May 16, 2024 17:01 (IST)
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The Significance of Validating the IDV for Your Vehicle: Are You on Track?

The Significance of Validating the IDV for Your Vehicle: Are You on Track?

IDV stands for Insured Declared Value. It is the maximum sum assured by an insurance company in case of a total loss or theft of a vehicle. It represents the current market value of the insured car. In car insurance, the IDV plays a crucial role in determining the premium amount and the claim settlement.