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How Insurer-Allowed IDV Range Can Still Lead to Underinsurance?
The car insurance company’s allowed range is designed to fit the standard depreciation norms and not the car's actual replacement cost. For example, a well-maintained vehicle with low mileage or added accessories will have a higher market value than the lower end of the insurer’s suggested IDV. When you select the minimum IDV for lowering the premium outgo, the policy will legally cap your maximum payout at that declared amount.
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How Insurer-Allowed IDV Range Can Still Lead to Underinsurance?
The car insurance company’s allowed range is designed to fit the standard depreciation norms and not the car's actual replacement cost. For example, a well-maintained vehicle with low mileage or added accessories will have a higher market value than the lower end of the insurer’s suggested IDV. When you select the minimum IDV for lowering the premium outgo, the policy will legally cap your maximum payout at that declared amount.