1 / 4

What is IDV in Bike Insurance

When you buy bike insurance online, you might come across a term called IDV. But what is<br>IDV, and why is it important? Letu2019s break it down in simple terms.

Digital664
Download Presentation

What is IDV in Bike Insurance

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. What is IDV in Bike Insurance? When you buy bike insurance online, you might come across a term called IDV. But what is IDV, and why is it important? Let’s break it down in simple terms. Understanding IDV IDV stands for Insured Declared Value. It is the current market value of your bike. In other words, IDV is the maximum amount you can get from the insurance company if your bike is stolen or completely damaged. Knowing the IDV is important when you buy bike insurance online because it affects both the premium you pay and the amount you can claim. How is IDV Calculated? The IDV of a bike is calculated based on the manufacturer’s selling price minus depreciation. Depreciation means the reduction in the bike’s value over time due to wear and tear. Here’s a simple way to understand how IDV is calculated: 1.Manufacturer’s Selling Price: This is the price at which the bike was originally sold by the manufacturer. 2.Depreciation:This is a percentage decrease in the bike’s value every year.

  2. For example, if the original price of your bike was ₹1,00,000 and it is 2 years old, the depreciation might be 20%. So, the IDV of your bike would be ₹80,000. Why is IDV Important? Understanding IDV is important for several reasons: 1.Claim Amount: The IDV is the maximum amount you can claim if your bike is stolen or completely damaged. 2.Premium Calculation: The premium you pay for your bike insurance online is partly based on the IDV. Higher IDV means higher premium and vice versa. 3.Choosing the Right Plan: Knowing the IDV helps you choose the right insurance plan. If the IDV is too low, you might not get enough money to replace your bike if something happens to it. Adjusting IDV Sometimes, you might want to adjust the IDV of your bike. Here’s how you can do it: 1.Increase IDV: You can increase the IDV to get a higher claim amount, but this will also increase your premium. 2.Decrease IDV: You can decrease the IDV to lower your premium, but this will also reduce the claim amount you can receive. When you buy bike insurance online, you can often adjust the IDV to match your needs and budget. How Insurance Brokers in India Can Help Insurance brokers in India can help you understand and choose the right IDV for your bike insurance. They are experts who know a lot about different insurance plans and companies. Here’s how they can help: 1.Expert Advice: Brokers can explain how IDV works and help you decide the best value for your bike.

  3. 2.Compare Plans: They can compare different insurance plans for you, showing you the options with various IDVs. 3.Save Time: Instead of researching on your own, brokers can quickly find the best plans for you. 4.Ongoing Support: Brokers can help you with any questions or issues you have, even after you buy the insurance. Steps to Buy Bike Insurance Online with the Right IDV Here are the simple steps to buy bike insurance online with the right IDV: 1.Research Different Insurance Companies: Look for companies that offer bike insurance online. Some popular ones in India include Square Insurance, PolicyBazaar, and Bajaj Allianz. 2.Compare Plans: Use comparison websites or ask an insurance broker in India to help you compare different plans. 3.Check the IDV: Look at the IDV offered in each plan. Make sure it matches the current market value of your bike. 4.Adjust the IDV if Needed:If the default IDV doesn’t suit your needs, see if you can adjust it higher or lower. 5.Fill in Your Details: Enter information about your bike and yourself. 6.Upload Documents:You may need to upload your bike’s registration certificate and your identity proof. 7.Make the Payment: Choose your payment method and complete the transaction. 8.Receive Your Policy: Once the payment is done, you will receive your bike insurance policy by email. Conclusion

  4. IDV is a crucial part of bike insurance. It determines the maximum amount you can claim and affects your premium. When you buy bike insurance online, understanding and choosing the right IDV is essential. Insurance brokers in India can provide valuable help in this process. By following the simple steps to buy bike insurance online, you can ensure your bike is properly insured and you are well-protected.

More Related