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Page A-255
How is IDV Usually Calculated?
The IDV in insurance calculation is pretty simple. However, it may vary slightly depending on whether your car is old or new. The IDV for new vehicles is usually based on the insurer's listed price for the model. However, if you have an older vehicle, depreciation will apply. The insurer will calculate the standard depreciation rate depending on how the cars been used:
Page A-119
How is IDV Usually Calculated?
The IDV in insurance calculation is pretty simple. However, it may vary slightly depending on whether your car is old or new. The IDV for new vehicles is usually based on the insurer's listed price for the model. However, if you have an older vehicle, depreciation will apply. The insurer will calculate the standard depreciation rate depending on how the cars been used: