What is Insured Declared Value (IDV) in Two Wheeler Insurance? IDV is the maximum amount your insurance provider can give you, in case your bike is stolen or totally damaged. The 2 Wheeler Insured Declared Value and your two wheeler insurance premium go hand in hand. This means, the higher your IDV is, the higher your bike insurance premium – and as your vehicle ages and IDV depreciates, your premium also decreases. Also, when you decide to sell your bike, a higher IDV means you’ll get a higher price for it. Price may also be affected by other factors like usage, past bike insurance claims experience etc. So, when you’re choosing the right two wheeler insurance policy for your bike, remember to make note of the IDV being offered, and not just the premium. A company offering a low premium may be tempting, but this could be because the IDV on offer is low. In case of total loss of your bike, a higher IDV leads to higher compensations. At the time of resale, your IDV is indicative of the market value for your bike. However, if you have maintained your bike really well and is shining as good as new, you can always aim at a price more than what your IDV might offer you. At the end of the day, it all boils down to how much love you have showered on your bike.

What is No Claim Bonus (NCB) in Two Wheeler Insurance? NCB (No Claim Bonus) definition: NCB is a discount on premium given to the policyholder for having a claim-free policy term. A no claims bonus ranges from a discount of 20-50% and is something you earn at the end of your policy period by maintaining a record of making no bike accident claims under your bike insurance policy. This means that you can’t get a no claims bonus when you buy your first comprehensive bike insurance policy – you can only get it on your policy renewal. A No Claim Bonus is meant for the bike insurance policyholder regardless of the bike. This means, even if you switch your bike, your NCB stays with you. If you decide to buy a new bike, you will be issued a new bike insurance policy, but you can still avail of the NCB you accumulated on the old bike or policy.

What is Zero Depreciation Two Wheeler Insurance? Like everything in life, there is a decrease in value of certain parts of your bike, including the bumper or any other metal or fibre glass parts. So, when a damage happens, the full cost of replacement is not given as depreciation is deducted from the claim money. But this addon makes sure there is Zero Depreciation and you get the full value of the cost of repair/replacement provided the vehicle is repaired at Digit Authorized Workshop. Know more about Zero Dep Two Wheeler Insurance