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

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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.