IDV Calculator (Age-Based Depreciation)

The Insured Declared Value (IDV) is the most an insurer pays if your vehicle is stolen or declared a total loss, and it is the base on which the own-damage premium is calculated. For vehicles up to five years old it is worked out from the manufacturer's listed selling price of the model and variant, less a depreciation percentage fixed by age.

Standard depreciation slabs (from the former India Motor Tariff, still used in policy wordings):

• Up to 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%
• Over 5 years, or obsolete models: IDV agreed between you and the insurer, usually based on market value

Formula. IDV = listed price × (1 − depreciation %). Registration and insurance costs are excluded. Accessories fitted outside the factory are added separately at their own depreciated value; a CNG/LPG kit is also added separately and must be declared.

Worked example (illustrative). A car whose current listed ex-showroom price is ₹8,00,000 and which is 2 years 4 months old falls in the 30% slab: depreciation ₹2,40,000, IDV ₹5,60,000.

Limits. Insurers may let you move the IDV within a band around this figure; a lower IDV lowers the OD premium but also the total-loss payout. Use the price of the same variant, not the on-road price. See the IDV guide.