Insured declared value
Eventually your car has some value associated with it. If you suffer a total loss in an accident, what think you should be compensated for assuming you had insurance for your car? The amount which is compensated under an automobile insurance directly related to what is the value of the vehicle at this time.
If you have just sold by a showroom a new car, its value is more than one car to three years 30,000 kilometers to say to them. Insurance value declared or IDV is the value to estimate the insurance of your vehicle its value at the time of application for car insurance.
Car insurance are the conditions for compensation. It's just a technical way of saying that only an amount for the financial loss in the vehicle and no longer suffered to compensate.
IDV is the maximum amount that you apply for a car insurance for losses incurred due to theft or accident to compensate. Therefore, if you suffer a total loss in an accident in his car three years that a Rs 4 lakh is value at the time of the accident will be compensated, under all circumstances, of over Rs 4 lakh.
If you buy a new car and get insurance for them is IDV on the price of the new car is calculated on the basis, that is, his former room exposure. If you renew have a car to go insurance, IDV will be set for each degradation inherent the car had to bear, or put them in technical terms IDV is adjusted for any depreciation, has undergone the age of the vehicle.
What if you feel like a special music system or speakers have all the accessories in your car? the value of these elements in this case, that is added to the IDV, adjusted for any depreciation that these elements have suffered over the price of the car. If you receive a policy for a car that is older than 5 years, the IDV is determined on the basis of an agreement between you and adjust the insurance company after the repayment plan.
Please note that the IDV calculation is used only for a global insurance policy and no liability insurance.
Displacement of the vehicle
Each car has an engine size, which is measured as a motor. The engine has an impact on the insurance premium to pay a third party insurance coverage.
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