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Difference between IDV & WDV

This query is : Resolved 
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(Querist)
14 February 2023 Please explain IDV & WDV. vehicle (Bus) insurance calculation on IDV value /WDV Value?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
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.
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thotasrinivas

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

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

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

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CA R SEETHARAMAN (Expert)
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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