What is IDV?
Insured Declared Value (IDV) is the maximum sum insured fixed by the insurer which is provided on theft or total loss of the insured vehicle. Basically, IDV is the current market value of the vehicle.
Best IDV In South Africa
Below are some of the Best IDVs.
How do I choose an IDV?
Ensure the IDV is the market value of your car since insurance companies will compensate based on the type of loss and not necessarily the entire IDV. A lower premium amount can be due to lower IDV, hence, make sure you do not choose a policy based on a lower premium rate.
Can I increase IDV?
With age, the car and its parts age as well and so the values drop. A car older than five years is deemed to be 50% less in value than its original price. As the declared value decreases, so does the car insurance premium. However, some insurance providers give you the option of increasing the IDV at a higher premium.
How important is IDV?
Insured Declared Value determines the coverage and hence the premium quote for car insurance. Regarding four-wheeler insurance, a higher Insured Declared Value indicates more coverage and a more significant premium amount. The IDV continues to shrink, and low IDVs imply low premiums.