What is the ideal IDV value for my car in car insurance policy?

The Insured Declared Value (IDV) is a important factor when choosing your car insurance policy. It determines the maximum compensation for your vehicle and significantly impacts your premium cost. Your ideal IDV is your car's current market value and represents your insurance company's liability during claim settlements.

Note: A lower IDV translates to reduced liability for your insurer, resulting in a lower premium. Similarly, a higher IDV increases the premium. Keep in mind that other factors like coverage type, location, and add-on options also influence your final car insurance premium.