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What is IDV in bike insurance


Insured Declared Value (IDV) is the maximum payout amount given by the insurer during the claim settlement and plays a crucial role when purchasing two-wheeler insurance.

Is higher IDV better?

Similarly, if you quote a lower IDV of your car, you will be required to pay a lower premium and ultimately, the claim amount will also be lower. Therefore, it is advised to choose an Insured Declared Value that is neither very high nor very low but at par with the car's market value.

How much IDV should I choose?

Ensure the IDV is the market value of your car, since insurance companies will compensate based on the type of loss and not necessarily the entire IDV. A lower premium amount can be due to lower IDV, hence, make sure you do not choose a policy based on a lower premium rate.

How do I find the IDV value of my bike?

The calculation of your IDV is pretty simple: It is the ex-showroom price/current market value of the vehicle minus the depreciation on its parts. The registration cost, road tax and insurance cost are not included in the IDV.

How the IDV is calculated?

IDV= (Manufacturer's listed selling price - depreciation) + (Accessories not included in listed selling price - depreciation) excluding registration and insurance costs. So, while calculating the IDV for your car, insurance and registration costs are excluded.




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