Go Back   Team-BHP > BHP India > Team-BHP Reviews > Indian Car Loans & Insurance

Thread Tools Search this Thread
Old 18th October 2010, 18:23   #1
Join Date: Dec 2008
Location: Pune
Posts: 553
Thanked: 214 Times
Default Insurance for Total Loss car

Hi All,

I need urgent help so I request all you please help in this matter.

My Friend's Alto mate with an accident in last week.
Model is: Maruti Alto Std 2006 Model.
Insurance IDV is: Rs.1,20,000

Accident description: Alto got toppled and had major body damage.

Insurance guy did a survey and said that this will go under Total Loss Category. He said Total Loss amount payable will be Rs. 1,00,000 as Repair cost is near about IDV. Insurance guy said that if the Insurance Payable is 80% of IDV then we consider it as Total Loss.

Based on this my queries are as,
1) If Total Loss is declared then aren't we supposed to get all IDV mentioned?
2) After Total Loss, who will own the damaged car?
Insurance Guy said that they will sell damaged car.
3) Maruti Showroom said that if Total loss is declared then they will charge Rs.2500 as processing fee and per day Rs.100 as a parking charge.

If you need any more information then Please let me know. Waiting for your suggestions...

Thanks in advance,

Last edited by sushantr5 : 18th October 2010 at 18:30.
sushantr5 is offline   Reply With Quote
Old 18th October 2010, 18:31   #2
quadra's Avatar
Join Date: Sep 2006
Location: Blore
Posts: 542
Thanked: 52 Times

Try posting here / PM the thread starter based on urgency
quadra is offline   Reply With Quote
Old 16th November 2010, 14:16   #3
achopraa's Avatar
Join Date: Nov 2007
Location: Dilli
Posts: 292
Thanked: 104 Times

Hi Sushant/All,

I have come across this situation previously and would like to share my experience as well as view.

1. According to Bajaj-Alliance, in case of a total loss the amount paid will be equal to the IDV value (No depreciation). This is very clearly mentioned in the handbook sent alongwith their policy. I beleive others follow the same.
2. In Actuality, during such a case, the surveyor usually give you 2 options.
a) To get the Car repaired (knowing that it will be too costly for the Insurance Company)
b) Claim Total Loss

In the event, customer choses Total Loss, they start negotiating mentioning that ideally the car is repairable but I can get you this done (and all other fundas). Then it is entriely upon you how you take it from thereon. Most of the people agree for
IDV minus 15-20%.

Last edited by achopraa : 16th November 2010 at 14:18.
achopraa is offline   Reply With Quote
Old 25th November 2010, 07:53   #4
Senior - BHPian
ghodlur's Avatar
Join Date: Sep 2009
Location: Thane
Posts: 5,040
Thanked: 2,077 Times

Regarding total loss what I could understand from my discussion with one of the Insurance guy was that the total amount to be paid to the customer in case of total loss was IDV less the prorata period of Insurance.

For eg if I had an Insurance for an IDV of 5L for one year and lets say after six months my car meets with an accident and is declared a total loss the amount payable to be me is prorated IDV and not the IDV at the start of the Insurance period which roughly works out to be around 10-15% less.

This would be the case even if any add on covers was taken against depreciation cost which these days some Insurers provide.
ghodlur is offline   Reply With Quote

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
Getting rid of a Total Loss Car. Paperwork, Insurance formalities etc. GTO Indian Car Loans & Insurance 12 17th April 2017 20:33
Total loss accident, but car under loan. Now what? SolidSnake Indian Car Loans & Insurance 25 14th April 2015 09:19
My Experience with Royal Sundaram Insurance (Total Loss Case) Jignesh Indian Car Loans & Insurance 12 24th September 2012 14:22
3 Month old Skoda Fabia TDI : Total loss Insurance Query Kiyon Indian Car Loans & Insurance 23 16th March 2012 11:52
Regarding claiming total loss hellstar Indian Car Loans & Insurance 16 17th August 2007 12:56

All times are GMT +5.5. The time now is 01:28.

Copyright 2000 - 2017, Team-BHP.com
Proudly powered by E2E Networks