IDV in Car Insurance

Quick Highlights

• Become Aware of the Intricacies of Car Insurance IDV
• What Are the Different Components That Form Car Insurance IDV?
• How Can You Save Big on Your Premium With the Help of Car Insurance IDV?
• Learn About the Role of Car Insurance IDV During Policy Purchase and Renewal
• Crucial Aspects To Take Care of When Considering IDV During Policy Purchase

Become Aware of the Intricacies of Car Insurance IDV

Every car, as per the make, model and variant associated with the vehicle, has a particular market value. This market value is defined by the IDV of the car, which is essentially the Insured Declared Value. As per the standard definition of the term, the IDV is the listed price as defined by the manufacturer of the vehicle, without the inclusion of the depreciation amount. If you are a Car Insurance Policy Holder and are privy to theft or large scale damage to your car, the insurer is entitled to provide you with the IDV of your car in the form of compensation. Hence, this is an important number to consider when buying or claiming an insurance policy.

What Are the Different Components of Car Insurance IDV?

The IDV of your car is calculated based on the following elements:

• Registration details associated with your vehicle
• The city where your car has been registered
• The registration date associated with your vehicle
• The registration type
• Make, model and manufacturer of the car
• Cubic capacity of the car
• Showroom price of the car