{"id":3404,"date":"2023-09-20T12:07:02","date_gmt":"2023-09-20T06:37:02","guid":{"rendered":"https:\/\/www.insurancesamadhan.com\/blog\/?p=3404"},"modified":"2023-09-20T12:10:43","modified_gmt":"2023-09-20T06:40:43","slug":"how-to-assess-the-true-value-of-your-car-for-insurance-claim","status":"publish","type":"post","link":"http:\/\/www.insurancesamadhan.com\/blog\/how-to-assess-the-true-value-of-your-car-for-insurance-claim\/","title":{"rendered":"How to assess the True Value of your Car for Insurance Claim"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"http:\/\/www.insurancesamadhan.com\/blog\/how-to-assess-the-true-value-of-your-car-for-insurance-claim\/#Understanding_True_Value_in_Pre-Owned_Car_Transactions_and_Insurance_Claims\" >Understanding True Value in Pre-Owned Car Transactions and Insurance Claims<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"http:\/\/www.insurancesamadhan.com\/blog\/how-to-assess-the-true-value-of-your-car-for-insurance-claim\/#Depreciation_Schedule_for_Insurance_How_Age_Impacts_Vehicle_Valuation\" >Depreciation Schedule for Insurance: How Age Impacts Vehicle Valuation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"http:\/\/www.insurancesamadhan.com\/blog\/how-to-assess-the-true-value-of-your-car-for-insurance-claim\/#Bottom_Line\" >Bottom Line\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Understanding_True_Value_in_Pre-Owned_Car_Transactions_and_Insurance_Claims\"><\/span><b>Understanding True Value in Pre-Owned Car Transactions and Insurance Claims<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">True Value is Maruti Suzuki&#8217;s channel for the sale and purchase of pre-owned second-hand cars. Buying a car from True Value should be fine, as you get certified quality cars, as the cars go through a series of inspections before finally handing them over to customers. The prices of True Value cars are different and sometimes higher than the market rates. Therefore, the valuation done by True Value dealers is not applicable for insurance policy coverage.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When it comes to insurance and claims, the true value of a car is an important factor that needs to be taken into consideration. The true value of a car is the amount of money that the car is worth at the time of the accident or other incident that caused the insurance claim to be filed. This value is used to determine the amount of money that the insurance company will pay out in the event of a claim.<\/span><\/p>\n<p><a href=\"https:\/\/www.insurancesamadhan.com\/register?utm_source=organic&amp;utm_medium=blog&amp;utm_campaign=blog_post&amp;utm_term=blog_term\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/stage.insurancesamadhan.com\/assets\/img\/contact.png\" alt=\"Insurance Samadhan\" width=\"500\" height=\"70\" border=\"0\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">The true value of a car can be determined in several different ways based on its make, model, year, and other factors. Other ways to determine the true value of a car include looking at the car&#8217;s condition, mileage, and any modifications that have been made to it. The condition of the car will affect its value, as will any modifications that have been made to it. The mileage of the car is also a factor, as cars with higher mileage are typically worth less than those with lower mileage. Finally, the true value of a car can also be determined by looking at its market value. This is the amount that the car would likely sell for or purchase in the market. This can be determined by looking at the prices of similar cars in the area and taking into account any recent sales.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Primarily, insurance companies take the IDV (Insured Declared Value) as the current market value of the vehicle for insurance purposes to comply with the Motor Tariff Regulations. The IDV of the vehicle will be deemed to be the SUM INSURED for the Motor Insurance Policy, which is fixed at the commencement of each policy period for the insured vehicle.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The IDV (Sum Insured) of the new vehicle is to be fixed based on the manufacturer-listed selling price of the brand and model as the vehicle insured at the commencement of insurance\/renewal and adjusted for the depreciation on subsequent renewals.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Depreciation_Schedule_for_Insurance_How_Age_Impacts_Vehicle_Valuation\"><\/span><b>Depreciation Schedule for Insurance: How Age Impacts Vehicle Valuation<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As per General Regulation no. 8 of the India Motor Tariff, the below schedule of age-wise depreciation is applicable for the total loss of the vehicle in case of accidental damages and theft of the vehicle.<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Not exceeding 6 months: 5% depreciation for the fixation of IDV (Sum Insured) of the vehicle.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Exceeding 6 months but not exceeding 1 year: 15% depreciation for the fixation of IDV (Sum Insured) of the vehicle.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Exceeding 1 year but not exceeding 2 years: 20% depreciation for the fixation of IDV (Sum Insured) of the vehicle.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Exceeding 2 years but not exceeding 3 years: 30% depreciation for the fixation of IDV (Sum Insured) of the vehicle.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Exceeding 3 years but not exceeding 4 years: 40% depreciation for the fixation of IDV (Sum Insured) of the vehicle.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Exceeding 4 years but not exceeding 5 years: 50% depreciation for the fixation of IDV (Sum Insured) of the vehicle.