IDV in Bike Insurance
IDV full form is Insured Declared Value. It is a vehicle insurance term. IDV in bike insurance means the current market value of the insured vehicle. It is the highest or the maximum sum your insurance company can pay you as claim amount when you file a car insurance claim. Apart from road accidents, IDV also applies in case your vehicle is stolen or damaged beyond repair. However, you need to have a valid insurance policy if you wish to file an insurance claim.
Factors affecting IDV in bike insurance
- Make & model of your bike
- Registration date of your bike
- Registered city of your bike
- Type of fuel consumed by your bike
- Age of your bike
- Type of your bike policy
- Your bike policy term
It is always advisable to declare the right IDV during policy issuance to avoid discrepancies in insurance premium and claim amount in case of total loss. Always remember that your IDV should be close to the market value of your bike so that in situations of complete loss or theft, you are compensated accordingly. After your vehicle completes five years, you can even change your IDV and increase its value by paying a higher premium amount. At PINC insurance, we also allow you to increase or modify your bike’s IDV, when you renew the policy. You can reach out to us to get more details on what is IDV and how to increase it.