Online IDV Calculator For Car

What is Insured Declared Value in Car Insurance?

The Insured Declared Value of a car or IDV is the maximum sum assured offered by the insurer in the event that a car gets completely damaged or wrecked. In other words, IDV is the current value of the vehicle, with depreciation taken into consideration. If the vehicle gets entirely damaged and cannot be used anymore, the insurer will offer an amount equal to the IDV of the vehicle. 

What is an IDV Calculator?

Insured Declared Value calculator is a free online tool that helps the user identify the Insured Declared Value of their vehicle. The IDV calculator uses several variables like the price of the car, the model/brand of the car as well as the year of purchase to calculate the IDV of the vehicle. An IDV calculator will also give you an idea of the amount you need to pay as premiums for your motor insurance plan.

How Does it Work?

IDV is calculated on the manufacturer’s selling price, also known as the ex-showroom price. The IDV calculator deducts the depreciation from the manufacturer’s listed selling price to determine the accurate IDV. The registration and insurance costs are not included while calculating the IDV. If the vehicle has parts that are not factory-fitted, the IDV of those parts will be calculated separately if insurance cover is required for them.

How to Use an IDV Calculator?

The Finserv MARKETS IDV calculator available online that you can find on top of this page, is extremely user-friendly. Just follow the simple steps given below to know how to calculate IDV of car.

Step 1: Using the slider on the IDV calculator, enter the correct ‘Ex-Showroom Price’ of your car.

Step 2: Using the slider on the IDV calculator, enter the correct ‘Vehicle Registration Year’.

Step 3: Enter the model and make of your car using the drop-down menu provided on the IDV Calculator.

Step 4: Once you have entered all the above details accurately, the IDV of your car will show up on the calculator.

IDV Value of Popular Car Models 

In the table below, you can find the IDV and insurance information of the some of the most popular car models in India: 

*Indicative IDV calculated through the IDV calculator by General Insurance Council, IRDAI. 

The IDV is calculated for vehicles with ex-showroom  as per Maharashtra, for a manufacturing year of 2021.

Insured’s Declared Value (IDV) as per India Motor Tariff 2002; GR- 8.

Car Depreciation Rate for IDV Calculation

You can use the below-given table for reference to calculate the depreciation on your car depending on how old it is: 

Factors that Help Decide the IDV

There are several factors that impact the IDV. Read on to get a brief idea of them.

• Year of Purchase

The age of the car is one of the most important factors for IDV calculation. The depreciation increases with age and hence, the IDV decreases.

• Make and Model

The selling price of every vehicle is different and it depends on the make and model of the vehicle. The IDV is indirectly influenced by the make and model of the vehicle.

• City of Registration

The city of registration influences the IDV as a vehicle being used in a large city is prone to more risks than a vehicle running in a small town.

• Standard Depreciation

The IDV is calculated based on the depreciation of the vehicle. A limited depreciation is allowed depending on the age of the vehicle.

Impact of IDV on Car Insurance

The IDV of your car directly impacts the insurance premiums for your car insurance as the IDV determines the insurance claim payout.

• If your vehicle has a high IDV, you will also have to pay a higher premium.

• On the other hand, if you want to shell out a smaller amount for the insurance of your vehicle, the IDV will be lower.

• If you voluntarily choose to go for a lower IDV than the actual value of your car, then you may end up with a loss when you need to claim insurance for damage or theft.

Best Car Insurance Policy Based on your IDV Value

In case you are looking to buy a car insurance policy, you can check out the car insurance plans at Finserv MARKETS in the table below, along with their important features: