Multiple choice

Which of the following is included in insured's declared value?

  1. Registration

  2. Manufacturer's selling price

  3. Arbitrary price component

  4. Both (2) and (3)

Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Insured's declared value in motor insurance includes manufacturer's selling price. IDV is the value of the vehicle, which is found by adjusting the current manufacturer's listed selling price of the vehicle with depreciation percentage, as prescribed in the IRDA regulations. Manufacturer's listed selling price will include local duties / taxes, excluding registration and insurance.