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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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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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What Is IDV in Car Insurance, and Why Does It Decide Your Payout?

IDV in car insurance is the maximum amount an insurer agrees to pay if a car is stolen or damaged beyond economical repair. It is worked out using the manufacturer's listed selling price for that model and variant, adjusted downward for depreciation based on the age of the vehicle, and it excludes registration charges and road tax.

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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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Buying or Renewing Car Insurance Online: What to Check for IDV Accuracy

Most insurers now let buyers purchase or renew a policy directly through a website or app. When you buy car insurance online, the platform usually auto-fills an IDV based on the ex-showroom price and age of the car. It then allows an adjustment within a permitted range, often around plus or minus fifteen per cent.

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How Insurer-Allowed IDV Range Can Still Lead to Underinsurance?

When you buy or renew car insurance online, insurers will provide you with an IDV range for the fixed value. This range is calculated based on ex-showroom price, depreciation schedule, vehicle's age, and internal underwriting guidelines. While the flexibility appears beneficial, choosing the lowest value within the permitted range also increases the risk of being underinsured.