IDV

Hi All,

Carwale forum rocks!!

Has idv got any role to play at the time of claiming insurance. If yes what are those?

Why does IDV differ from insurance to insurance? To substantiate: My Skoda Octavia 2005 TDI Rider's IDV in my present policy (Let us say A) is 604000/- & is due for renewal this week & the idv for the same shall be 543600/-. The same was bought in march 2010 & i am not entitled for No claim bonus now since i have not completed 1 year with the insurance provider.

Wanted to change considering few merits to other service provider(Let us say B) who says my idv is 440000/- & may be altered to the tone of 10%.

premium from my present & the other insurance company is not much of different.

Also suggest a better insurance company for a used car owner like me.

Not much nowadays. In olden days you can take Insurance for much lower value than the market value. Obviously to pay lesser premium. In such cases at the time of a claim the market value will come in to play and a factor for under insurance will affect the claim amt. In the recent times IDV has been rationalised and you cannot take insurance cover for lower value. 

A depreciation of 10% on market value is applied here.

Thats all you can do. The 10% variation. There may be some diff in IDV for diff insurers. 

The norms for claim settlement is same for all insurers. If you happen to know somebody inside that can tilt the scale. Thats all.