What is the amount for which I need to insure my commercial vehicle? How is IDV connected to the amount needed to insure vehicle?
Commercial vehicles, like private vehicles, are insured as per their IDV. IDV is the ex-showroom price of a vehicle inclusive of sales tax. The IDV excludes costs like depreciation, registration, and insurance.
If a vehicle is stolen or the vehicle is totally damaged that no repair can redeem, the claim amount payable will be determined on the IDV value.
The IDV is calculated based on the vehicle’s listed price. This price depends on the brand and model of the car and the accessories. This price will be taken at the inception of the insurance policy by IFFCO Tokio.
IDV = Ex-Showroom price plus sales tax minus depreciation, registration, and insurance.