How a small lie in his car insurance claim cost Rahul a lot of money
The same is the case with the car that you drive. In order to ensure a safe and sound journey on the road, you need to opt for the best form of protection available in the market i.e. a car insurance policy. The three major forms of insurance policies available in the market for your car are the third party cover, comprehensive insurance and the choice of add-ons.
Thus, taking this all into consideration, Rahul purchased comprehensive insurance and even purchased an engine protection cover- because his house was located in an area which faced major floods during monsoon season. However, after purchasing the best and the perfect car insurance policy, the premium that he would have to shell out was higher than he had expected.
For those of us who are unaware of this term- IDV is the amount of money assured by your insurer, in the case, if your vehicle faces complete damage and loss or if it is stolen. This IDV is exclusive of the depreciation amount of your vehicle and is advised that you opt for an IDV that is near the market price of your car.
However, against his better judgment, Rahul paid heed to his friend’s advice and opted for a lower IDV in order to save money on his car insurance premium; but little did he know that this small lie would cost him a lot of money. About 2 months have passed since he has purchased his insurance policy and everything is running smoothly for him; until one fine day when he left his vehicle at his office complex over the weekend.
The only silver lining that he had after this ordeal was the fact that he had purchased a good car insurance cover. But little did he know that the small lie in his IDV would cost him a load of money now- his insurance company only reimbursed him for the amount of IDV that he had set; which was lower than the actual price. Thus, he faced a major loss even after purchasing a good insurance cover
Therefore, it is advised to set an IDV that is near or equal to the market price of your vehicle.
To Read More on car insurance You Can Visit https://www.dhflinsurance.com/four-wheeler-insurance/
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