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What factors impact the Insured's Declared Value (IDV)?

IDV plays a key role in determining the cost of your car insurance policy. Insured’s Declared Value (IDV) is the fixed value at which a motor vehicle is insured. The sum insured is calculated based on the manufacturer's listed selling price of the car and the listed cost of any accessories after subtracting the depreciation for every year as per the Indian Motor Tariff.

In case, the cost of any electronic item installed in the car is not included in the manufacturer's listed selling price, then the actual value (after depreciation) of the item is added to the sum insured over and above the IDV.