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Old 1st January 2012, 10:53   #31
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Default Re: Sparky Dies a Brave Death: ICICI Lombard plays truant

My view in line ; rates of insurance have been revised

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Originally Posted by MrinalSinha View Post
1. By law - Having a 3rd Party Coverage is mandatory. Without it driving a vehicle is illegal. TRUE
2. The premium paid towards the mandatory 3rd party coverage is 940/-(for sub 1.8L engine category), IIRC(It is definitely in a very close range).
Third party coverage rates have been revised as follows(service tax and PA cover extra)
  • upto 1000cc - 740
  • 1000-1500cc-880
  • 1500 &above - 2750
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Old 2nd January 2012, 11:33   #32
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Default Re: Sparky Dies a Brave Death: ICICI Lombard plays truant

Hi Ketan,

So what's the status on insurance front now?

BTW, how old were the tyres?
I generally change my tyres every 3.5 years or so irrespective of kilometers run - the rubber ages with time and becomes hard redcuing safety.

IIRC, you have bought a used Octy now. It's a fantastic car, just pay attention to the tyres and change them purely based on how many months old they are.

Good luck with insurance and yes, why settle for anything less than the IDV? They should not have offered you an IDV of 2.1 if they thought the market value was only 1.5, isn't it. They should stick to it now.
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Old 2nd January 2012, 12:52   #33
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Default Re: Sparky Dies a Brave Death: ICICI Lombard plays truant

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Originally Posted by anandpadhye View Post
....why settle for anything less than the IDV? They should not have offered you an IDV of 2.1 if they thought the market value was only 1.5, isn't it. They should stick to it now....
Come to think of it under insurance law (different from contract law) you are the proposer and they are the acceptor. So if they have accepted your proposed IDV then they cannot say later on that it was lower. Hhhmmm...any lawyers here? Expand on this?
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Old 27th January 2012, 13:15   #34
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Default Re: Sparky Dies a Brave Death: ICICI Lombard plays truant

Hi Fellow BHPians,

I am glad to inform you that after many travails, dead ends, patient mailings in which we took a firm stand, ICICI Lombard has finally agreed to pay us the IDV value (minus Rs.500 which is 'compulsory deduction').

We have thus received two cheques - one from the scrappage dealer and one from ICICI Lombard totalling approximately Rs.2,10,000.

The car was towed away by the scrappage dealer from our premises. They asked for the original R.C. Book, car invoice and tax papers etc. and we gave them in though we were aware that we could have claimed the road tax part amount - we surrendered mainly because of the cumbersome process to recover the tax amount.

All I hope is that ICICI Lombard doesn’t plan to repair and resale the car…. It may not be roadworthy and I shudder to think if such post-accident cars too are being driven around by unsuspecting folks perhaps in Tier III cities etc.


This was thus an 'happily ever after' end.


Thanks to all those who supported us and helped us on the way,

Ketan

Last edited by noopster : 6th February 2012 at 17:34. Reason: Tags fixed. please don't copy-paste from any external document sources
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Old 27th January 2012, 14:36   #35
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Default Re: Sparky Dies a Brave Death: ICICI Lombard plays truant

Glad to hear the happy end Spark took the fall really well it seemed. Can you tell how old were the tires, so that other owners be warned around that much odo reading? Also, what will be the next car now?
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Old 27th January 2012, 14:41   #36
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Default Re: Sparky Dies a Brave Death: ICICI Lombard plays truant

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Originally Posted by ketantendulkar View Post
I am glad to inform you that after many travails, dead ends, patient mailings in which we took a firm stand, ICICI Lombard has finally agreed to pay us the IDV value (minus Rs.500 which is 'compulsory deduction').
Thanks for this update. This settles a question that lot of us had.

So finally, if someone persists; insurance company has to pay IDV value in case of total loss or theft.

Based on yours and few other threads, companies try getting away with a value that is significantly lower then IDV.
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Old 27th January 2012, 14:49   #37
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Default Re: Sparky Dies a Brave Death: ICICI Lombard plays truant

The tyres were four years old.

I had a veteran Team BHPian recommending me to change tyres after every four years - guess it all happened too fast for us (four years would have been completed past two days into the accident).

I have already raved about the new car here http://www.team-bhp.com/forum/test-d...beautiful.html (The Sign of 8 - Owning Skoda Octavia 1.9 TDi, The Beautiful)
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Old 6th February 2012, 17:12   #38
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Default Re: Sparky Dies a Brave Death: ICICI Lombard plays truant

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Originally Posted by ketantendulkar View Post
Hi Fellow BHPians,

I am glad to inform you that after many travails, dead ends, patient mailings in which we took a firm stand, ICICI Lombard has finally agreed to pay us the IDV value (minus Rs.500 which is 'compulsory deduction').
Hello Ketan,

Firstly sad to hear about the accident & at the same time very happy to hear that you & your family is absolutely safe.

