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What is ivd in insurance?

Asked By: Parv Verma

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Archivist Erp Business Stakeholders Sap Vasai-Virar India

Insured Declared Value (IDV) is the maximum Sum Assured fixed by the insurer which is provided on theft or total loss of vehicle. What is IDV? Understanding the meaning of IDV. Insured's Declared Value (IDV) as per India Motor Tariff 2002; GR- 8: “The Insured's Declared Value (IDV) of the vehicle will be deemed to be the 'SUM. Insured Declared Value means the maximum value for which your car is insured in case of total loss/theft in a particular year. IDV is the 'sum insured' in the car policy. The Insured Declared Value is the present market estimation of the vehicle minus the depreciation on its parts.


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