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IDV explainer (car and bike)
IDV, the insured declared value, is the most a motor policy pays if your vehicle is stolen or a total loss. It is the manufacturer’s listed selling price, less depreciation by the vehicle’s age.
The depreciation schedule used for IDV
| Age of the vehicle | Depreciation for IDV |
|---|---|
| Not more than 6 months | 5% |
| 6 months to 1 year | 15% |
| 1 to 2 years | 20% |
| 2 to 3 years | 30% |
| 3 to 4 years | 40% |
| 4 to 5 years | 50% |
| More than 5 years | Agreed between you and the insurer |
Source: the standard schedule printed in insurers’ own motor policy documents, for example IFFCO Tokio’s IDV table and Reliance General’s IDV note. Some insurers publish their own grid for vehicles over 5 years old. Your policy schedule shows the IDV that applies to you. This is a different table from the depreciation on parts used when a repair claim is settled.
Claim ratio explainer
Life insurers report death claims by number and by amount. Put in any insurer’s figures (each insurer page shows them) and see what the two ratios say together.
Claim ratios, in plain words
Frequently asked questions
Is IDV the same as the price I paid?
No. It starts from the manufacturer’s listed selling price and falls each year with the age of the vehicle.
Can I ask for a different IDV?
Ask your insurer before you buy or renew. Your policy schedule states the IDV that applies, and a higher IDV means a higher premium.
What happens to IDV after five years?
It is agreed between you and the insurer, usually based on the vehicle’s market value.
Which claim ratio matters most?
None alone. Read claims paid by number and by amount, complaints and solvency together, over several years.
Education only. MyFinanceBandhu is not an insurer, insurance broker or web aggregator, does not sell, quote or recommend insurance, and earns nothing from it. Insurers are listed A to Z, never ranked. Claim figures come from IRDAI’s Handbook on Indian Insurance Statistics 2024-25. Your policy wording is what decides any claim: read it before you buy. Complaints: insurer’s grievance officer, then IRDAI’s Bima Bharosa, then the Insurance Ombudsman.