Home |Vehicle Insurance | I have seen Invoice Price as an addon while renewing vehicle insurance. What does that mean?

I have seen Invoice Price as an addon while renewing vehicle insurance. What does that mean?

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Shailesh Kumar, Co-founder, Insurance Samadhan verified
Answered on November 26,2021

Dear 

In all normal cases , you take insurance on IDV ( Insured declared value ) which is calculated on the basis of depreciation of your vehicle .

But this depreciated amount would not replace a new vehicle in case of total loss or theft .

So you can opt for Invoice Price by paying additional premium . This is an option available under few insurers .

This enables you to buy a new vehicle in case of loss .

However , there are many terms and conditions and option price is also not low . You should check and buy .

Best wishes 

Shailesh 

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