Motor Insurance IDV Explained
Understand your car or bike insurance's Insured Declared Value (IDV) and how it affects your claim amount.
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Frequently Asked Questions
What happens if my IDV is set too low?
You'll receive a lower payout in case of theft or total loss, even if the vehicle's market value is higher.
Does IDV decrease every year?
Yes, it depreciates annually based on the vehicle's age as per IRDAI-defined schedules.
Can I negotiate my IDV at renewal?
Yes, within IRDAI-permitted depreciation bands, insurers usually allow some adjustment.