Securing Hannav Ledger...
Securing Hannav Ledger...
Glossary
IDV is the current market value of a vehicle as agreed between the insurer and owner, representing the maximum amount payable in case of total loss or theft.
The maximum payout your car insurance gives if the car is totally destroyed or stolen.
Calculated as the manufacturer’s listed selling price minus depreciation based on vehicle age; a higher IDV means higher premium but higher payout in a total loss claim.
A three-year-old car with an IDV of ₹6 lakh would get up to ₹6 lakh in a total-loss claim, before any deductions.
The maximum payout your car insurance gives if the car is totally destroyed or stolen.
Insured Declared Value (IDV) helps you evaluate products, compare options, and make informed decisions aligned with goals, tax rules, and risk tolerance in the Indian financial system.