Difference between IDV & WDV

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thotasrinivas

thotasrinivas (Querist)
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14 February 2023 Please explain IDV & WDV. vehicle (Bus) insurance calculation on IDV value /WDV Value?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 February 2023 IDV refers to Insured Declared Value and is the maximum sum assured fixed by the insurer that is offered in case of theft or total loss of a vehicle.
WDV is written down value after deducting depreciation.
Insurance to be calculated on IDV value.

thotasrinivas

thotasrinivas (Querist)
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14 February 2023 how to Fix IDV value of vehicle? calculation please. can we reduce IDV value for vehicle?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 February 2023 Yes, you can reduce but this will take higher risk.

thotasrinivas

thotasrinivas (Querist)
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16 February 2023 IDV is greater than Vehicle value? if high why?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 February 2023 It's taken on replacement value.
You will get the full value of new vehicle in case of insurance claim.

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