Is higher IDV better?
Similarly, if you quote a lower IDV of your car, you will be required to pay a lower premium and ultimately, the claim amount will also be lower. Therefore, it is advised to choose an Insured Declared Value that is neither very high nor very low but at par with the car's market value.
How is IDV calculated?
IDV= (Manufacturer's listed selling price - depreciation) + (Accessories not included in listed selling price - depreciation) excluding registration and insurance costs. So, while calculating the IDV for your car, insurance and registration costs are excluded.
How much IDV should I take?
IRDAI IDV rules for car insurance\n\n If the age of a car is less than six months, then its IDV can be 95% of the ex-showroom cost. The IDV for cars between six months and one year can be 85% of the ex-showroom price. If the car is between the age of one to two years then its IDV can be 80% of the ex-showroom cost.
What is the benefit of IDV in insurance?
IDV stands for Insured Declared Value, which is the amount guaranteed by the insurance company in the event of a theft or total loss of the vehicle. The value is calculated by keeping in mind the current market value of the car and not its purchase cost.
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