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!
What if I want more compensation than the IDV?
In this case, you could opt for the return to invoice add-on. It will ensure you get the current on-road price of the vehicle in case of total loss or theft. This add-on will cost you a little more but it will ensure you more compensation in case of a claim.
Your IDV is important and we hope this article has given you a better understanding of how it works. Remember to set the right IDV so as to ensure you are not paying extremely high premiums yet at the same time are entitled to receive a good amount of compensation in case of a total loss. If you have any more confusion around IDV in two wheeler insurance, remember to get clarity before moving ahead with your buying decision.
Hope this has been helpful, good luck and all the best!
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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!
So
how is IDV calculated?
As mentioned earlier, the age of the bike is an important factor when deciding the IDV of your bike. You can refer to this simple table to get a better idea:
As mentioned earlier, the age of the bike is an important factor when deciding the IDV of your bike. You can refer to this simple table to get a better idea:
What
happens to your IDV after 5 years?
If your two-wheeler is more than 5 years old then the IDV will be an amount agreed upon between the policyholder and the insurance company. Basically, you need to finalize an IDV amount when buying the plan. You can calculate this amount based on the following factors:
-The bike’s make & model
-Date of registration of your bike
-The city you live in
-The age of your bike
-The type of insurance your have
-Your bike policy period
You can set a higher
IDV to ensure you get more compensation in case of total loss/theft. Or you
could set a lower IDV to get lower premiums. In the former, you will have
higher premiums and in the latter you will get lower amounts of compensation.
The choice is yours and depends on your needs when buying the plan. If your two-wheeler is more than 5 years old then the IDV will be an amount agreed upon between the policyholder and the insurance company. Basically, you need to finalize an IDV amount when buying the plan. You can calculate this amount based on the following factors:
-The bike’s make & model
-Date of registration of your bike
-The city you live in
-The age of your bike
-The type of insurance your have
-Your bike policy period
What if I want more compensation than the IDV?
In this case, you could opt for the return to invoice add-on. It will ensure you get the current on-road price of the vehicle in case of total loss or theft. This add-on will cost you a little more but it will ensure you more compensation in case of a claim.
Your IDV is important and we hope this article has given you a better understanding of how it works. Remember to set the right IDV so as to ensure you are not paying extremely high premiums yet at the same time are entitled to receive a good amount of compensation in case of a total loss. If you have any more confusion around IDV in two wheeler insurance, remember to get clarity before moving ahead with your buying decision.
Hope this has been helpful, good luck and all the best!
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