The Insured Declared Value, or IDV, of a vehicle determines how much it costs to insure it. If you have a comprehensive car insurance coverage, you will only be reimbursed the amount same as the IDV in the event of an accident.
What if, on the other hand, your car is damaged beyond repair or encounters a total loss? Return to Invoice is an add-on that bridges the gap between your car’s actual worth and its IDV, allowing you to retrieve the purchase value of your car in the event of theft or total loss. However, before you choose this cover, there are a few things you should know: Return to Invoice coverage is available only when your car is repairable and functional for more than 75% of the Insured Declared Value. If your car is more than three years old, however, you will not be eligible for this add-on coverage. This protection is only applicable in the event of a fire or theft, and it cannot be used for minor repairs or dents. If you reside in an accident-prone location, such as one that lacks secure parking or has a high risk of car theft, you can purchase this add-on cover. When you add this coverage to your basic comprehensive car insurance policy, your car insurance premium goes up by 10%.
1 Comment
10/24/2022 11:22:04 am
Thanks for sharing such a informative blog! ANNA free invoice app is a better alternative to spreadsheets. With ANNA Money, you can skip the manual work of creating, chasing and sending invoices. Just chat us the details or take a picture of your old invoice and we will generate a new one automatically.
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