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Page A-165
What is IDV in Insurance, and Why Does it Matter for Commercial Vehicles?
A car's current market value following depreciation is known as its IDV, or insured declared value. In the event of a complete loss or theft, it stands for the highest amount that a car insurance company will pay.
Page A-164
What Is IDV in Car Insurance?
The IDV, also known as the insured declared value, is basically the present-day market value of your car as per your car insurance policy. It's the maximum payout your car insurance company will hand over if your car is totally lost, damaged beyond repair (constructive total loss), or stolen and never recovered.