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What is Insured Declared Value (IDV)?

The sum insured value of the car or Insured Declared Value (IDV) of the car will be the 'Sum Insured,' fixed at the commencement of each policy period for the insured vehicle.

The IDV of the car is fixed on the basis of the car manufacturer's selling price as listed for the specific brand and model of the insured vehicle at the time of commencement of the insurance or renewal, and then adjusted for depreciation from year 1 onwards.

Insurance companies do offer an IDV range for car owners to fix a particular IDV for their car from the 2nd year onwards. Usually this will range between + 15% or - 15% of the actual IDV prevailing at that time of car insurance renewal

The table below lists the schedule of age-wise depreciation, for fixing IDV.

Age of the Vehicle% of Depreciation for fixing IDV
Not exceeding 6 months5%
Exceeding 6 months but not exceeding
1 year
15%
Exceeding 1 year but not exceeding
2 years
20%
Exceeding 2 years but not exceeding
3 years
30%
Exceeding 3 years but not exceeding
4 years
40%
Exceeding 4 years but not exceeding
5 years
50%
* Conditions apply

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