What is idv in bike insurance? and how to claim bike insurance?
What is IDV?
The full form of IDV is Insured Declared Value. It is the total value of insured vehicle by insurer to compensate the policy holder in the case of irreparable damage or any loss due to accident or theft. It depends upon the manufacturer's listed selling price and it is adjusted for depreciation.
What is IDV in bike insurance?
It is the maximum sum assured fixed by the insurance company to compensate the policyholder in the case of theft of the person's two-wheeler or the loss due to any accident. IDV in insurance means that the current market value of a two-wheeler.
It refers to the maximum claim your insurance company pays off in the case of vehicle is broken or damaged.
IDV calculator for two-wheeler:
It is one of the most useful and time saving online calculator tools. With the IDV calculator, you can determine the market value as well as right premium amount for your bike Insurance Policy. If the insurance required for accessories which are not factory- fitted, IDV is separately calculated at extra cost. It helps is deter toning the right claim settlement amount in the case of bike is damaged or stolen.
Factors affecting the insured declared value:
Insured Declared Value in bike insurance determined on the basis of the following factors: -
- Fuel Type
- Make/ model/ type
- City of registration
- Bike's registration date
- The age of the bike to insured
- And your bike insurance policy term
Significance of IDV in bike insurance:
The vehicle IDV means the amount of compensation the policyholder receives of the person's two-wheeler is either stolen or damaged due to any accident. It ensures that in the case of theft or accident, the owner is compensated fairly and the policyholder does not loss any major losses.
Insurance companies consider the age of two-wheeler when a claim is field.
It is important to maintain a constant insured declared value when comparing quotes from different insurers, it helps you to choose the right policy for your two-wheeler.
Consequences of declaring wrong IDV:
When you calculating the Insured Declared value or during first purchase or during policy renewal, the original purchase price of two-wheeler is not considered. It's also important to ensure that you do not declare an IDV for two-wheeler lower than rational market value.
By declaring a lower vehicle insured declared value to save a small amount on premium, makes no sense at all.
By declaring a high insured declared value able to claim a higher amount is not recommended either.
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