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What is IDV in Insurance




IDV refers to Insured Declared Value and is the maximum sum assured fixed by the insurer that is offered in case of theft or total loss of a vehicle. In short, IDV is the current market value of your vehicle.

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?

Up to the first six months of buying a car, most motor insurers levy only 5% of depreciation on the invoice value of the car. Therefore, the IDV of a car outside the showroom will be the ex-showroom value of the car minus 5% depreciation i.e. 95% of the invoice price of the car.

What is the benefit of IDV in insurance?

‚ÄčIDV 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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