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1. What does IDV mean in bike insurance?
IDV stands for Insured Declared Value, which represents the current market value of your bike, considering depreciation based on its age and condition.
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What is IDV in car insurance?
IDV is one of the most crucial phrases you will encounter while purchasing car insurance. Insured Declared Value is referred to as IDV. It is, in essence, the amount that your car insurance company determines your vehicle's present value at the beginning of your policy. This is the most you can get if your car is stolen or irreparably damaged.