What inference of ‘total loss’ in ‘New Vehicle Replacement’ benefit?
It refers to a situation where the insured vehicle suffers damage beyond repair. In insurance terms, this means that the aggregate cost of repair of the vehicle, subject to term(s) and condition(s) of the policy, exceeds 75% of IDV (Insured Declared Value) of the vehicle as defined in the Standard Motor Package Policy.
- Can I choose any benefits according to my choice?
- Is there any cover for existing damage?
- All items covered under ˜Personal Effect and Belongings?
- What is the inference of ‘total loss’ in the ‘New Vehicle Replacement’ benefit?
- What are the limits on the monetary coverage offered under each of the benefits?