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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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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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How to Calculate IDV of a Car? Step-by-Step Guide
16 March 2026
How Often Should You Recalculate Your Car's IDV Before Renewal?
07 September 2026
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.
What Is IDV in Car Insurance?
Insured Declared Value (IDV) is the highest amount your insurer will pay if your car is stolen or considered a total loss, such as when repair expenses exceed 75% of its current value. It works as the sum insured for the Own Damage section of a comprehensive car insurance policy and has no bearing on a third-party-only policy.
What is IDV in car insurance?
IDV is one of the most crucial phrases you will encounter while purchasing car insurance. Insured Declared Value is referred to as IDV. It is, in essence, the amount that your car insurance company determines your vehicle's present value at the beginning of your policy. This is the most you can get if your car is stolen or irreparably damaged.
What Is IDV in Car Insurance?
Insured Declared Value (IDV) is the highest amount your insurer will pay if your car is stolen or considered a total loss, such as when repair expenses exceed 75% of its current value. It works as the sum insured for the Own Damage section of a comprehensive car insurance policy and has no bearing on a third-party-only policy.