Get best quotes for Nissan car insurance. Nissan has launched select group of cars in India, namely Micra, Sunny, Evalia and Terrano.
These cars need to be properly insured to cover your risk. It is strongly advised that you be very careful about not lowering the IDV of your Nissan Car Insurance, to bring down premium amounts.
Lowering of IDV impacts the valuation of the car, and will impact the claims, if made.
What is IDV and how is it important?
IDV is the amount that you get in case your vehicle is stolen or completely damaged. It is highly recommended to get IDV of the amount as the market value of car.
IDV is calculated as manufacturer’s listed selling price minus depreciation. The registration and insurance cost are excluded from IDV. The depreciation schedule is as follows:
|Age of Vehicle||% Depreciation for adjusting IDV|
|Not exceeding 6 months||5%|
|6 months to 1 year||15%|
|1 year to 2 years||20%|
|2 years to 3 years||30%|
|3 years to 4 years||40%|
|4 years to 5 years||50%|
Beyond 5 years, the IDV is calculated by mutual agreement (between you and insurer) or based upon last IDV (minus depreciation)
Insurance agents typically reduce IDV to lower your premium, but this is not advisable. Since it increases your loss risk, if the vehicle is stolen or badly damaged. Not only in that year, but in subsequent years as well, since the new policies might be based on the IDV that you decide now.
If you need any assistance in selecting the best insurance for your vehicle, please fill in the form above and get the best insurance quote.