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How do I know my bike insurance value?
You can get your bike insurance premium amount by simply entering your two-wheelers make and model, date of registration, city of registration, type of bike insurance policy i.e. third-party or comprehensive, and the online bike insurance calculator will generate a quote for you.
Is IDV calculated on ex-showroom?
Initially, when you buy a car, the IDV is determined on the basis of the manufacturer’s listed selling price of the brand and model. Neeraj Gupta, Head of Motor Insurance at PolicyBazaar.com, informs, “For a new car, the IDV is calculated as the manufacturer’s listed ex-showroom price minus depreciation.
What is IDV value insurance?
What is Insured Declared Value (IDV)? The term ‘IDV’ refers to the maximum claim your insurer will pay if your vehicle is damaged beyond repair or is stolen. Suppose the market value of your car is Rs. 8 lakh when you buy the policy. That means the insurer will disburse a maximum amount of Rs.
How is IDV calculated for two-wheeler?
The calculation of your IDV is pretty simple: It is the ex-showroom price/current market value of the vehicle minus the depreciation on its parts. The registration cost, road tax and insurance cost are not included in the IDV.
How to calculate IDV for a two-wheeler insurance policy?
Calculating IDV for a two-wheeler insurance policy is easy. All you have to do is apply a simple formula and source the details to be placed in the formula and calculate. Insured Declared Value = (Price Of The Bike – Appropriate Depreciation Value) + (Price Of Vehicle’s Externally Fitted Accessories – Their Depreciation Value).
What is ididv or insured declared value?
IDV or the Insured Declared value is equal to the sum assured amount that the insured person gets in case your two-wheeler is stolen or declared as a total loss. It is the existing market value of the two-wheeler after deducting the bike registration cost and depreciation value of the two wheeler’s parts.
How is the IdV value of a bike calculated?
However, in case your bike is more than 5 years old, the IDV of the same is calculated by your insurer. In this case, your insurer will essentially decide the same as per the condition of your two-wheeler and its parts. Check: Use Bike Insurance Calculator to get the premium and IDV value for your vehicle.
How do I know the IDV of my two-wheeler?
ACKO needs to know the IDV of your two-wheeler to charge the premium for it. Generally, the higher the IDV, the higher the premium. Hence, select the right IDV for your bike. Calculating IDV for a two-wheeler is not rocket science. It can be done within a minute by visiting www.acko.com and following the steps to know the IDV of your bike.