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Old 18th October 2010, 18:23   #1
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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.
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Old 18th October 2010, 18:31   #2
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Try posting here / PM the thread starter based on urgency
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Old 16th November 2010, 14:16   #3
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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.
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Old 25th November 2010, 07:53   #4
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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.
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