Re: Renewal of Car's Insurance!
I have to renew my insurance, the earlier being expired on 23rd March, 2011. IFFCO-TOKIO was the insurer. The details are:
Car Make, Model and Year: Tata Motors, Indigo TDi LS BS III, April 2007
IDV: 2,59,000/- (24-03-2010 to 23-03-2011)
Premium Paid: 7243.79/-
NCB %: 20%
I have friend working with Bajaj Allianz, gave him the details, and quoted the IDV at, a random figure of Rs 1,10,000/-. On that he said that the IDV must be upto Rs 2,25,000/- or the policy won't be issued, and that the premium rates are gone up by 40%.
I have to go out for a trip of 1000-1200Kms on this Saturday and need to get this issue sorted out. Can I pay premium on the randomly stated IDV of Rs 1,10,000/-? If not, then what are the parameters for calculating the IDV?
What will be the consequences if I anyhow pay the premium calculated at an IDV of Rs 1,10,000/-?