
Help regarding insurance from Policy Bazaar. Setting up IDV
Finally getting a bike! It's N160, ordered from Amazon. Just paid money for the RTO in dealership. But I want to get the insurance done through Policy bazaar.
When I am trying to set up the IDV, Policy Bazaar is allowing the max limit till 1.72 Lakhs. Remind you, the bike's Ex-showroom price is 1.31 Lakhs.
More over the insurance plan I'm interested in is from United India Insurance(it's the cheapest). If I manually set the IDV to 1.31 Lakhs, I'm getting the 1.31 Lakhs IDV for 8.5k(before tax) insurance premium. But if I set the IDV to 1.39 to 1.72 lakhs(the maximum limit), i am getting IDV of 1.39 Lakhs for the ALMOST THE SAME amount of insurance premium, i.e 8.5k(before tax).
What should i do gang? Set the IDV to the Ex-showroom price(1.31 L) or get the maximum IDV(1.39 L) out of the policy?
Any help would be appreciated from someone with experience as I'm a complete newbie