<\/span><\/li>\n<\/ol>\n<p><a href=\"https:\/\/www.insurancesamadhan.com\/register?utm_source=organic&amp;utm_medium=blog&amp;utm_campaign=blog_post&amp;utm_term=blog_term\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/stage.insurancesamadhan.com\/assets\/img\/contact.png\" alt=\"Insurance Samadhan\" width=\"500\" height=\"70\" border=\"0\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">NOTE: The IDV of vehicles beyond 5 years of age and of obsolete models of the vehicles is to be determined based on an understanding between the insurance company and the policyholder. The insurance companies fix the IDV based on market research and the current market value prevailing in the market. This market value has no relation with the True Value fixed by the dealers under the pre-owned cars for sale and purchase. Insurance companies use the Indian Blue Book, the industry&#8217;s first pricing guide for vehicle valuation in India. The IBB aims to provide a platform based on rigorous research and ensure that you never overpay or undersell for general as well as insurance purposes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The formula for the fixation of Sum Insured for vehicles less than 5 years old is as follows: Insured Declared Value (Sum Insured) = Manufacturer&#8217;s listed price &#8211; depreciation as per the age of the vehicle.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-3405\" src=\"https:\/\/www.insurancesamadhan.com\/blog\/wp-content\/uploads\/2023\/09\/How-to-Assess-the-True-Value-of-your-car-for-insurance-claim-larger.png\" alt=\"True Value of your car for insurance claim\" width=\"1920\" height=\"1080\" srcset=\"http:\/\/www.insurancesamadhan.com\/blog\/wp-content\/uploads\/2023\/09\/How-to-Assess-the-True-Value-of-your-car-for-insurance-claim-larger.png 1920w, http:\/\/www.insurancesamadhan.com\/blog\/wp-content\/uploads\/2023\/09\/How-to-Assess-the-True-Value-of-your-car-for-insurance-claim-larger-300x169.png 300w, http:\/\/www.insurancesamadhan.com\/blog\/wp-content\/uploads\/2023\/09\/How-to-Assess-the-True-Value-of-your-car-for-insurance-claim-larger-1024x576.png 1024w, http:\/\/www.insurancesamadhan.com\/blog\/wp-content\/uploads\/2023\/09\/How-to-Assess-the-True-Value-of-your-car-for-insurance-claim-larger-150x84.png 150w, http:\/\/www.insurancesamadhan.com\/blog\/wp-content\/uploads\/2023\/09\/How-to-Assess-the-True-Value-of-your-car-for-insurance-claim-larger-768x432.png 768w, http:\/\/www.insurancesamadhan.com\/blog\/wp-content\/uploads\/2023\/09\/How-to-Assess-the-True-Value-of-your-car-for-insurance-claim-larger-1536x864.png 1536w\" sizes=\"(max-width: 1920px) 100vw, 1920px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bottom_Line\"><\/span><b>Bottom Line\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Knowing the details of True Value in pre-owned car transactions and how it relates to insurance claims is essential. Whether buying or insuring a vehicle, grasping the factors that influence true value, depreciation schedules, and the role of IDV ensures informed decisions and equitable settlements in the event of accidents or theft. It&#8217;s the key to a fair deal in both the pre-owned car market and the insurance world.<\/span><\/p>\n<p><a href=\"https:\/\/www.insurancesamadhan.com\/register?utm_source=organic&amp;utm_medium=blog&amp;utm_campaign=blog_post&amp;utm_term=blog_term\"><strong>Click here<\/strong><\/a>\u00a0to register your complaint with Insurance Samadhan<\/p>\n<p>You can also<\/p>\n<p>Visit our website:\u00a0<a href=\"https:\/\/www.insurancesamadhan.com\/\">insurancesamadhan.com<\/a><\/p>\n<p>Call us on +91 9513631312<\/p>\n<p>WhatsApp:\u00a0<a href=\"https:\/\/api.whatsapp.com\/send?phone=+919910998252&amp;text=Hi\">\u00a09910998252<\/a><\/p>\n<p>Mail us at\u00a0<a href=\"mailto:corporate@insurancesamadhan.com\">corporate@insurancesamadhan.com<\/a><\/p>\n<p><script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\/\",\n  \"@type\": \"Article\",\n  \"mainEntityOfPage\": {\n    \"@type\": \"WebPage\",\n    \"@id\": \"https:\/\/www.insurancesamadhan.com\/blog\/how-to-assess-the-true-value-of-your-car-for-insurance-claim\/\"\n  },\n  \"headline\": \"How to assess the True Value of your Car for Insurance Claim\",\n  \"description\": \"Explore the significance of True Value in used car deals and insurance claims. Understand how IDV, depreciation, and car valuation impact your decisions and settlements.\",\n  \"image\": {\n    \"@type\": \"ImageObject\",\n    \"url\": \"https:\/\/i0.wp.com\/www.insurancesamadhan.com\/blog\/wp-content\/uploads\/2023\/09\/How-to-Assess-the-True-Value-of-your-car-for-insurance-claim-larger.png?resize=1024%2C576&ssl=1\",\n    \"width\": 1920,\n    \"height\": 1080\n  },\n  \"author\": {\n    \"@type\": \"Person\",\n    \"name\": \"Insurance Samadhan\"\n  },\n  \"publisher\": {\n    \"@type\": \"Organization\",\n    \"name\": \"Insurance Samadhan\",\n    \"logo\": {\n      \"@type\": \"ImageObject\",\n      \"url\": \"https:\/\/insurancesamadhan.com\/images\/logo.svg\",\n      \"width\": 224,\n      \"height\": 47\n    }\n  },\n  \"datePublished\": \"2023-09-20\",\n  \"dateModified\": \"2023-09-20\"\n}\n<\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Understanding True Value in Pre-Owned Car Transactions and Insurance Claims True Value is Maruti Suzuki&#8217;s channel for the sale and purchase of pre-owned second-hand cars. Buying a car from True Value should be fine, as you get certified quality cars,&hellip; <a href=\"http:\/\/www.insurancesamadhan.com\/blog\/how-to-assess-the-true-value-of-your-car-for-insurance-claim\/\" class=\"more-link\">Continue Reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":14,"featured_media":3406,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","footnotes":""},"categories":[328,324,322],"tags":[],"class_list":["post-3404","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-car-insurance-2","category-claim-settlement","category-insurance-problem"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to assess the True Value of your Car for Insurance Claim - Insurance Samadhan<\/title>\n<meta name=\"description\" content=\"Explore the significance of True Value in used car deals and insurance claims. 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