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Old 12th December 2011, 13:01   #1711
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Default Re: Automobile Insurance - Ask me

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Originally Posted by abhipuru16 View Post
No casualties, only facial injuries to the motorcyclist who did not have his helmet on and T-Boned my car coming from the wrong side. He is a Senior Citizen.
No, I paid the whole amount, absolutely no amount has been paid by the Insurance Company (Iffco Tokio). How do I pursue my case?
Sorry to hear about the incident. If company doesn't entertain your complaint, you can escalate the issue to IRDA here:
Address
Also tell them that you are going to IRDA. That should make them run. Hope this helps.
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Old 12th December 2011, 15:04   #1712
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Default Re: Automobile Insurance - Ask me

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Originally Posted by abhipuru16 View Post
...and inspite of having cashless insurance, I had to pay for the repairs in cash as there was a police case involved. Its been a year and the case has been settled just a few days back and closed for good but, I am yet to get a cheque from them. The repairs costed close to 17000 that I paid from my pocket.

How do I approach them?
I think you should send email to higher authorities of the insurance company.
I am not an expert, but curious to know why you needed to pay money to get your car fixed despite having cashless insurance? What is the relevance of police case with fixing your own car?
Did you have to pay the other person for fixing his vehicle? I believe even that part is covered by some insurance component (third-party premium?)
Experts can comment.
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Old 12th December 2011, 16:43   #1713
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Default Re: Automobile Insurance - Ask me

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Originally Posted by S_U_N View Post
What is the relevance of police case with fixing your own car?
They told me that since my original papers are not available, I shall have to make the payment. I shall receive the cheque once they confirm the genuinity of the copies I gave them.

Its been a year and no cheque has reached my mailbox.
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Old 12th December 2011, 17:02   #1714
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Default Re: Automobile Insurance - Ask me

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Originally Posted by abhipuru16 View Post
They told me that since my original papers are not available, I shall have to make the payment. I shall receive the cheque once they confirm the genuinity of the copies I gave them.

Its been a year and no cheque has reached my mailbox.
one year warrants an escalation to IRDA, i think.
Before that mark out a communication to whoever you have been dealing with and tell them you are sending this text, as in why YOU had to pay, and how the cheque is still in the mail.
somehow this "no paper, no cashless" doesnt sit right.

I have had an accident on the jaipur highway, and in the time it took me to settle down, and stop people, my car was ransacked, not 100 metres from where i was making a call.
luggage, papers, grad books even, stereo, window winder-uppers.

My workshop wasnt cashless, but there was NO questioning about missing papers or an FIR.
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Old 13th December 2011, 08:33   #1715
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Question Re: Automobile Insurance - Ask me

Quote:
Originally Posted by abhipuru16 View Post
They told me that since my original papers are not available, I shall have to make the payment. I shall receive the cheque once they confirm the genuinity of the copies I gave them.

Its been a year and no cheque has reached my mailbox.
@abhi

I think this is a bit confusing. What papers were needed to be submitted in original. All the workshop/Insurance co would need is your original Driving Licence to verify, they make a copy and give the original back to you. Apart from this only the Insurance paper is needed but not in original.

Even if it was cashless option, you would have to pay your percentage of the repair for your car and rest would be paid by the Insurance co to the workshop directly.

Am i missing something here?
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Old 13th December 2011, 11:15   #1716
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Default Re: Automobile Insurance - Ask me

My friend booked Xylo D2 at SKS Motors, Bangalore. They quoted Rs. 28742 for insurance and the on road price would be Rs. 8,30,000. Is this insurance amount reasonable?
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Old 13th December 2011, 11:43   #1717
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Default Re: Automobile Insurance - Ask me

Comprehensive car insurance from National Insurance.

What is the opinion of members here about National Insurance?

For my Safari 2.2 vtt for the third year, on an IDV of 7.4 Lakhs for the same cover with 45% NCB, the quote given is less than HDFC ERGO -renewal- by Rs.1500/. Does it sound ok?

Let me know your comments.

