How IDV is calculated in two wheeler insurance?
If you are buying an insurance policy for your two-wheeler, you’ve probably come across the term ‘IDV’ multiple times. This is an extremely important term in 2 wheeler insurance . However, not many buyers know what it means. That’s where we can help! The following article will tell you everything you need to know about IDV to ensure you make the right decision when it comes to two wheeler insurance policy. \ So what is IDV? IDV stands for ‘Insurer Declared Value’. It is the maximum amount of compensation your insurance company will provide in case of total loss/theft of your two-wheeler. In other words, it is the current market value of your motorcycle. Like most other things, the market value of your two-wheeler is subject to depreciation. Therefore, every year, the IDV of your bike decreases a little. Your bike’s IDV also play an important role in the deciding the premium amount of your bike insurance policy. The higher the IDV, the more premium you will have to pay! ...