IDV stands for Insured Declared Value. It is the approximate current market value of the insured vehicle. IDV is supposed to be decided by the policyholder while buying or renewing the policy. If you are buying vehicle insurance online, setting the IDV is easier than the offline process. This amount is payable by the insurance company at the time of total loss/total theft of the vehicle. For more information visit https://www.acko.com/articles/car-insurance/understanding-everything-about-insured-declared-value/