True or False. A car that is 3 years old would be considered in age group...
True or False. A car that is 3 years old would be considered in age group 3 when calculating comprehensive or collision coverage.
Homework Answers
FALSE.
The age group classification is as shown below:
| AGE OF VEHICLE | % OF DEPRECIATION FOR CALCULATING IDV |
|---|---|
| Up to 6 Months | 5% |
| 6 Months to 1 Year | 15% |
| 1 Year to 2 Years | 20% |
| 2 Years to 3 Years | 30% |
| 3 Years to 4 Years | 40% |
| 4 Years to 5 Years | 50% |
A car that is 3 years old would be considered in age group 4 when calculating comprehensive or collision coverage. Hence, the given statement is FALSE.
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