Articles
Correct IDV for Your Car Insurance?
by kumar rahul Best Insurance DealsThe Insured Declared Value, or IDV, is the maximum sum
insured set by the car insurance companies. It refers to the maximum claim
amount that your insurer is willing to pay under your car insurance policy in
the event that your vehicle is damaged in an unforeseeable incident.
If your car is stolen or totaled, your insurance company will
pay the total IDV of your vehicle, as determined at the time of policy
acquisition.
In a comprehensive car insurance policy, the IDV of a vehicle
is a critical factor. The IDV of a vehicle has a direct impact on 2 areas of motor
insurance. The first is the car insurance premium, and the second is the amount
of the claim. Find out how the IDV of your motor vehicle affects your car
insurance rate and the maximum claim amount you can receive.
Car Insurance Premium
The premium payable for a comprehensive car insurance policy
is directly proportional to the IDV of a car. The higher the IDV of a car
insurance policy, the higher the premium will be. This is why choosing an IDV
value that does not result in a high vehicle insurance premium is critical.
When purchasing a comprehensive car insurance policy, keep
your budget in mind. Before purchasing a car insurance plan, utilize a car
insurance calculator to examine the IDV as well as the premium payable.
Maximum Claim Amount
The IDV, as you may know, is the maximum claim amount that
your car insurer will pay if your vehicle is stolen or witnesses a total loss. If
you choose a lesser IDV, the claim amount you get may not be enough to cover
the cost of repairing or replacing your vehicle. As a result, you may have to
pay money out of your own pocket in addition to the claim amount.
This could end up costing you more than you saved by buying a
car insurance policy with a reduced premium. This is why you must select a
comprehensive car insurance policy with an adequate IDV to cover the loss or
damage to your vehicle.
Final Words…
As you can see, it is critical to purchase a car insurance policy
that includes enough IDV without incurring an extravagant premium. Meanwhile,
if you are looking for the best comprehensive car insurance policy, you can
Click here to instantly compare plans from the top insurers and avail the best
coverage for the best price.
Sponsor Ads
About kumar rahul 
Best Insurance Deals
36 connections, 0 recommendations, 202 honor points.Joined APSense since, October 31st, 2018, From Kolkata, India.
Created on Aug 24th 2021 01:28. Viewed 273 times.
