In the event of the insured vehicle being a TL/CTL the insurer will pay the difference between the claim admissible and the sale invoice price of the vehicle or new replacement value of the same make and model value, whichever is less. The policy will pay in addition the first registration fee and road tax incurred on the insured vehicle. The coverage is subject to the vehicle being not more than 3 years old and the insured being the first registered owner of the vehicle. The IDV of the policy will be as decided by the insurers and value as on the commencement date of the policy. The sum insured will be the maximum liability under the policy. The policy will not pay if the TL/CTL or theft claim is not admissible.