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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 Insurance?
IDV or Insurance Declared Value is the maximum value the car insurance company will pay in case your vehicle gets stolen or is declared a total loss. The amount is the car's current market value, excluding registration and insurance costs.