What Is IDV In Two Wheeler Insurance?
IDV in two wheeler insurance policy copy is the insured declared value which is the maximum value of the bike considered for the purpose of insurance. It is also the maximum liability of the insurance company in case of any loss or accident. The insured declared value is arrived based on the age of the vehicle, as the depreciation is accounted for each passing year. Higher the IDV, higher would be the liability of the insurance company and higher the premium to be paid by the customer. It is important to ensure that your bike is insured with sufficient IDV which comes handy at the time of loss.
Insured declared value for new vehicle is calculated as 95% of the vehicle ex-showroom price and thereafter the IDV decreases at 10% each year to account for the depreciation of the vehicle.
How to Calculate IDV of Two Wheeler?
Insurance declared value Premium is calculated online these days with the help of computers and other digital equipment. In the starting days of insurance, the premium calculation was done manually and was given in writing. Some are the factors include for calculating insurance premium are Make and Model, IDV (Insured Declared Value), Cubic capacity, NCB (No Claim Bonus), Loss Ratio etc. by digital you will get the premiums manually.
How to Calculate IDV Value for Two Wheeler Insurance?
Two-wheeler Insurance Premium is calculated online these days with the help of computers and other digital equipment. In the starting days of insurance, the premium calculation was done manually and was given in writing. Some are the factors include for calculating insurance premiums are Make and Model, IDV (Insured Declared Value), Cubic capacity, NCB (No Claim Bonus), Loss Ratio, etc. by digital you will get the premiums manually.
What is IDV in Bike Insurance?
IDV in bike insurance is the insured declared value which is the maximum value of the vehicle for which the insurance coverage is provided. The maximum liability of the insurance company in case of loss or damage would not exceed the IDV mentioned in the policy. The IDV would decrease each year at the time of renewal due to the depreciation factor which is taken into consideration by the insurance company for premium computation. The IDV of your bike can be found online from the portal Two Wheeler Insurance.