Insurer must pay declared value for total loss
Ravish Singh purchased a secondhand sport utility vehicle (SUV) and got the registration and insurance documents transferred to his name. Iffco Tokio General Insurance charged a premium amounting to Rs 1,19,915 for the declared value of the vehicle of Rs 29,31,140, as recorded in the insurance policy, which was valid from March 30, 2017, to March 29, 2018.
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