Is it Possible to Increase the Car's IDV After Buying a Car Insurance Policy?

Thinking about car insurance? Then you have probably come across the term Insured Declared Value (IDV), but do you know what it means? When purchasing car insurance, most drivers neglect this important factor. It is the amount you will be paid when your car is stolen or fully damaged by the insurance company.

IDV can be considered to be your car's current market value, and this directly impacts your premium and claim settlement. Knowing how IDV functions and whether you can alter it later will not only spare you from stress but also save you money.

To learn in detail whether you can increase the IDV after purchasing the policy, keep reading.

Insured Declared Value (IDV) is the present market value of your car and is an important factor in comprehensive car insurance policies. The insurer pays the highest amount if your car is stolen or completely lost. You can use IDV calculator to understand what the right IDV for your vehicle is. 

Generally, you cannot change the Insured Declared Value (IDV) of your car insurance policy after it has been issued. The IDV, which represents the maximum amount your insurer will pay in case of total loss or theft, is fixed at the beginning of the policy term.

However, you typically have the opportunity to adjust the IDV at the time of policy renewal. This allows you to update the value to reflect the current market price of your car, considering depreciation due to age and usage. Some insurers might allow for IDV modification mid-term through an endorsement process, but this is not standard practice and depends on the insurer's terms and conditions. It's always best to confirm with your specific insurance provider.

While changing your car's Insured Declared Value (IDV) after purchasing insurance is generally not allowed mid-term, it's most commonly done during policy renewal. If your insurer permits mid-term IDV changes via an endorsement, the process involves contacting them directly.   

To request a change, you will typically need to:

Be aware that insurers have specific guidelines for IDV changes, and approval is not guaranteed. Frequent requests for mid-term endorsements are generally not advisable.

Increasing the IDV in a comprehensive car insurance policy during renewal of the policy is beneficial in the following ways:

Here are certain factors which affect the IDV of car insurance:

Overall, you must select an appropriate Insured Declared Value (IDV) to maximise your car insurance policy benefits. Although one can modify the IDV after buying the policy, it needs to be adjusted judiciously and in harmony with the real market value of your car. A well-balanced IDV provides sufficient cover without paying hefty premiums. It is always better to consult your insurer before taking action and check your policy periodically to remain covered. Make informed insurance choices today for a safer drive tomorrow.