IDV = (Manufacturers listed selling price ? depreciation) + (Accessories that are not included in listed selling price-depreciation) and excludes registration and insurance costs.
IDV of vehicle which is beyond 5 years of age and of obsolete models - on the basis of an understanding between insurers and insured.
IDV of old cars is arrived at by assessment of vehicles condition done by surveyors, car dealers etc. IDV is the amount of compensation given in case a vehicle is stolen or suffers total loss.
Insurers provide a range of 5% to 10% to decrease IDV to the insured. Lesser IDV would mean lesser premium.
The fire policy for commercial risks covers the perils of Fire ? Lightning; Explosion / implosion, Riot strike and malicious damage, Impact damage ; Aircraft damage, Storm, tempest, cyclone, typhoon, hurricane, tornado, flood and inundation