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Total Loss benefit in case of a motor insurance! What you actually get

Most motor car insurance policy assures us of a total loss benefit in case of a car accident. In case of motor insurance, a car is considered to be a 'total loss' if the repair cost of a damaged car exceeds 75% of the insured declared value (IDV). The insurer will only pay the IDV of the vehicle in case of total loss and not the actual replacement cost of the car. Normally IDV for cars up to 5-years old is the dealer price less standard depreciation, and for cars older than 5 years, it is mutually agreed. 

Read More at The Economic Times News date : 9 Mar 2019, Saturday

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