idv mentioned on the insurance is idv if both parties agree to it?
      Correct. IDV mentioned on the insurance policy is idv if both parties agree to it at time of policy purchase.

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