Last edited by vijuvarghese : 13th December 2011 at 11:51. Reason: correction
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Old 15th December 2011, 18:23   #1718
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Default Re: Regd. 75% of IDV in total loss

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Originally Posted by rsramkee View Post
All,

Recently by 2 year old Chevy Aveo (1.4 limited edition) met with an accident when I was driving from bangalore to chennai. The car was badly damaged even though thankfully I managed to escape without little injury.

The car was towed to a mytvs service center in chennai. The estimate given by mytvs ran close to 5 Lakhs. The IDV of the car is 5.35 Lakhs and my insurance company is ICICI.

ICICI took their time (close to 3 weeks) after the estimate was given to run some online auction to see the salvage value of the car. Then, I got a call from them stating that the estimate given by MyTvs had wrong spare part prices and that they cross checked with other GM service centers and the estimate of repair comes to 4.5 L of which ICICI's liability is only 3.4 L.

Since 3.4 L is less than 75% of the IDV, ICICI offered me the option either to get the car repaired (which I am not inclined to since the car shell has to be replaced and I am not sure how good the car will be after major repairs like this) or take a cash settlement of 4.5 L.

I have two questions
1. Is the 75% to be calculated on the total repair cost or only the insurance company's liability before deciding on whether this is a total loss case?
2. If the spare parts are wrong according to ICICI, arent they entitled to provide me the details of what is wrong or provide me the estimate based on which they have arrived at the repair value?

If someone has experience claiming cash settlement or total loss, can you please throw some light from your experience?

Thanks
I am going through the almost same experience word to word for my Spark with ICICI Lombard.

The Spark had met with an accident on the Mumbai-Pune Expressway almost two months back and ICICI Lombard's authorized Pashankar Body Workshop has estimated in the excess of Rupees Five Lakhs to repair the car.

The IDV on the policy is slightly higher than Rs.2,10,000.

ICICI surveyors are verbally "negotiating" with us saying that they will pay maximum Rs.1.5 lakhs including scrappage since "market value" of my vehicle is not more than this amount.

This thus is clear case of the insurance company dishonouring their policy wordings which clearly state the following:

" 'IDV' shall be treated as the 'Market Value' throughout the policy period without any further depreciation for the purpose of Total Loss (TL) / Constructive Total Loss (CTL) claims.

The insured vehicle shall be treated as a CTL if the aggregate cost of retrieval and / or repair of the vehicle, subject to terms and conditions of the policy, exceeds 75% of the IDV of the vehicle."


I am planning to stay firm on my stand that I WILL NOT settle for less than full IDV of my vehicle.

I am firm that I will leave no stone unturned to get what is fair and mine. This would include:

1. Approaching ICICI Lombard Senior Management
2. Appealing to IRDA
3. Reappealing to the ombudsman authority.
4. Legal proceedings against ICICI Lombard.

I hope I receive full support from Team-BHPians for my just cause.
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Old 15th December 2011, 18:32   #1719
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Default Re: Automobile Insurance - Ask me

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Originally Posted by rjvora_2000 View Post
Stay away from Icici.

Increasing IDV from last year without any valid reason will not help you in case there is a claim tomorrow. Icici may give you cheaper quotes but let me tell you I am yet to see a bunch of people who are really happy with them.

If you are not driving very old car then I would advice you to check a policy from Bajaj & Tata which have add-on covers.



As I have been saying
Hi Mr.Vora,

I too am suffering in the hands of ICICI Lombard right now. Our Chevrolet Spark has met with an accident on the Expressway.


The IDV on the policy is Rs.2,10,000+.

ICICI Lombard's recommended garage Pashankar Body Workshop has estimated Rs 5 Lakhs + for the repair of the car.

The policy wordings state:

" 'IDV' shall be treated as the 'Market Value' throughout the policy period without any further depreciation for the purpose of Total Loss (TL) / Constructive Total Loss (CTL) claims.

The insured vehicle shall be treated as a CTL if the aggregate cost of retrieval and / or repair of the vehicle, subject to terms and conditions of the policy, exceeds 75% of the IDV of the vehicle."


The ICICI surveyor is saying that the insurer will pay maximum Rs.1,50,000 since "market value" of my vehicle is not more than this amount.


