Will there be any deduction applicable on my claim by insurance company?
On high value imported vehicles, 1% excess is applicable. This means, that if the vehicle is worth Rs.5,000,000/-, any claim upto the value of Rs. 50,000/- will not be payable. If the claim is for suppose Rs.56,000/-, Rs.50,000/- will be deducted and the remaining will be payable. Standard depreciation is also applicable on parts and shall be deducted accordingly.
