What is salvage and total loss?
Salvage is the value of wreck following an accident which renders the vehicle totally damaged so much that it no longer makes economical sense to repair the vehicle. For older model vehicles, sometimes a minor damage can render it useless because the total repair expenses will be more than what the vehicle is worth.
- What is the amount for which I need to insure my commercial vehicle? How is IDV connected to the amount needed to insure vehicle?
- What kind of risks is covered by IFFCO Tokio third party policy?
- Consequences if I forget to renew my commercial auto insurance on time
- Can I renew my commercial vehicle insurance with IFFCO Tokio?
- What is a No Claim Bonus?