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 IDV Depreciation Schedule
The premium is calculated on the basis of something called the Insured Declared Value (IDV) of the vehicle, which is basically the depreciated value of the vehicle agreed upon by the insurer and the policyholder. The IDV of a vehicle reduces with age. Insurers give a depreciation schedule for up to five years, which is the starting point for deciding the IDV of a vehicle: this IDV figure is scaled up or down depending on the condition of the vehicle. The depreciation schedule is identical for two-wheelers and four-wheelers (See table: IDV Depreciation Schedule) You can get your vehicle insured for a value greater than the IDV calculated on the basis of the specified depreciation schedule, on account of, say, better maintenance or high-priced accessories.However, in case of a claim, the onus is on you to justify the higher IDV.

Cover for occupants of vehicle. This section provides cover against death or injury to the vehicle driver and passengers. The maximum cover that can be taken under this section is Rs 1 lakh for a driver and Rs 2 lakh for each passenger.

IDV Depreciation Schedule
Vehicle Age Depreciation(%) IDV (Rs)
6 Months 5 Year 1: 2,00,000
6 Months - 1 year 15 Year 2: 1,60,000
1-2 years 20 Year 3: 1,28,000
2-3 years 30 Year 4: 89,600
3-4 years 40 Year 5: 53,760
4-5 years 50 Year 6: 26,880
Note: The depreciation rate is charged as a percentage of the cost of a new vehicle, on a reducing balance basis. IDV of vehicles that are more than 5 years oldand of models that manufacturers have discontinued is to be determined on the basis of an understanding between the insurer and the insured.
1For a new Maruti 800, costing Rs 2 lakh Rates as of August 2003
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