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The Role of IDV (Insured Declared Value) in Your Motor Insurance Policy

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  If you have ever purchased or renewed a motor insurance policy, you have probably come across the term IDV—short for Insured Declared Value. At first glance, it may look like just another technical term in your policy document. But the truth is, IDV plays a crucial role in determining your premium and the amount you will receive in case your vehicle is declared a total loss. In this blog, we will break down what IDV really means, how it is calculated, why it matters, and how you can make smart decisions that balance cost and coverage effectively. What Is IDV? IDV, or Insured Declared Value, is the maximum sum insured that the insurance company agrees to pay you if your vehicle is stolen or suffers total loss or complete damage beyond repair. Simply put, it is the current market value of your vehicle after accounting for depreciation. Let us say you bought a car worth 10 lakh rupees two years ago. Its current market value may have dropped due to age and wear and tear. That updated...
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Common Accidents During Monsoon – Get Covered with the Right Protection

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  As refreshing as the first drops of rain may feel, the monsoon season in India also brings along a host of risks for vehicle owners. Slippery roads, low visibility, waterlogged streets, and mechanical breakdowns make driving during the rainy season a serious challenge. While you may not be able to control the weather, you can definitely control how protected you are from the financial consequences of an unfortunate event on the road. That is why it is more important than ever to make sure your vehicle is backed by the best motor insurance during this unpredictable time of year. With a smart insurance plan like the one offered by Universal Sompo, you can enjoy peace of mind even when the skies are grey. Let us explore the most common accidents and mishaps that happen during the monsoon season and how having proper motor insurance can help you get through them without draining your savings. 1. Skidding and Loss of Control Monsoon rains often leave roads coated with a slippery laye...
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Benefits of No Claim Bonus (NCB): Save More While Staying Protected

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When it comes to choosing the best motor insurance , people usually focus on coverage, add-ons, and the premium. But there is one important benefit that often goes unnoticed until it's time to renew your policy— No Claim Bonus , or NCB. It is one of the most rewarding features of your motor insurance, and if used wisely, it can help you save a significant amount over the years. Let’s break down what NCB really is, how it works, and why it is something every responsible vehicle owner should be aware of. What Is No Claim Bonus (NCB)? No Claim Bonus is a reward offered by your insurance provider for not making any claims during your policy period. It is a way of acknowledging safe and responsible driving. The bonus comes in the form of a discount on your own damage premium when you renew your policy. The best part? The discount increases with every consecutive claim-free year. If you go five years without filing a claim, your NCB can go up to 50 percent , which means major savings wh...
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