I have taken a stand that I WILL NOT settle for less than full IDV of my vehicle.

It would immensely help us if you could share your contact details. We are also visiting Mulund over this weekend and we can also touch base if you have time.
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Old 16th December 2011, 08:07   #1720
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Red face Re: Regd. 75% of IDV in total loss

Quote:
Originally Posted by ketantendulkar View Post
The IDV on the policy is slightly higher than Rs.2,10,000.

ICICI surveyors are verbally "negotiating" with us saying that they will pay maximum Rs.1.5 lakhs including scrappage since "market value" of my vehicle is not more than this amount.

I am firm that I will leave no stone unturned to get what is fair and mine. This would include:

1. Approaching ICICI Lombard Senior Management
2. Appealing to IRDA
3. Reappealing to the ombudsman authority.
4. Legal proceedings against ICICI Lombard.

I hope I receive full support from Team-BHPians for my just cause.
@ketantendulkar

You are right about the policy wordings. However there is a fine print in the policy wordings which also says that
"for total loss/constructive total loss of the vehicle the Insured's Declared Value (IDV) of the vehicle (including

accessories thereon) as specified in the Schedule less the value

of the wreck" Please see if this exists. Then the Insurers liabaility changes
The options you have listed are perfect to a tee. Begin first with IRDA.
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Old 16th December 2011, 09:23   #1721
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Default Re: Automobile Insurance - Ask me

Hi godhlur,

Thank you for your detailed post.

However the policy document which was issued to me does not have these wordings. The wreck becomes the property of ICICI if they pay full IDV in case of CTL / TL.

Also we both are really saying the same thing even if this clause applies. Even if insurer pays the value less the salvage value of wreck it means that the wreck can be disposed to a salvager who will pay the remaining balance by cash to you. It amounts to the same thing.

Here however ICICI is trying to avoid the CTL route and instead talking about "Cash Loss" etc - for me cash is just a mode of payment and this is not a term in the policy - they are just trying to avoid paying full IDV by quotes like market value of car is so so etc. If market value was less then when the policy was signed why did they agree to be counterparty to this higher IDV risk?

This should have been agreed upon while issuing the policy and NOT while settling the claim.
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Old 16th December 2011, 13:08   #1722
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Default Re: Automobile Insurance - Ask me

Ketan, take a look at :

New India Assurance - Page 10

and

http://www.gbic.co.in/Synopsis/GIC/V...icle-Book3.pdf

for some court/ombudsman judgements that may be relevant for your case.
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Old 16th December 2011, 13:25   #1723
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Default Re: Insurance Expired

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Originally Posted by kratos11 View Post
Guys,

Need some help.
My HDFC ERGO car insurance has expired 0n 30/11,I was late to reniew it

Car is registered in Pune.Since I relocated to UK,its currently with my parents in Madhya Pradesh.
I understand, now somebody from the insurance company would be doing a inspection & then issuing a new policy.Would getting a new policy be a problem as the car is in different state now?
If I go for a new policy online is there a catch in it?
Should not be a problem. I have an MH registered vehicle and live in Delhi. Similar case where I was travelling overseas and could not renew in time. On returning got it done easily directly with ICICI (no agent). Inspection is not a challenge - ICICI employee comes over, sees the car, takes a copy of the registration, takes some photographs and leaves.
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Old 16th December 2011, 16:20   #1724
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Originally Posted by car.lover View Post
Should not be a problem. I have an MH registered vehicle and live in Delhi. Similar case where I was travelling overseas and could not renew in time. On returning got it done easily directly with ICICI (no agent). Inspection is not a challenge - ICICI employee comes over, sees the car, takes a copy of the registration, takes some photographs and leaves.
Thanks.Got the insurance renewed,thought it would be a hassel for parents but it went smooth.
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Old 21st December 2011, 18:11   #1725
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Got my Safari insurance for third year renewed with National Insurance as a zero depreciation policy. Though was having only normal comprehensive package for previous two years. Premium amount paid is rs.13272/-

Decided to go ahead with this as the difference was only rs.2000/- approx., in comparison with comprehensive package from national Insurance itself.
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