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.

Yes, you can change your car insurance Insured Declared Value (IDV) while renewing your policy generally allowing for adjustments within a range of ± 10% to 15% of the insurer's calculated value. It is common for most insurers to keep your IDV unchanged for the current policy term; however, you are generally given the option to adjust it at renewal to match the vehicle's market value. This enables you to have the right coverage based on the car's depreciated value and your safeguarding requirements.

At renewal, chainging the IDV of your vehicle can be beneficial in terms of combining the right level of financial protection with a fitting premium. An increased IDV typically signifies a higher payout in the event of a total loss, and a decreased IDV mostly results in a lower premium.

If you raise your car's Insured Declared Value (IDV), you can be assured of better coverage. Here's a guide to help you:

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:

While your existing car insurance policy offers many advantages with a high IDV, there are some disadvantages listed below:

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

Read More: How IDV influences your car’s sale price

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.