Well the IRDA has declared the following IDV Of The Vehicle you can have a look


Age Of The Vehicle % Of Depreciation For Fixing IDV Of The Vehicle

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 insured may authorize the repair of the vehicle necessitated by loss or damage for which the Company may be liable under this policy provided that:

The estimated cost of such repair including replacements, if any, does not exceed Rs. 500/-

The Company is furnished forthwith with a detailed estimate of the cost of repairs

The insured shall give the Company every assistance to see that such repair is necessary and the charges are reasonable.

IRDA

Insurance Regulatory and Development Authority of India

3rd Floor, Parisrama Bhavan,

Basheer Bagh HYDERABAD 500 004

Telangana State (INDIA )

Ph: (040) 23381100

Fax: (040) 6682 3334