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IDV of Vehicle
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The IDV calculator is an easily accessible online tool that helps the calculation of Insured Declared Value of your car. Calculate your Four Wheeler's IDV at Bajaj General and Get a quote now!
INSURE YOUR CAR IN 2 MINUTES
Here is a rundown of the list of factors that should be considered while using the vehicle IDV calculator to estimate the car IDV
The age of the car is one of the prime factors that enable the determination of the IDV of the car. It’s simple, more the age of the car lower is going to be the IDV.
You may not know, the city where the car gets registered also plays an important role and impacts the IDV in car insurance. For instance, a car registered in metro cities like Delhi, and Mumbai, and more open to risks. The risks will be comparatively less for the cars running in Tier-II and Tier-III cities.
Yes, the make and model of the vehicle is another significant aspect. For instance, the repair cost for a BMW is going to be on the higher end than the costs involved for cars like Alto, Santro, etc.
The depreciation shown in the above grid also influences the IDV of the car. The depreciation to the car’s market value is charged on the premise of the percentage that is highlighted in the schedule of depreciation.
*Standard T&C apply
What is IDV in car insurance?
The Insured Declared Value is the highest sum insured that is fixed by the insurance company. This is provided in case of total loss or theft of the insured car. Read more
The Insured Declared Value is the highest sum insured that is fixed by the insurance company. This is provided in case of total loss or theft of the insured car. In simple words, IDV is the present market of motor vehicles. If the car suffers a complete loss, the Insured Declared Value is the compensation provided by the insurance company to the insured.
It is calculated as the manufacturer’s listed price of selling minus depreciation. The registration and insurance amount remain excluded from it. In case, the accessories are not factory fitted the IDV gets calculated separately. If at all insurance is required for these, an extra amount needs to be paid too.
The IDV calculator is an easily accessible online tool that helps the calculation of Insured Declared Value simply. With this tool, you can not only determine the market value of the car but can also know the car insurance premium amount. While determining the values, it takes into account variables like the insured vehicle's age or depreciation to have the right Insured Declared Value.
What is the importance of IDV in car insurance?
Two key reasons reflect the IDV value in car insurance. Primarily, it is the highest sum that will be received as compensation in case the vehicle incurs a loss. Read more
Two key reasons reflect the IDV value in car insurance. Primarily, it is the highest sum that will be received as compensation in case the vehicle incurs a loss. Or in case the vehicle is damaged to the extent beyond repair.
Secondly, the IDV of the car directly impacts the car insurance premium. It means the higher the IDV, the higher is going to be the premium and it is vice versa. There are times when car owners think to lower the IDV so that they can benefit from a lesser premium amount. It is noteworthy that in case of complete loss or theft of the car, a lower IDV means a lower payout. Henceforth, it is recommended to use the motor IDV calculator. Set the right Insured Declared value while buying/renewing a car insurance plan.
What is the insured declared value (IDV) calculator for the car?
When buying insurance for your car, always opt for a comprehensive car insurance policy. Read more
When buying insurance for your car, always opt for a comprehensive car insurance policy. The IDV of the car is an important aspect that should be kept in mind before opting for a plan. Various factors are considered by the insurer to determine the present value of the insured car. IDV is mostly calculated on the premise of the selling price that is fixed by the manufacturer and the depreciation percentage that’s charged on it.
*Standard T&C apply
Why should you care about your car’s IDV?
The Insured Declared Value of the car is paramount to determining the aspect of purchasing the car insurance policy. Read more
The Insured Declared Value of the car is paramount to determining the aspect of purchasing the car insurance policy. It’s not only limited to the compensation amount for the car but also helps to understand the car insurance premium.
IDV is crucial and is the key that will help to knowing the motor insurance premium that needs to be paid. It is because the Insured Declared Value shows the present market value of the car. It also reflects the liability of the vehicle insurer during motor insurance claim settlement.
A low IDV mirrors low liability for the motor insurance company. It means that a low premium will be charged and it’s vice versa. Various other factors help to arrive at the car insurance premium amount. In case you decide to sell the car, IDV again has an imperative role. If the car’s IDV is high, the selling price will be higher likewise.
When fixing the IDV of the car, be careful. Use the online IDV calculator for better understanding.
*Standard T&C apply
Yes, you can choose for the return to invoice or a new motor vehicle replacement add-on. It will cover the cost gap between the Insured Declared Value and the on-road cost of the new car.
*Standard T&C apply
The Insured Declared value of the car depends upon factors such as market value, depreciation rate, accessories, and age. Regardless of whether you have a private or commercial vehicle. You may also use the car insurance IDV calculator.
The market value reduces each year because of depreciation in the value of the car’s usage and age. The Insured Declared Value of the car reduces every year.
The insurance companies reduce the IDV of the vehicle to garner the attention of the customer while lowering the premium. A low IDV reflects the low liability and claims settlement amount.
*Standard T&C apply
Yes, the showroom price of the car varies for locations, so the IDV of the car will be affected.
*Standard T&C apply
As the car comes out of the showroom, the value initiates depreciating because of age and usage. The car’s market value drops as it is driven out of the showroom and likewise the IDV gets decreased.
*Standard T&C apply
Yes, you can increase the Insured Declared Value of the car. However, this would vary from insurer to insurer.
*Standard T&C apply
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