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Idv in car insurance

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Idv in car insurance

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  1. All about IDV in Car Insurance

  2. What is Insured Declared Value (IDV) in Car Insurance? • IDV or Insured Declared Value is the supposed current market value of a car. • It is the maximum sum insured that your insurer can provide you in case of theft or total loss of the vehicle. • The market value of the car is decided by your insurer on the basis of ex- showroom price minus the depreciation. • In simple terms, IDV is an amount that you can claim for if your car is stolen or is damaged beyond repair.

  3. Why is Insured Declared Value Important? • The Insured Declared Value of a vehicle plays an important role in premium calculation. • IDV is imperative in calculation of own damage part of the premium. This portion of the premium is up to 2-4% of the IDV, basis the age and cubic capacity of the vehicle. • The greater the IDV, the higher is the premium. • Less the IDV, lesser is the premium

  4. Depreciation Schedule of IDV in Car Insurance

  5. Note: Beyond 5 years, the IDV of the car is determined on the basis of understanding between the insurance company and policyholder. The Manufacturer • Car Model

  6. Factors that Insurance Company Considers While Calculating the IDV of a Car • Age of your car • Ex-showroom price • Brand and model of the car • Car registration details • City where the vehicle is registered • Details on the registration certificate • Registration type- private or commercial • Manufacturer, make and model of the vehicle • Cubic capacity • IDV Formula: Ex-show room price*1- (depreciation percentage)

  7. When does an Insurance Company Compensate IDV? A policyholder can claim for IDV in these scenarios Constructive Total Loss Your Car is stolen Total loss of the vehicle

  8. Choosing an IDV for your car • What Happens If You Declare a High IDV?

  9. How much IDV to declare? • Get an IDV that is close to the market value of your car. • Decreasing the IDV value will result in lower premium and low coverage. • Increasing the IDV value of your car will result in high premium. • As your car grows older, the IDV decreases as it is.

  10. Get Car Insurance Policy Online At Coverfox Search. Compare. Buy

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