The
Insured’s Declared Value (IDV) of the vehicle will be
deemed to be the ‘SUM INSURED’ for the purpose
of this tariff and it will be fixed at the commencement of
each policy period for each insured vehicle.
The
IDV of the vehicle is to be fixed on the basis of manufacturer’s
listed selling price of the brand and model as the vehicle
proposed for insurance at the commencement of insurance /renewal
and adjusted for depreciation (as per schedule specified below).
The IDV of the side car(s) and / or accessories, if any, fitted
to the vehicle but not included in the manufacturer’s
listed selling price of the vehicle is also likewise to be
fixed.
If the price of any electrical and / or electronic item installed
in the vehicle is not included in the manufacturer’s
listed selling price, then the actual value (after depreciation)
of this item can be added to the sum insured over and above
the IDV.
http://www.icicilombard.com/Content/PersonalProducts/Motor/depreciation_rates.htm
|
PARTS OF VEHICLE |
% OF DEPRECIATION |
|
1. For all rubber/ nylon/ plastic parts, tyres and tubes,
batteries and air bags |
50% |
|
2. For fibre glass components |
30% |
|
3. For all parts made of glass |
Nil |
|
