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What is IDV Value in Insurance?


​​IDV stands for Insured Declared Value. The IDV is one of the most critical aspects of a vehicle insurance policy. It is something that directly affects the premium you pay towards your vehicle insurance. To begin with, IDV (or insured declared value) is the monetary value of the vehicle fixed during the commencement of the insurance policy period. In other words, it is the current market value of the two-wheeler that is fixed by the insurer for the purpose of insurance coverage. The IDV is basically equivalent to the sum insured amount of any insurance policy and changes during the time of policy renewal. This implies that the IDV will be the capping amount that will be considered during a claim settlement.  

IDV is calculated by taking into consideration the manufacturer’s selling price and deducting the depreciation amount from it. Also, the registration and insurance costs are excluded from the calculation of the IDV of a two-wheeler vehicle.

Factors affecting the IDV Value of your Vehicle

There are a number of factors that impact the IDV of the vehicle. Age of the car is the most important amongst them. Simply put, the IDV of the two-wheeler is inversely proportional to the age. This translates to, more the age of the vehicle, the lesser would be its corresponding IDV. So basically, the IDV decreases over time due to the depreciation factor of the vehicle.  Here is the table to understand the dynamic between age and IDV.

Other than age, the make and model of the vehicle and the manufacturer are the factors that have a bearing on the IDV.