IDV

Business & Finance abbreviation · Insurance

IDV
Stands forInsured declared value
CategoriesBusiness & Finance

IDV stands for Insured declared value, an insurance abbreviation.

Maximum sum an Indian motor insurance policy pays if the vehicle is stolen or declared a total loss, based on the manufacturer's listed price adjusted by depreciation according to the vehicle's age.

Example: Lowering the IDV reduced my premium but would cut my payout after a theft.

Usage notes

The insurance regulator sets a standard depreciation schedule, from 5% for vehicles under six months old to 50% for those four to five years old; values for older vehicles are agreed between insurer and owner.

More insurance abbreviations

  • GWP – Gross written premium
  • HO-3 – Homeowners 3 special form
  • HO-4 – Homeowners 4 contents broad form
  • HO-5 – Homeowners 5 comprehensive form
  • HO-6 – Homeowners 6 unit-owners form
  • IBNR – Incurred but not reported
  • ILIT – Irrevocable life insurance trust
  • ILS – Insurance-linked securities
  • ISO – Insurance Services Office
  • ITV – Insurance to value
  • IUL – Indexed universal life
  • LAE – Loss adjustment expense

See all 86 insurance abbreviations →