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Records in this category
- What's IDV and how is it determined?
- What is voluntary deductible option?
- If my No Claims Bonus (NCB) has been earned in another country, is it still acceptable?
- Do the years I’ve spent driving a company car count towards my No Claims Bonus?
- What is No Claims Discount (NCD) or No Claims Bonus?
- If I am buying a new car, how do I transfer my existing policy over to the new vehicle?
- What is the procedure for Transfer of Insurance?
- How do I add/ delete the Hypothecation in my Car policy?
- How should I change the registration address or any vehicle information on the policy?
- What happens to my car insurance when I sell my car?
- What is the status of Car Insurance in case of death of Registered Owner during the validity of policy period?
- What will be Personal Accident claim status in case person has more than one vehicle in his name and has taken coverage for owner driver in all the policies?
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Sticky FAQs
Car Insurance » General
What's IDV and how is it determined?
IDV is Insured's Declared Value and is estimated on the basis of the manufacturer's listed selling price of the model and Variant of the vehicle (and additional accessories) at the commencement of the car insurance policy after adjusting for depreciation for every year.
If the car is stolen or totally damaged and beyond repairs in an accident, the claim amount payable is determined on the basis of the IDV. Hence it's very important Car is insured for correct IDV.
IDV = Ex-Showroom price plus sales tax minus depreciation, registration, and insurance.
Most of the insurance companies allows deviation of (+/-) 10% of estimated IDV Value. Higher the IDV value chosen higher will be the premium.
Tags: IDV
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Last update: 2010-12-13 12:18
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Revision: 1.2
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