My current car insurance which is with Royal Sundaram is about to expire on 6th July and last year when purchasing this policy I paid Rs. 2723/- more and availed the Depreciation Waiver clause in my policy. This year, my car’s IDV has remained intact (at least on Royal Sundaram’s calculation sheet). As this is renewal time, my question is to understand how much does a car’s IDV impact on the resale value?
If this year I don’t take the Depreciation Waiver clause, the car’s IDV will drop for next year’s renewal i.e. 2019. If after 3 years (total of 5 years of ownership of car) I plan to sell it, do prospective buyers take into account the IDV of the value or is a car sold on other parameters for e.g. make, model, kms run, general health of the vehicle, etc. ?