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What is Total Loss in Car Insurance?

What is the Meaning of Total Loss in Car Insurance?

How to Calculate Total Loss in Car Insurance?

In case of total loss, the policyholder receives the Insured Declared Value (IDV) of the car after deducting the necessary deductible amount. The following are the standard depreciation rates set by the Indian Motor Tariff Act to calculate the IDV.

Age of the Vehicle

Depreciation Rate for Calculating IDV

New Vehicle


Below 6 months


6 months to 1 year


1 year to 2 years


2 years to 3 years


3 years to 4 years


4 years to 5 years


Above 5 years

Decided mutually between the car owner and insurer only after the car assessment is done.

What is the Claim Process for Total Loss in Car Insurance?

FAQs about Total Loss in Car Insurance