What IDV Value To Choose While Taking Insurance?

What is idv in insurance?

IDV in insurance is the insured declared value which is the maximum value of the vehicle for which the insurance coverage is provided. The maximum liability of the insurance company in case of loss or damage would not exceed the IDV mentioned in the policy. The IDV would decrease each year at the time of renewal due to the depreciation factor which is taken into consideration by the insurance company for premium computation.