What are the factors that determine the premium rating for Private Cars?
• The premium rating for Private Cars is based on the following factors: – Insured’s Declared Value (IDV) – Cubic Capacity of the vehicle – Geographical Zones – Age of the vehicle • ^TopWhat are the zones under which Private Cars are rated? • For the purpose of rating, the whole of India is divided into two zones depending upon the place of registration. The zones are: Zone A – Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai, New Delhi and Pune. Zone B – Rest of India • ^TopWhat is Insured Declared Value (IDV)? And how is it calculated? • IDV means Insured’s Declared Value. It is the value of the vehicle, which is arrived at by adjusting the current manufacturer’s listed selling price of the vehicle with depreciation percentage as prescribed in the Tariff. Manufacturer’s listed Selling Price will include Local Duties/Taxes, excluding Registration and Insurance. For the vehicles that are obsolete or aged over 5 years, the IDV will the value agreed between the Insurer and the I
