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IDV or Insurance Declared Value of Car
IDV or Insurance Declared Value of Car
Oct 12, 2013 | 1747 VIEWS

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%

Deepak Yohannan
Deepak Yohannan is the CEO of MyInsuranceClub. He enjoys writing on Personal Finance and contributes regularly on sites like Reuters & Moneycontrol. He is a strong proponent of online insurance and is often found pointlessly babbling about it!

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