Private autos are considered motor vehicles. Commercial vehicles, two-wheelers with motors, and vehicles not on rails are not included.
Owners, financiers, or lessees of the vehicle who have an insurable stake
(a) For vehicles under five years old, the IDV must be calculated by multiplying the showroom price of the specific make and model of the vehicle by the tariff-specified percentage of depreciation.
(b) Vehicles more than five years old and obsolete models (those whose manufacture has been discontinued by the manufacturer) must be covered for the current market value of the vehicle as agreed upon by the insurer and the insured.