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Expert Note

This information is based on standard motor insurance guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI) and commonly followed industry practices. Policy coverage and conditions may vary by insurer.

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Is IDV the same as market value or resale value?

This information is based on standard motor insurance guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI) and commonly followed industry practices. Policy coverage and conditions may vary by insurer.

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Thank you for your interest!

Our team will contact you shortly to provide personalized assistance with your insurance plan. Table of Content Introduction What is IDV in Insurance? How is IDV Usually Calculated?

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Our team will contact you shortly to provide personalized assistance with your insurance plan. Table of Content What is IDV in car insurance? How is IDV calculated for a car?

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How Choosing a Lower IDV Can Hurt You During Theft Claims?

17 Aug 2026

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How to Calculate IDV of a Car? Step-by-Step Guide

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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.

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Is IDV the same as market value or resale value?

Although they are closely connected, IDV and your car's market or resale value are not exactly the same. IDV is the sum that your car insurance provider agrees to pay in the event that your vehicle is stolen or completely lost. A fixed technique based on price and depreciation is used to compute it.

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FAQs

If the vehicle’s Insurance Declared Value (IDV) is too low, you will have to pay a cheaper premium. However, if a vehicle is stolen or declared a total loss, you will receive a smaller payout.

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Why does IDV reduce every year?

Your premium will be less expensive if you choose a lower IDV. This can seem appealing at first, but the claim amount will be restricted to that smaller amount if your car is stolen or irreparably destroyed. After that, you might find it difficult to replace your car.

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Can Choosing a Low IDV Affect While Filing Theft Claims?

Choosing a lower IDV in car insurance will reduce the premium. However, in the long run, it may have a negative impact on theft claims. If you opt for a lower IDV on your car insurance to save on premiums, the compensation amount will be reduced accordingly. This will apply regardless of the car's value in the event of theft. Therefore, if you plan to buy a replacement vehicle, there will be a significant financial gap.

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How does IDV affect your car insurance premium?

Your premium will be lower if you select a smaller IDV because the insurer will be held less liable. You will see that even a slight variation in IDV affects the premium cost when you compare policies using online car insurance comparison sites. To rapidly see how changing the value impacts your payment, you can also utilise an IDV calculator.

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How Choosing a Lower IDV Can Hurt You During Theft Claims?

If you want to lower your IDV in car insurance, you will have to pay a lower premium. However, it can have a negative impact in the long term, especially if your car gets stolen. It is advisable to weigh the risks so that you can leverage the advantage.

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Why does IDV reduce every year?

Your premium will be less expensive if you choose a lower IDV. This can seem appealing at first, but the claim amount will be restricted to that smaller amount if your car is stolen or irreparably destroyed. After that, you might find it difficult to replace your car.