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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.

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Answer #1

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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