The Insured's Declared Value (IDV) of the vehicle will be deemed to be the 'SUM INSURED' and it will be fixed at the commencement of each policy period for each insured vehicle. The IDV of the vehicle is to be fixed on the basis of the manufacturer’s listed selling price of the brand and model as the vehicle proposed for insurance at the commencement of insurance/renewal, and adjusted for depreciation (as per the schedule specified below). The IDV of the side car and/or accessories, if any, filled to the vehicle but not included in the manufacturer’s listed selling price of the vehicle is also likewise to be fixed. Age of the vehicles % depreciation to fix IDV Not exceeding 6 months 5% Exceeding 6 months but not exceeding 1 year 15% Exceeding 1 year but not exceeding 2 years 20% Exceeding 2 years but not exceeding 3 years 30% Exceeding 3 years but not exceeding 4 years 40% Exceeding 4 years but not exceeding 5 years 50%
The Insured's Declared Value (IDV) of the vehicle will be deemed to be the 'SUM INSURED' and it will be fixed at the commencement of each policy period for each insured vehicle. The IDV of the vehicle is to be fixed on the basis of the manufacturer’s listed selling price of the brand and model as the vehicle proposed for insurance at the commencement of insurance/renewal, and adjusted for depreciation (as per the schedule specified below). The IDV of the side car and/or accessories, if any, filled to the vehicle but not included in the manufacturer’s listed selling price of the vehicle is also likewise to be fixed. Age of the vehicles % depreciation to fix IDV Not exceeding 6 months 5% Exceeding 6 months but not exceeding 1 year 15% Exceeding 1 year but not exceeding 2 years 20% Exceeding 2 years but not exceeding 3 years 30% Exceeding 3 years but not exceeding 4 years 40% Exceeding 4 years but not exceeding 5 years 50%