28-08-2017 04:31 PM
IDV / Insured declared value on the policy come into play in case of a total loss/ theft. In cases wherein the repair cost is more than 75% of the car value (IDV), the claim would be considered as a total loss case. In case of a theft claim, the entire IDV would be paid to the customer after reducing the compulsory deductible value as applicable. For a total loss claim, the insurance company will pay the insured the IDV after reducing the salvage value as applicable.