IDV or Insurance Declared Value of Car

The value of the cover provided in car insurance is called the IDV (Insured Declared Value). It is the market value of your car (as per the insurance company).

 

Vehicle Age % of Depreciation
Not exceeding 6 months  5%
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%