Do not have to bear the loss while taking car insurance, know in advance
Do not have to bear the loss while taking car insurance, know in advance

Taking car insurance has become very important in today's times. It not only provides protection to your car but also protects you from legal liabilities. When you take car insurance, you have to choose the IDV (Insured Declared Value). IDV means the declared value of your car, which is the maximum amount the insurance company will pay you if the car is damaged or stolen.

You should be very careful while choosing IDV. If you choose a lower IDV, you will not get full compensation for your car in case of damage or theft. On the other hand, if you choose a very high IDV, you will have to pay a higher insurance premium.

Keep the following things in mind when choosing an IDV:

  • Current market value of your car: IDV should be based on the current market value of your car. You can get an estimate of the market value of your car through online tools or from a car dealer.
  • Registration year of your car: The IDV value decreases with the registration year of the car.
  • Model and variant of your car: The value of IDV also varies depending on the model and variant of the car.
  • Use of your car: If you use your car commercially, you will have to keep the IDV value higher.
  • Insurance cover available for your car: If you take comprehensive insurance cover for your car, you will have to keep the IDV value higher.

Some important facts related to IDV:

  • While choosing IDV, you should provide all the correct information about your car.
  • IDV should be updated from time to time.
  • Changing the IDV value will also change your insurance premium.

Some misconceptions about IDV:

  • IDV is equal to the actual value of the car.
  • The higher the IDV value, the better the insurance coverage.
  • Changing the value of IDV has no impact on the insurance premium.

IDV is an important part of car insurance. Choosing the right IDV will help you get fair compensation in case of damage or theft to your car. You can contact your insurance company to get information related to IDV.

Also keep in mind:

  • Compare premiums and coverage from different insurance companies before buying car insurance.
  • Take proper precautions to protect your car.
  • Get your car serviced regularly.
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