Oriental Insurance Depreciation For Fixing IDV
Oriental Insurance Depreciation for fixing IDV i.e. Insured's Declared Value is usually based on the age of the vehicle, model, etc. It is nothing but the current market value which is the maximum sum assured as declared by the insurer at the time of commencement of policy for each insured vehicle. Rate of depreciation for other vehicle components as per Oriental Two Wheeler Insurance Terms is mentioned in its policy wordings.
If the age of the two wheeler is less than 6 months then there is no depreciation for fixing IDV. For the vehicle age ranging between 6 months to 5 years, the depreciation is adjusted in the range of 5 % to 50 %. IDV is the claim amount given by an insurance provider to the policy holder if the vehicle is stolen or for the total damage of the vehicle.