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How is Insured’s declared value (IDV) of the vehicle determined?

April 26, 2017declared IDV insured value vehicle

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How is Insured’s declared value (IDV) of the vehicle determined?

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The IDV of the vehicle is to be fixed on the basis of, manufacturer’s listed selling price of the brand and model, the vehicle proposed for insurance at the commencement of insurance /renewal and less depreciation for usage.