IDV is arrived at by adjusting the current manufacturer's listed selling price* of the vehicle with depreciation percentage listed in the table below: -
% OF DEPRECIATION
|Not exceeding 6 months||
|Exceeding 6 months but not exceeding 1 year||
|Exceeding 1 year but not exceeding 2 years||
|Exceeding 2 years but not exceeding 3 years||
|Exceeding 3 years but not exceeding 4 years||
|Exceeding 4 years but not exceeding 5 years||
For car and two wheeler models that are obsolete and aged over 5 years, the IDV will be the value agreed between Bajaj Allianz General Insurance (insurer) and you (insured).
*Manufacturer's listed Selling Price = (Cost Price + Local Duties) / Taxes, excluding Registration and Insurance.