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First documentHow Accurate Are IDV Calculators Compared to Actual Claim Payouts | Generali CentralOpen original ↗
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Second documentHow to Calculate IDV of a Car? Step-by-Step Guide | Generali CentralOpen original ↗
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First paragraph41 words
What if the IDV of the car is higher than its actual market value?
If the car's IDV exceeds its actual market value, you will have to pay a higher premium. However, in the event of a total loss claim, the insurer will settle the claim based on the assessed market value or policy conditions.
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Second paragraph48 words
Why does IDV reduce every year?
Your premium goes up if you choose an IDV that is significantly greater. This does not, however, ensure that you will always get paid more than the car's true market value when you file a claim. Thus, you can wind up spending more without getting much in return.