Difference between IDV & WDV
This query is : Resolved
14 February 2023
Please explain IDV & WDV. vehicle (Bus) insurance calculation on IDV value /WDV Value?
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.
WDV is written down value after deducting depreciation.
Insurance to be calculated on IDV value.
14 February 2023
how to Fix IDV value of vehicle? calculation please. can we reduce IDV value for vehicle?
14 February 2023
Yes, you can reduce but this will take higher risk.
16 February 2023
IDV is greater than Vehicle value? if high why?
16 February 2023
It's taken on replacement value.
You will get the full value of new vehicle in case of insurance claim.
You will get the full value of new vehicle in case of insurance claim.
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