Page 162 - Motor Insurance Ebook IC 72

The Insurance Times

minimum premium is to be charged for all motor
vehicles insurance to cover administrative costs.
This is usually around Rs. 100/- All insurers have
laid down minimum IDV values for all categories
of vehicles.

4. Vintage Cars: These are cars manufactured prior
to 31-12-1940 and classified as Vintage Cars by
the Vintage & Classic Cars Club of India.
Insurances of such vehicles are being done on An
Agreed Value basis. In the event of Total Loss/
CTL claims are settled without depreciation. A
discount in premium is also allowed.

5. Insured Declared Value: This is the value for
which the vehicle is insured. It is deemed to be the
Sum Insured for the policy period. This is defined
in the policy as detailed below and is therefore part
of the policy terms.

The IDV is fixed on the basis of the manufacturer's
listed selling price for the brand and model as the
vehicle proposed for insurance at the
commencement of insurance/renewal and adjusted
for depreciation.

The IDV for side car(s) and accessories fitted to

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