01-04-2016 05:00 PM
IDV in two-wheeler and car insurance policies mean Insured's Declared Value. It is the current market value of your vehicle that is fixed by the insurance company and provided in case of theft or total loss of vehicle.
06-04-2016 03:34 PM - edited 06-04-2016 03:35 PM
The Insured’s Declared Value (IDV) of the vehicle will be deemed to be the ‘SUM INSURED’ and it will be fixed at the commencement of each policy period for each insured vehicle.
The IDV of the vehicle is to be fixed on the basis of manufacturer’s listed selling price of the brand and model as the vehicle proposed for insurance at the commencement of insurance /renewal and adjusted for depreciation (as per schedule specified below). The IDV of the side car(s) and / or accessories, if any, fitted to the vehicle but not included in the manufacturer’s listed selling price of the vehicle is also likewise to be fixed