Multiple choice

Insured's Declared Value of obsolete vehicles is determined by

  1. the surveyor

  2. the insured

  3. the insurer

  4. insurer and the insured

Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The IDV of vehicles aged over five years is calculated by mutual agreement between insurer and the insured. Instead of depreciation, IDV of old cars (obsolete) is arrived at by assessment of vehicle’s condition done by surveyors, car dealers etc.