GeneralEV Glossary
What is IDV (Insured Declared Value)?
The value your insurer uses to calculate premium and payouts.
IDV is the maximum amount an insurer will pay if your car is totalled or stolen. It starts at 95% of ex-showroom in year 1 and depreciates each year (-5%, -15%, -30%, -50% over 5 years). Higher IDV = higher premium but better payout.