*the price mentioned is indicative and actual value will depend on prevailing market conditions and schemes offered by Insurers.
What is Insured Declared Value ?
Insured Declared Value (IDV) is the maximum Sum Assured fixed by the Insurer at the time of giving insurance on a vehicle. In case of theft or total loss of a vehicle, this amount is the compensation that will be provided to the policyholder by the Insurer.
IDV price is fixed based on the manufacturer’s listed selling price minus depreciation. The registration and insurance cost are excluded from IDV. The IDV of the accessories which are not factory fitted, are calculated separately at extra cost if insurance is required for them. The depreciation schedule is defined by the India Motor tariff Act, and is as follows.
|Age of Vehicle||% Depreciation for adjusting IDV|
|Not exceeding 6 months||5%|
|Exceeding 6 months but not exceeding 1 year||15%|
|Exceeding 1 year but not exceeding 2 years||20%|
|Exceeding 2 years but not exceeding 3 years||30%|
|Exceeding 3 years but not exceeding 4 years||40%|
|Exceeding 4 years but not exceeding 5 years||50%|
The IDV of vehicles aged over 5 years is calculated by mutual agreement between the policyholder and the Insurer. Usually this is arrived by establishing the fair market value of the vehicle based on market conditions. Indian Blue Book used its own proprietary used car valuation engine to arrive at indicative IDV values for vehicles older than 5 years.
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Absolutely hassle-free experience. Great website and interface
Your rating was almost accurate as what I had thought about the pricing in my mind
my 'go to' website for valuation!
good for new buyers to know the value and get safe from cheatings...
Gives price without asking for personal details and if one is researching then deciding this helps
Very accurate rates. This will help a lot towards standardizing the second hand car market.
Excellent, very fast, and easy to use service. Thanks a ton. At least someone made a genuine effort to provide what the consumer wants to see and not ridiculous ad pop ups.
I bought the same car for 2.2 lakhs yesterday. 100% accurate pricing recommendation.
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