December 16, 2017
Insured Declared Value (IDV) is not a new term in insurance. You heard the importance and significance of Insured Declared Value in affecting premium of your policy.
What is Insured Declared Value (IDV)?
In simple, Insured Declared Value is the maximum Sum Assured fixed by the insurer for a motor insurance policy. In other words, IDV is the supposed current market value of your insured vehicle. Also, IDV calculation depends on State, Registered Year, Month, Make, Model and Variant of your car.
Here is a quick way to calculate IDV of your car.
Click the link provided by General Insurance Council – https://idv.gicouncil.in/
Select the car-registered state
Choose the year of registration
Select the month of registration
Select the make of your car (Make refers to the car’s manufacturer or company)
Choose model of your car (Model is the specific product for the selected make of car)
Select the variant of the car (Variant is different trims in a car model)
Click on Show Price to calculate approximate IDV of your car.
You get Insured Declared Value (IDV) with in no time.
Additionally, if IDV is less, then premium also will be less and vice versa. However, do not think less IDV is good because you are paying less premium. In case of a total loss claim, IDV is the total amount you are eligible to get from your insurer. Furthermore, the car insurance premium you pay is directly proportional to the IDV of the vehicle.
Get started now! Calculate Insured Declared Value and use Mobinsure premium calculator to calculate premium for various insurance companies with NIL Depreciation and many other ADDON covers. You can sign up for ALL-IN-ONE Motor, Health & Life Agent software for FREE trial www.myinsurebook.com/agent
You may watch related video here https://www.youtube.com/watch?v=1WdZI0shMes