Definition Of IDV In Bike Insurance:
IDV (Insure Declare Value )
In simple terms, IDV is the current market value of two-wheeler vehicles.
If your two-wheeler vehicle suffers a total loss or is stolen due to an accident, IDV is the compensation that the insurer pays to the insured.
IDV Calculator For Bike Insurance:
The IDV calculator for two-wheeler vehicles is based on the suggested sale price for the two-wheeler vehicle proposed by the manufacturer, which is proposed at the beginning of the insurance policy or renewal of the insurance for the insurance, and then adjusts to depreciation.
Insurance and registration fees are excluded from the IDV. If an accessory not installed at the factory is required, the IDV will be charged separately at an additional cost.
Step To Calculate IDV of Bike:
Use following steps to calculate IDV in bike insurance:
- Step1: visit www.policyplaner.com
- Step 2: Fill details of your bike like age, model, previous policy date etc.
- Step 3: The we will show you your IDV of your bike.
Note: IDV is effect on your premium amount.
IDV For Two-wheeler Over Five Years.
The age of a two-wheeler is directly proportional to the calculated depreciation rate: the greater the seniority, the greater the depreciation rate, that is, the older the two wheels are, the less their value.
For a bike that is five years old or older, its depreciated value is calculated based on its operating condition and the condition of its body parts.
For different components made of different materials, the IDV value is adjusted accordingly and the final IDV value of the two-wheeler is determined as the total average value.
In the case of a two-wheeler model over five years or an outdated model, the final IDV could be determined by mutual agreement between the insurance company and the insured.
Some insurance companies regularly ask researchers to achieve the correct IDV. This causes additional costs that the insured has to bear.
Why is IDV important for the bike?
Ans: IDV is the “insured sum” in bike insurance. This is the amount for which your vehicle is insured and forms the basis of all transactions in case of theft or irreparable damage after an accident. If you ensure your two-wheelers for the first time or at the time of replacement, the IDV plays an important role.
Article written by
Swapnil R. Chavan (Digital marketing & SEO Executive )