What is IDV in Motor Insurance?
IDV in two-wheeler and car insurance policies mean Insured’s Declared Value. It is the current market value of your vehicle that is fixed by the insurer and provided in case of theft or total loss of vehicle.
IDV is calculated by adjusting the current manufacturer’s Listed Selling Price (*see below) of the vehicle with depreciation percentage listed in the table below:
% OF DEPRECIATION
|Not exceeding 6 months||
|Exceeding 6 months but not exceeding 1 year||
|Exceeding 1 year but not exceeding 2 years||
|Exceeding 2 years but not exceeding 3 years||
|Exceeding 3 years but not exceeding 4 years||
|Exceeding 4 years but not exceeding 5 years||
For vehicles that are obsolete and aged over 5 years, the IDV will be the value agreed between Bajaj Allianz General Insurance (insurer) and you (insured).
*Manufacturer’s Listed Selling Price = (Cost Price + Local Duties) / Taxes, excluding Registration and Insurance
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