Online IDV Calculator For Car

IDV Calculator or the Insured Declared Value helps a vehicle owner identify the insured declared value of their vehicle and is calculated on the manufacturer’s selling price, also known as the ex-showroom price. It will not only help the owner identify the value but also give an indication of the insurance premium amount. To do so, the IDV calculator uses multiple variables like the price of the vehicle, the year it was purchased, and the model or brand of the automobile.

 

In short, IDV  is the amount that the vehicle owner can claim for reimbursement against the damage caused to the insured vehicle.

 

Online IDV Calculator For Car

Enter Ex-showroom Price
Select Vehicle Registeration Year
Brand Model

IDV of vehicle

₹10000

and your vehicle age isyears

Note: This is your vehicle recommended IDV as per IRDAI’s depreciation guidelines. However, insurance companies allow you to modify this IDV within a certain range (this range varies from insurer to insurer). Higher the IDV, higher the premium you pay.

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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.

 

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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: 

Car Models

Variant Name

Indicative IDV*

Insurance Premiums

Hyundai Grand i10 Nios

MAGNA 1.2 KAPPA VTVT

₹487120

Maruti Suzuki Baleno

ALPHA 1.2

₹736800

Hyundai Creta

E 1.5 PETROL

₹835200

Maruti Vitara Brezza

LXI

₹627200

Maruti Suzuki Swift

LXI

₹473520

Tata Tiago

REVOTRON XE

₹430320

Mahindra XUV 700

AX3

₹1222024

Tata Nexon

XMA PETROL

₹819920

Kia Seltos

GTX 1.4

₹1252000

Maruti Wagon R

LXI 1.4

₹438000

*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: 

Age of Car

Rate of Depreciation

0-6 months

5%

6 months - 1 year

15%

1-2 years

20%

2-3 years

30%

3-4 years

40%

4-5 years

50%

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:

 

Bajaj Allianz General Insurance Co.

Acko General Insurance Ltd.

HDFC Ergo General Ltd.

Third-party cover

Comprehensive Car Insurance

Third-party Premium (Effective 1st June 2022)

Starting from ₹2,094

Starting from ₹2,094

Starting from ₹2,094

No of Network Garages

4,000+

100% cashless garages

7,600+

Claim Settlement Ratio

98%

98%

-

Additional Covers

FAQs on IDV Value Calculator for Car

  • ✔️What is the IDV of a new car?

    The IDV is the manufacturer’s price minus the depreciation. Ideally, there should be no depreciation in the value of a new car, but once the car is sold, an amount is deducted as depreciation. If the car is less than 6 months old, 5% is deducted as depreciation. 

  • ✔️What is the IDV of a car standing just outside the showroom?

    As soon as the car leaves the showroom, depreciation comes into the picture. IDV of a vehicle just outside the showroom will be the company’s selling price minus 5% depreciation.

  • ✔️What is the best IDV for a vehicle?

    The closer the IDV is to the company’s selling price, the better it is for the policyholder. 

  • ✔️Why does the IDV of a car reduce every year?

    As the market value reduces every year due to the depreciation in the value with the car’s age and usage, the IDV of the car reduces each year. 

  • ✔️ Why does the IDV value of cars differ from one insurer to another?

    This happens because insurers usually reduce the IDV to attract customers by offering lower premiums. Lower IDV means lower liability and lower claim settlement amount.

  • ✔️ How to calculate IDV for car insurance?

    You can find the IDV of your car by using the IDV calculator given at the top of this page. Simply enter the price, year of registration and model of your car, and the correct IDV will be shown on the IDV value calculator.  

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