Insurance Declared Value (IDV) is the maximum sum insured, which is provided to you in case of any theft or total loss of your vehicle. In layman’s language, IDV is the current market value of your vehicle. Also, the premium for your policy is calculated on the basis of the IDV. It is the maximum amount that an insurance company will pay if you lodge a claim for total loss of your insured bike. IDV decreases as the vehicle ages because of the depreciation factor.
What is IDV
Posted: August 15, 2019