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Question

The premium of insurance of your two-wheeler depends on its IDV. What does IDV denotes?

A Insured Demand Value Correct Answer Incorrect Answer
B Insured Declared Value Correct Answer Incorrect Answer
C Insured Depreciated Value Correct Answer Incorrect Answer
D Insured Devised Value Correct Answer Incorrect Answer
E None of these Correct Answer Incorrect Answer

Solution

The premium of insurance of your two-wheeler depends on its Insured Declared Value (IDV). The IDV depends on the ex-showroom price of your vehicle, its depreciation, its cubic capacity (in case of third-party insurance), and zone of the registration.

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