In India, motor insurance is a mandatory requirement for all types of vehicles, including cars and two-wheelers. Motor insurance acts as a reliable financial asset that provides security in case of unfortunate events, such as an accident.
The popularity of this particular insurance is evident from the fact that in 2018 the motor insurance market accounted for approximately 39.4% of the non-insurance premium.
But even though the penetration of motor insurance is increasing, people are still substantially unaware of the technical terms used in the policy documents, which further limits the reach of auto insurance. One such jargon, which often appears complicated but is extremely simple to understand is the IDV (Insured Declared Value).
Even though the policy applicant paid 10000 for registration at the time of purchase the amount will not be included in the calculation of IDV.
Overall buying motor insurance is a long-term investment. The basic reason for buying two-wheeler insurance or car insurance is to secure compensation in the event of loss or theft of the vehicle. Hence when buying a motor insurance policy it is essential to evaluate all terms and conditions and specifically pay attention to the IDV as set by the company. The ultimate motto is to engage with a trusted insurer such as Royal Sundaram and secure an IDV which is a true representation of the vehicles value.
filling the above form I agree to receive a call to explain the product, even if i am registered under NDN