How To Calculate IDV in a Motor Insurance (2019)

In the case of vehicle insurance policies, it is essential to know how your Sum Assured is decided.

This Value is known as Insured declared value (IDV).

The Insured Declared Value is the current market value of the vehicle minus the depreciation on its parts and it’s calculated with the help of IDV calculator. It is the maximum loss that you can claim in case of damage or if your car gets stolen.

The Value of your car begins depreciating from the minute of its purchase. If the IDV is low, then the car premium will also be low and Vice Versa.

In this video Choice Connect explains IDV and its calculation, which can help you to understand the IDV of your car, bike or other motor vehicles. And which will help you to know whether sum assured that is decided by your insurance company is accurate or not?

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