Motor Insurance Term
IDV (Insured Declared Value)
The current market value of your vehicle — its cover amount.
What is IDV (Insured Declared Value)?
IDV is the Insured Declared Value: the maximum your insurer pays if your vehicle is stolen or damaged beyond repair (a total loss). It's based on the manufacturer's current selling price minus depreciation.
A higher IDV means a higher payout on total loss but a slightly higher premium. Setting it too low to save premium can cost you dearly in a total-loss claim.
Example
If your car's IDV is ₹6 lakh and it's stolen, the insurer pays up to ₹6 lakh.
Related terms
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