IDV

Insured's Declared Value (IDV) Calculator

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Indicative IDV:

*the price mentioned is indicative and actual value will depend on prevailing market conditions and schemes offered by Insurers.

What is Insured Declared Value ?

Insured Declared Value (IDV) is the maximum Sum Assured fixed by the Insurer at the time of giving insurance on a vehicle. In case of theft or total loss of a vehicle, this amount is the compensation that will be provided to the policyholder by the Insurer.

IDV price is fixed based on the manufacturer’s listed selling price minus depreciation. The registration and insurance cost are excluded from IDV. The IDV of the accessories which are not factory fitted, are calculated separately at extra cost if insurance is required for them. The depreciation schedule is defined by the India Motor tariff Act, and is as follows.

Age of Vehicle	% Depreciation for adjusting IDV
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%

The IDV of vehicles aged over 5 years is calculated by mutual agreement between the policyholder and the Insurer. Usually this is arrived by establishing the fair market value of the vehicle based on market conditions. Indian Blue Book used its own proprietary used car valuation engine to arrive at indicative IDV values for vehicles older than 5 years.

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