Estimate the exact IDV (Insured Declared Value) for your car or bike based on its age and ex-showroom price as per IRDAI standard depreciation slabs.
IDV = Ex-Showroom Price - (Ex-Showroom Price * IRDAI Depreciation Rate based on age). Depreciation varies from 5% (0-6 months) to 50% (4-5 years).
IDV stands for Insured Declared Value. It is the maximum sum assured the insurer will pay you if your vehicle is completely destroyed or stolen.
It is strictly calculated on the manufacturers listed Ex-Showroom price minus standard depreciation. Registration costs and road tax are excluded.