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#WhatisanIDV (Insured Declared Value)?

The #InsuredDeclaredValue is the sum insured of your #car calculated based on the depreciation percentage formula. The #Insurer will #Compensate you equivalent to the IDV in case of theft or total loss of the car.


#IDV is calculated as:

Within 6 months of purchase- 5%

After 6 months to 1 year of purchase - 15%

After 1 year to 2 years of purchase - 20%

After 2 years to 3 years of purchase - 30%

After 3 years to 4 years of purchase - 40%

After 4 years to 5 years of purchase- 50%



After 5 years of purchase or if the car is obsolete, the IDV of your car will be an agreed sum between you and your insurer.

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