Help needed from insurance experts!
1. The renewal IDV is coming very low (5.58L) which is very less for 6 year old XUV i believe.
2. The HDFC insurance is allowing only this max IDV as per their website. Is there an option to manually raise this>?
3. I talked to Coverfox experts and he said that even if I raise IDV by selecing another insurer (A good quote is available from Bajaj Alianze with 6.62L IDV at same price) the IRDA has all data of previous insurance and they will calculate it only by deducing 10% every year, which again comes to 5.58L. So I will be paid only 5.58L regardless. Does this make sense?
4. What is Personal accident cover? Does it cover when owner is not present in the car at the time of mishap?
Had a lengthy chat with HDFC ergo customer care due to very low IDV of Renewal. They always gave a very robotic reply that renewal IDV is 10% less than past. I have asked them to eselate my query and they said they'll get back in 2~3 days.
Here is what I found on IRDA website-
IDV of vehicles beyond 5 years of age and of obsolete models of the vehicles ( i.e. models which the manufacturers have discontinued to manufacture) is to be determined on the basis of an understanding between the insurer and the insured.
IDV shall be treated as the ‘Market Value’ throughout the policy period without any further depreciation for the purpose of Total Loss (TL) / Constructive Total Loss (CTL) claims.
The insured vehicle shall be treated as a CTL if the aggregate cost of retrieval and / or repair of the vehicle, subject to terms and conditions of the policy, exceeds 75% of the IDV of the vehicle.
Got a call from some senior of HDFC ergo and they are ready to give Same IDV as last year (6.20L) and same premium as last year. However as this transaction is from backend it cannot be renewed on Coverfox or HDFC website. They are going to send me a payzapp Payment link, after which policy will be generated in 2~3 days.
I have asked all the details in email for clarity, Lets see.