When it comes to buying a two-wheeler, a lot of facets are weighed and comp...
The value of the cover provided in car insurance is called the IDV (Insured Declared Value). It is the market value of your car (as per the insurance company).
|Vehicle Age||% of Depreciation|
|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%|