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Old 9th December 2010, 09:52   #16
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Default Re: Ford Fusion - Total Loss

Please check with the Team-Bhp member http://www.team-bhp.com/forum/members/rjvora_2000.html regarding the amount the insurance company is paying you. Even I feel, you should get an amount equivalent/close to the IDV.
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Old 9th December 2010, 11:31   #17
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Default Re: Ford Fusion - Total Loss

Sad to hear this and I can imagine the pain you are going thru. Insurance companies and police complaints dont make things easier.

From personal experience in the past, i know nationalized companies, especially National Insurance are far better at settling claims and are pretty fast. Private companies are generally the ones who tend to harrass you more and make a profit ut of the transaction but making use of various loopholes they conjure up.
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Old 9th December 2010, 13:07   #18
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Red face Re: Ford Fusion - Total Loss

@Vij

I dont know what policy you have from Reliance but the motor insurance policy wordings available on the Reliance general Insurance website says that in case of total constructive loss the amount payable to you will be IDV less the value of wreck as mentioned in page 4 - condition point#2. So ideally Reliance should pay you 2.05 L since scrappage you got is 45K.

Again to contradict there is a Section on IDV where they say IDV will be taken as market value for the purpose of Total Constructive loss. Based on this you can argue with Reliance. In case Reliance still acts pricey, you can file a grievance with IRDA at their website.

I have attached the policy wording document for ref. Hope this helps.


http://www.reliancegeneral.co.in/Pol...ate_Car_PW.pdf
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Old 10th December 2010, 00:34   #19
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Default Re: Ford Fusion - Total Loss

Im confused now...however here is how i view it..

The repair estimate is not in excess of the IDV and hence they are not liable to pay me the IDV. The repair estimate they came up with was about 2 lakhs out of which their liability worked upto a lakh and a half and the rest was mine. I chose not to get the car repaired and asked them to declare it as total loss. does that help? I mean i just want to know if thats a point to be considered since its most likely they will say the same thing.

However, will take it up with Reliance again tomorrow to check on this (interestingly i work with a reliance group company myself and hence talking to all references to ensure i get a fair deal)
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Old 10th December 2010, 07:36   #20
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Red face Re: Ford Fusion - Total Loss

Quote:
Originally Posted by vij4all View Post
The repair estimate is not in excess of the IDV and hence they are not liable to pay me the IDV. The repair estimate they came up with was about 2 lakhs out of which their liability worked upto a lakh and a half and the rest was mine. I chose not to get the car repaired and asked them to declare it as total loss. does that help?
The repair estimate is 80% of the IDV which means that the car needs to be labelled as total constructive loss. The policy says any estimate above 75% of the IDV is declared as total loss which is the case of your car.

One question Vij, Did you opt for taking the cash from scrappage dealer on you own or on directive by the Insurance co. How did the scrappage dealer come to the majical figure of 45K?
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Old 10th December 2010, 09:17   #21
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Default Re: Ford Fusion - Total Loss

dunno. The surveyor's manager who im speaking to said he was trying to get a fair deal for me. yes you are right that incase the estimate increases 80% of the idv, its total loss however note that the 80% estimate should be the insurance company liability. in this case it is not.

The cash was asked by the insurance company to be paid to me. i did not even know they would pay so.
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Old 13th December 2010, 23:34   #22
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Default Re: Ford Fusion - Total Loss

Spoke to the insurance guy and my guess turned out to be true. He agreed with me that incase of a total loss, the value paid to the owner is idv minus scrappage and that a total loss is declared where the repair estimate touches or exceeds 80% of the IDV.

In my case, as he stressed, it was a 'constructive total loss' where the customer had opted for it while they were as the insurance company still willing to pay for the repairs which was far lesser than the 80% of IDV and hence this was the sum arrived at.

I re confirmed the documents he needed - a declaration on a 100 rupee stamp paper, a cancelled cheque, pan card copy and electricity bill copy and surprise surprise, he said he would have a cheque issued to me in a week

I'm done with this. No point breaking my head over it and am glad I got something in the end.
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Old 14th December 2010, 07:50   #23
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Thumbs up Re: Ford Fusion - Total Loss

Hi Vij,

Now you are done with it, erase the bad memories out of your mind and start hunting for a good replacement. But keep in mind to read the finer lines of the Insurance policy coz this can make or break your investment.

All the Best. Do hope to see your new ownership reviews soon.
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Old 26th December 2011, 17:41   #24
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Default Re: Ford Fusion - Total Loss

Hi Vij, good to know that the accident didn't cause much injury and the insurance settlement got done. So how long did these guys take to finally pay up?
Had a small doubt.I am in a similar situation and it is agreed to be a total loss case.
They are asking for the certificate of RC cancellation from the RTO. Did you have to arrange this and if so, can you please elaborate on the procedure?

Thanks..
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Old 26th December 2011, 19:42   #25
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Default Re: Ford Fusion - Total Loss

To the best of my knowledge, if the vehicle was lost or stolen or declared a total loss, the insurance company would have to pay you either the IDV or the market value of the car, whichever is lower. In case the vehicle was totalled, it can be sold off as scrap and some money made out of it. The insurance company keeps this money in case it has paid off the owner in full.

In practice this means that if the IDV of the car was 2.4L and its market value is 2.4L, the insurance company should pay you 2.4 L. If the sale of the totalled car fetches 50k, the insurance company gets to keep it. Alternatively it will pay you 2.4L - 50k, and the scrap sale proceeds go to you directly.

In any case I doubt if they are allowed to deduct any percentages in case of a total loss. Either the IDV or the market value of the car should be paid by the company. Please check your insurance policy on this matter.
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Old 26th December 2011, 19:57   #26
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Default Re: Ford Fusion - Total Loss

Quote:
Originally Posted by honeybee View Post
To the best of my knowledge, if the vehicle was lost or stolen or declared a total loss, the insurance company would have to pay you either the IDV or the market value of the car, whichever is lower. In case the vehicle was totalled, it can be sold off as scrap and some money made out of it. The insurance company keeps this money in case it has paid off the owner in full.

In practice this means that if the IDV of the car was 2.4L and its market value is 2.4L, the insurance company should pay you 2.4 L. If the sale of the totalled car fetches 50k, the insurance company gets to keep it. Alternatively it will pay you 2.4L - 50k, and the scrap sale proceeds go to you directly.

In any case I doubt if they are allowed to deduct any percentages in case of a total loss. Either the IDV or the market value of the car should be paid by the company. Please check your insurance policy on this matter.
Actually it is IDV, provided the value is certified by their inspector every time you renew the insurance - my agent does that every time! I remember a case where the IDV (on which the premium is based) was much more than the market price, but the insurance company had to pay the IDV, as the judgement was that if they are accepting premium based on an IDV, they have to pay the IDV.
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Old 2nd January 2012, 13:16   #27
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No. Thankfully I wasn't asked for any noc from the rto.

Also I got the cheque within 2 weeks.

Hope this helps.
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