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Motor Blog
27 Jun 2013
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If you’re looking to buy a vehicle insurance policy then this is the right place to begin. Learn all about the key components of your motor insurance premium to enable making a more informed purchase that addresses your needs within your defined budget. IDV: IDV means Insured’s Declared Value. It is deemed to be the ‘SUM INSURED’ for the purpose of tariff calculation and is usually fixed at the commencement of each policy period for each insured vehicle. IDV is calculated by adjusting the current Manufacturer’s Listed Selling Price (*see below) of the vehicle with depreciation percentage listed in the table below:
Vehicle’s 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% |
For vehicles 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 = Invoice Value + Taxes, excluding Registration and Insurance Third Party:
PA Cover for Passengers: If you have opted for this cover (which is available on extra premium) then there is compensation payable to the family members of the passengers in case of death. There is no cost of medical bills or any expenses payable to the injured passengers. Voluntary Deductible: Voluntary deductible is your option to opt for bearing a certain amount of loss from every claim. Insured may opt for a higher deductible over and above the compulsory deductible that can help him/her earn discount in OD premium. For this option, you are eligible for a discount on Own Damage Premium (ODP) as listed in the table below:
Voluntary Deductible | Discount |
INR 2,500 | 20% on the OD Premium of the vehicle, subject to a maximum of INR 750/- |
INR 5,000 | 25% on the OD Premium of the vehicle, subject to a maximum of INR 1,500/- |
INR 7,500 | 30% on the OD Premium of the vehicle, subject to a maximum of INR 2,000/- |
INR 15,000 | 35% on the OD Premium of the vehicle, subject to a maximum of INR 2,500/- |
Know how a motor insurance calculator assists you in determining your premium and offers other benefits to make your research and purchase easier.
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