I also appreciate your efforts & persistence in dealing with ICICI Lombard & congrats on getting the full IDV value.

The reason for replying here is I am currently in almost similar process where my car is damaged (but we are all absolutely safe) & IDV in policy is Rs. 2.5 lacs. The repair estimate given by M.A.S.S. is Rs. 1.65 lacs approx & Insurance Surveyor has completed initial survey. He (surveyor) is preparing his report now & same will be mostly be available to us by 9th February. I insurance company is leading Private Insurance company & I will disclose the details one I get get some decision from their side.

Thanks,
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Old 6th February 2012, 17:33   #39
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Default Re: Sparky Dies a Brave Death: ICICI Lombard plays truant

Congratulations on your efforts and the positive result it yielded. This is a crying shame- denying the customer what he is due- and I have heard of such "negotiations" taking place even in credit card industry (in the case of fraud duly reported but card misused, the bank tries to 'settle', i.e. make you bear part of the burden of loss, which is just as unethical as this).

Good luck with your Octy!
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Old 16th March 2012, 11:42   #40
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Default Re: Sparky Dies a Brave Death: ICICI Lombard plays truant

Quote:
Originally Posted by ketantendulkar View Post
Hi Fellow BHPians,

I am glad to inform you that after many travails, dead ends, patient mailings in which we took a firm stand, ICICI Lombard has finally agreed to pay us the IDV value (minus Rs.500 which is 'compulsory deduction').

We have thus received two cheques - one from the scrappage dealer and one from ICICI Lombard totalling approximately Rs.2,10,000.

The car was towed away by the scrappage dealer from our premises. They asked for the original R.C. Book, car invoice and tax papers etc. and we gave them in though we were aware that we could have claimed the road tax part amount - we surrendered mainly because of the cumbersome process to recover the tax amount.

All I hope is that ICICI Lombard doesn’t plan to repair and resale the car…. It may not be roadworthy and I shudder to think if such post-accident cars too are being driven around by unsuspecting folks perhaps in Tier III cities etc.


This was thus an 'happily ever after' end.


Thanks to all those who supported us and helped us on the way,

Ketan
Good to hear about happy ending with ICICI L offering IDV. Do share you experience with us about getting this done. I am sure this will help a lot as ICICI is not really easy to tackle in such cases.
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Old 20th March 2012, 12:36   #41
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Default Re: Sparky Dies a Brave Death: ICICI Lombard plays truant

Quote:
Originally Posted by ketantendulkar View Post
Hi Fellow BHPians,

I am glad to inform you that after many travails, dead ends, patient mailings in which we took a firm stand, ICICI Lombard has finally agreed to pay us the IDV value (minus Rs.500 which is 'compulsory deduction').

We have thus received two cheques - one from the scrappage dealer and one from ICICI Lombard totalling approximately Rs.2,10,000.

Ketan
Hello Ketan,

Thank you very much for this Thread. I experienced almost similar situation as yours & we too had to opt for Total Loss. When negotiationg with Royal Sundaram, they said full IDV cannot be paid as depreciation has to be considered for usage after taking the policy.

I did not said a word, but just presented a print-out of your above post, where ICICI Lombard had to pay full IDV. Finally they agreed to Rs. 10,000 less than IDV & we accepted.

Thank you once again.

Regards,
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Old 20th March 2012, 12:45   #42
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Default Re: Sparky Dies a Brave Death: ICICI Lombard plays truant

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Originally Posted by Jignesh View Post
Hello Ketan,

Thank you very much for this Thread. I experienced almost similar situation as yours & we too had to opt for Total Loss. When negotiationg with Royal Sundaram, they said full IDV cannot be paid as depreciation has to be considered for usage after taking the policy.
Hello,

That argument, in simple words, is stupid. If that is the logic we should be paying a daily insurance premium and not yearly. Can't believe Royal Sundaram is that stupid.

How can they "negotiate" the IDV? Why did they deduct Rs.10,000?

Thank you
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Old 20th March 2012, 13:31   #43
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Default Re: Sparky Dies a Brave Death: ICICI Lombard plays truant

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Originally Posted by darsa View Post
Hello,
That argument, in simple words, is stupid. If that is the logic we should be paying a daily insurance premium and not yearly. Can't believe Royal Sundaram is that stupid.
How can they "negotiate" the IDV? Why did they deduct Rs.10,000?
Thank you
Hello Darsa,

You can take it as inexperience.

They started negotiating from Rs. 2,20,000. Also we came to a conclusion that we would not like to repair the car. See if we had selected Relair option, we had to shell out Rs. 40,000 as our share in repair work.

Now, I get Rs. 2,40,000 as Total Loss Value & add to that Rs. 40,000 (that would have paid we we go for repair option) so that total was Rs. 2,80,000. But when we inquired in Used Car Market, we were getting 2009 WagonR Vxi (ours was 2007) in Rs. 2,80,000.

Thus we settled with Rs. 2,40,000.

Thanks,
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