What is IDV’s Meaning in Insurance?

Akhil Sharma17 May, 2025Business

IDV (Insured Declared Value) is the maximum amount the insurer pays (if your vehicle stolen damaged beyond repair). It is the current market value of the vehicle after deducting the depreciation cost. Higher Insured Declared Value will have a higher premium and coverage, while lower Insured Declared Value will have a cheaper premium but lower claim payout.