IDV FOR INSURANCE OF A CAR

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  1. ARVIND DESAI

    ARVIND DESAI New Member

    FOR CAR POLICY INSURANCE COMPANIES ARE PROVIDING DEPRECIATED MATHEMATICALLY WORKED OUT VALUE AS IDV. HOWEVER WHEN CLAIM ARISES THEY SETTLE IT ON MARKET REPLACEMENT VALUE. KINDLY CLARIFY IF THE INSURED CAN INSIST ON MARKET REPLACEMENT VALUE AS IDV? CAN THE INSURANCE COMPANY INSIST LEGALLY ON THEIR MATHEMATICAL DEPRECIATED VALUE OF THE CAR AS IDV IN ORDER TO COLLECT HIGHER PREMIUM WHEN THE ACTUAL MARKET PRICE OF THE CAR IS LESS THAN SUCH A WORKED OUT IDV?
     
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