I am insuring my car from EFU since the last many years. I have a Toyota Belta 2007 model which was bought in Oct 2012, for 1,120,000 and have been insuring it for the value of 1,100,000 since then.
My insurance renewal is now due next month in March. I would like to know what value I should insure it for as I think it should be less than 1,100,000/-
Can anyone suggest? I heard that if you insure it for less than the value in the market, the insurance company will not entertain any claim in case of theft/total loss.
Pls advise.
Thanks
Tyrone