What is IDV in Two Wheeler Insurance?

When shopping for insurance, we tend to think the worst and most of us often wonder, “what if my two-wheeler is completely damaged, beyond repair, or stolen?” well, this is what makes idv (insured declared value) critical.

what is idv?

Declared insured value is the total value of the vehicle insured by the insurer to compensate the policyholder in the event of irreparable damage or total loss due to accident or theft. .idv depends on the selling price indicated by the manufacturer and is then adjusted for depreciation. The table below explains how depreciation affects IDV bike insurance.

Reading: What is idv in 2 wheeler insurance

idv and cousin

the premium rate is applied in the idv. the higher the idv, the higher the two-wheeler insurance premium premium. as the two-wheeler ages, the idv decreases and so does the premium decreases.

When purchasing a two-wheeler insurance policy, the policyholder should be careful as lower premium rates are sometimes offered to attract customers, but this will also mean that the two-wheeler wheels will be insured with a lower idv and therefore at that time. of a damage, the full value will not be compensated. When purchasing insurance, the policyholder must ensure that the LDI is neither understated nor overstated.

Besides idv, here is a list of other terms related to two-wheeler insurance that you should be aware of.

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  Own Damage Premium: This section provides protection to your vehicle against damage due to any impact damage, natural causes such as earthquakes, floods, storms, fires and other natural disasters.

  Zero Depreciation Coverage: Offered as additional coverage for an additional premium. depreciation is usually taken into account when offsetting the loss, but in the case of zero depreciation coverage, the coverage can be taken without depreciation being taken into account. this translates into greater coverage of partial losses

  bonus for no claims: the insurance provider rewards the responsible policyholder in case of no claims in the previous year by offering a discount on the renewal of the own damage premium for the next year.

  third party coverage: this coverage protects the policyholder against any financial or legal liability to the third party involved in the accident.

  Personal accident coverage: the general insurance covers any damage that occurs to the two-wheeled vehicle, so in addition to this personal accident coverage, the death or injury of the policyholder involved in an accident is counted. This coverage protects the policyholder against unforeseen circumstances that cause death or disability.

  See also : Auto Insurance Rates Going Up | AutoInsurance.org

  We at hdfc ergo offer the most affordable, comprehensive and flexible two-wheeler insurance policies with some of the most eye-catching features aimed at providing maximum comfort and peace of mind to the policyholder. on our website, discover your two-wheeler insurance premium calculator. your trip on two wheels will be completely safe with hdfc ergo.

  Disclaimer: The above information is for illustrative purposes only. Please refer to the wording of the policy and prospectus before proceeding with sales for further details. this blog has been written bys. gopalakrishnan | auto insurance expert | more than 40 years of experience in the insurance industry

  a veteran in the insurance industry. yes gopalakrishnan is a name to be reckoned with in the field of reinsurance, he has headed the reinsurance department and has rich experience in other fields of auto insurance. He loves sharing his thoughts on the latest issues in the insurance industry and how he can help people protect their assets using insurance products.

  s. gopalakrishnan recommends “hdfc ergo” for your vehicle insurance needs, they have always put the customer’s interest first, with 24 hour support to deal with emergency breakdown issues and hassle free claims processes. you can be sure you will receive a complete and reliable guide throughout the process”. process”.

  some other articles include 5 ways to save on bike insurance. Is a long-term two-wheeler insurance plan beneficial? How to choose two-wheeler insurance?

  Source: https://amajon.asia
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