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What is Insured Declared Value (IDV)?

  • The Insured Declared Value (IDV) is an essential aspect of Car Insurance policies in India. It refers to the maximum amount that the insurance company will pay in case of a total loss or theft of the insured car
  • The IDV is determined based on the car's market value, taking into account factors like the car's age, make, model and depreciation
  • It is essential to set the IDV of your car correctly because it determines the maximum amount that you will receive from the insurance company in case of total loss or theft
  • The IDV plays a vital role in determining the premium amount for Car Insurance policies . The higher the IDV, the higher the premium amount and vice versa
  • In case of a total loss or theft of the insured car, the insurance company will pay the IDV as the maximum claim amount
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How to Calculate IDV?

  • The IDV of a vehicle is calculated based on the manufacturer's listed selling price of the vehicle, minus depreciation
  • The depreciation rate for IDV calculation is fixed by the Insurance Regulatory and Development Authority of India (IRDAI) and is based on the age of the vehicle
  • The IDV of a vehicle can be calculated using the formula: IDV = Manufacturer's listed selling price - (Depreciation + Optional accessories, if any)
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Frequently Asked Questions

Why is determining a right IDV important in Car Insurance?

  • The IDV is a crucial factor that determines the claim settlement amount. If the IDV is set too low, the policy holder may not receive adequate compensation in case of a claim, leading to financial loss.
  • On the other hand, if the IDV is set too high, the policy holder may end up paying a higher premium amount

How is the IDV of a vehicle gets calculated?

  • The IDV is calculated based on the manufacturer's listed selling price of the vehicle (including all accessories) minus depreciation based on the age of the vehicle.
  • The IDV of a car decreases as the car ages and it is usually revised downwards during policy renewal

How can I ensure the correct IDV for the car?

  • To ensure the correct IDV for the car, one should take into account the current market value of the vehicle, depreciation based on its age and any accessories that have been added to the car.
  • It is also essential to provide accurate information about the car's make and model to the insurance company

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Shriram Car Insurance in Major Cities in India

Delhi

Delhi

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Chennai

Mumbai

Mumbai

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Ahmedabad

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Gurgaon

Bangalore

Bangalore

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TN32TY6799

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    VITARA BREZZA ZDI

  • Policy End Date

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₹ 1326 +GST

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