IDV means Insured’s Declared Value. It is the current market value of your vehicle.

IDV is arrived at by adjusting the current Manufacturer’s Listed Selling Price(*see below) of the vehicle with depreciation percentage listed in the table below:

VEHICLE
% OF DEPRECIATION
Not exceeding 6 months
5%
Exceeding 6 months but not exceeding 1 year
15%
Exceeding 1 year but not exceeding 2 years
20%
Exceeding 2 years but not exceeding 3 years
30%
Exceeding 3 years but not exceeding 4 years
40%
Exceeding 4 years but not exceeding 5 years
50%

For vehicles that are obsolete and aged over 5 years, the IDV will be the value agreed between Bajaj Allianz General Insurance (insurer) and you (insured).

*Manufacturer’s Listed Selling Price = (Cost Price + Local Duties) / Taxes, excluding Registration and Insurance.


Did you know that your car insurance premium can decrease with time? Click here to learn more!