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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 
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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