1800-200-5544 (Accessible from India only)

9144-3098 5300 (For Abroad Customers)

 

Sum Insured

The Insured's Declared Value (IDV) of the vehicle will be deemed to be the 'Sum Insured' for the purpose, which is fixed at the commencement of each policy period for the insured vehicle. The IDV of the vehicle is to be fixed on the basis of manufacturer's listed selling price of the brand and model as the insured vehicle at the commencement of insurance / renewal and adjusted for depreciation.

The schedule of age-wise depreciation is shown below and is applicable for the purpose of Total Loss / Constructive Total Loss claims only.

Age of the Vehicle % of Depreciation for fixing 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%
Note: If you have opted for Reinstatement value Benefit and your car is insured on "Reinstatement Value Basis", i.e., the original value, then sum insured will be the invoice value of the car.

* Conditions apply.

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