MOTOR – Subject to a deduction for depreciation

MOTOR – Subject to a deduction for depreciation at the rates mentioned below in respect of parts replaced:

1) For all rubber / nylon / plastic parts, tyres and tubes, batteries and air bags – 50%

2) For fibre glass components – 30%

3) For all parts made of glass – Nil

4) Rate of depreciation for all other parts including wooden parts will be as per the following schedule

MOTOR – AGE OF VEHICLE % OF DEPRECIATION

Not exceeding 6 months Nil

Exceeding 6 months but not exceeding 1 year 5%

Exceeding 1 year but not exceeding 2 years 10%

Exceeding 2 years but not exceeding 3 years 15%

Exceeding 3 years but not exceeding 4 years 25%

Exceeding 5 year but not exceeding 10 years 40%

Exceeding 10 years 50%Exceeding 4 years

 but not exceeding 5 years 35%

MOTOR – SUM INSURED – INSURED’S DECLARED VALUE (IDV)

The Insured’s Declared Value (IDV) of the vehicle will be deemed to be the ‘SUM INSURED’ for the purpose of this policy which is fixed at the commencement of each policy period for the insured vehicle.

The IDV of the vehicle (and side car/accessories if any fitted to the vehicle) is to be fixed on the basis of the manufacturer’s listed selling price of the brand and model as the vehicle insured at the commencement of insurance/renewal and adjusted for depreciation (as

per schedule below).

The schedule of age-wise depreciation as shown below is applicable for the purpose of Total Loss/Constructive Total Loss (TL/CTL) claims only. This will be applicable on the ex-showroom price.

AGE OF VEHICLE % OF DEPRECIATION FOR FIXING IDV

Not exceeding 6 months 5%

Exceeding 6 months but not exceeding 1 year 15%

Exceeding 1 year but not exceeding 2 years 20%

Exceeding 2 years but not exceeding 3 years 30%

Exceeding 3 years but not exceeding 4 years 40%

Exceeding 4 years but not exceeding 5 years 50%

IDV of vehicles beyond 5 years of age and of obsolete models of the vehicles (i.e. models which the manufacturers have discontinued to manufacture) is to be determined on the basis of an understanding between the insurer and the insured IDV shall be treated as the

‘Market Value’ throughout the policy period without any further depreciation for the purpose of Total Loss (TL)/Constructive Total Loss (CTL) claims.

The insured vehicle shall be treated as a CTL if the aggregate cost of retrieval and/or repair of the vehicle, subject to terms and conditions of the policy exceeds 75% of the IDV of the vehicle.

**The above are only indicative features. For details, kindly refer to Policy Wordings.  (IFFCO-Tokio General Insurance Company Limited)