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Car Insurance Renewal - Over insure?


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Hi Guys,

So it's time for my insurance renewal. I bought a brand new Celerio in 2015 for around 2.3M. Should i insure it at the same amount or higher amount?

I know the value of the vehicle deprecates yearly but comparing it to the current value of the newest model i feel like insurancing it for 2.3M would be a disadvantage if an accident occurs? Hypothetically could  my insurance compensation get impacted (Reduced) if i insure at the same value as 2015 since the current value of the same mode is 3M+? 

And does anyone know if insurance companies provide NCB certificates if you intend to swap insurers so that i can avail the bonus from the other insurer?


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First point you should insure your vehicle for the current market value.

If you bought the vehicle for Rs. 2.3 Mn. and now the current market price of the vehicle is Rs. 3.0 Mn. most likely your vehicle may be worth some where in between.

Danger in under insuring is you may get only part of the claim proportioned according to you (sum insured / Market price)

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