What is IDV?
Reviewed October 2026 · General guidance; your policy wording and insurer decide your claim.
IDV (Insured Declared Value) is the most your insurer will pay in a year. It is usually what you would get if the car were stolen or damaged beyond repair.
It is roughly the showroom price minus depreciation for age. A commonly used schedule is 5% off for under 6 months, 15% up to 1 year, 20% up to 2 years, 30% up to 3, 40% up to 4 and 50% up to 5 years. Older cars have an IDV agreed with the insurer.
A higher IDV means a higher premium but a bigger payout for a total loss. You can find your IDV on the first page of your policy schedule.