IDV
Business & Finance abbreviation · Insurance
| Stands for | Insured declared value |
|---|---|
| Categories | Business & 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.
Related abbreviations
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