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If you really want to understand the calculation of Car or bike insurance policy premiums, you will have to understand the idea of Insured Declared Value. Repairing, accidents, and breakdown of cars can lead to maximum stress on your financial health. If you want to make sure that you have taken sufficient amount of cover to cope with such situations, you'll have to understand Insured Declared Value (IDV) of vehicles.IDV can be taken as the present market price of your vehicle. Insured Declared Value is the maximum Sum Insured against which a car insurance company would compensate when a claim is filed in case of any loss or damage to your vehicle or theft of your vehicle. 

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