[jp2u]

Originally Posted by rageshgr

Wow. Can you please change the title?. Title looks as if insurance company is rejecting the claim. I thought RTI meant you will be given what you originally paid for instead of the depreciated IDV. My understanding could be wrong. But you are getting the OTR of 2020 for a 2016 purchased car. Still the issue ?
Paste the exact wordings of the policy here.
What was the OTR price in 2016? What is the 2020 OTR? What is the 2021 OTR?

Yes i was also confused with title. Fortuner has become like a investment these days.

[amoghchaphalkar]

I am sorry but the if the OP is a member then:
A. he/she should be posting on the forum using his/her ID
B. Post all the facts & arguments upfront with all the necessary, supporting evidence

I would urge the moderators to not bend over backwards and accommodate such requests of "members" communicating through a Contact Us form. Contributing Members invest their time and effort in the forum and those should not be taken for granted - by anyone.

[Bibendum90949]

I just wonder which insurance company offered a policy renewal in the fifth year of ownership(car bought in 2016) with RTI cover. As an earlier member indicated, RTI cover can be availed generally till third year I guess. Or was there an exception in this case since it's a Toyota? I know for a fact that there are many such exceptions taken by insurance companies on a case to case basis.

Can informed members clarify on this.

[sainik]

Good Morning Dear Members

Before proceeding further, I want to express my sincere thanks to Aditya for responding to my request to post my query on my behalf.

I am the inquisitive or the root of this thread.

I have the opportunity to go through the comments on my query by learned members.

I must say that like in the past when I used to be on the fence, this time also I have learned a lot from the knowledge of esteemed members regarding their views on my query.

However having said that, coming to the topic, some views are that I am trying to make profit out of Insurance.

It is an incorrect thought.

But at the same time, the reason behind my query was the Insurance Contract entered into by me with my Insurer having RTI as ADD On cover which reads as under:-- (I am unable to load picture hence reproduced the Policy wording as follows)


RETURN TO NVOICE COVER [U N : RDAN106A0015V01200910)
In consideration or payment of an additional premium by the Insured, it is hereby agreed and declared that notwithstanding anything to the contrary contained in the Policy, the Company hereby undertakes to pay the on Road Price of the Insured car, in the Occurrence of theft claim:-
On Road Price for New car (Same Make/Model/Variant) includes: '
1. Total Ex-Showroom Price: Current Ex-Showroom Price as on Loss Date
2. Road Tax :Road Tax amount to be paid by Insured to RTO (applicable as on Loss Date).
3. Registration Charges: Registration charges to be paid by Insured to RTO (applicable as on Loss Date).
4. Insurance Premium: Policy Insurance premium (As per Coverages opted In Policy where In Claim is reported).



Now as per my understanding of the above RTI clause, I am entitled to Current Ex-on Road Price with Road Tax plus Registration Charges and Insurance Premium.


Even if, some of the honourable members feels that I am being greedy, then I beg to differ and must say that I am just asking for my due as per policy wording and a contract is a contract which one must abide.

The insurance company will not be doing any favour to me by adhering to the policy terms and conditions.

However, still I express my gratitude for the discussion on the thread.

Looking forward to gain further knowledge ever.

[lsjey]

Originally Posted by sainik

...

Now as per my understanding of the above RTI clause, I am entitled to Current Ex-on Road Price with Road Tax plus Registration Charges and Insurance Premium.

Can you please share the name of the Insurance company? This will help the members here to provide pointers.

Also share details on what the Insurance company is offering.

Regards,
lsjey

[pandabear]

Originally Posted by sainik

Even if, some of the honourable members feels that I am being greedy, then I beg to differ and must say that I am just asking for my due as per policy wording and a contract is a contract which one must abide.

I would judge you, do not worry and ignore the ones that do, its the internet so just be thick skinned. You are always entitled to your dues no matter you profit from it or not. On the flipside I wish no one goes though the agony of getting their car stolen, so a little empathy goes a long way. Would not even wish it on my enemy. Having said that, if you feel you are getting a raw deal, i would suggest fighting it out through the insurance ombudsman. But be prepared and get opinions before going though the regulator, i am no expert here.

The ombudsman has the power to:
"Pass an award within 3 months of receiving all the requirements from the complainant and which will be binding on the insurance company"

you can read more here
https://www.policyholder.gov.in/ombudsman.aspx

Good luck buddy.

[Chetan_Rao]

Originally Posted by sainik

....

The insurance company will not be doing any favour to me by adhering to the policy terms and conditions...

The rider about discontinued model (sentence right after point#4 in the picture) seems to be the bone of contention.

Have you asked Toyota to clarify? What do they have to say? It's their product, after all.

May not necessarily apply to your case, but if someone had an RTI policy on a car bought right at the end of the model's lifecycle (say the last batch of previous-gen Fortuner), 'current' is very ambiguous and open to interpretation because the customer's car and the in-market version can be entirely different cars with a common name.

[ninjatalli]

Originally Posted by sainik

I am the inquisitive or the root of this thread.

Good to see you finally posting on your own behalf - always better than using an alternate means. Thanks for sharing that image - I guess that's the reason for your original ask of technical documentation about the version(s) of the car.

And if I go verbatim by the language in your policy, what your insurer is focusing is on the additional line

"If car's same variant is discontinued, then last known ex-showroom price to be covered".

And your your stand isn't wrong, hoping you get the necessary documentation. Well, I mentioned this in one of my earlier posts that hopefully someone (say current/ex Fortuner owners) would reply to your query. Don't' think anyone has - how about you proactively put your query on other Fortuner ownership threads (e.g.1, 2, 3, etc.)

[Turbanator]

Originally Posted by sainik

Now as per my understanding of the above RTI clause, I am entitled to Current Ex-on Road Price with Road Tax plus Registration Charges and Insurance Premium.

Welcome to the forum. Not an enjoyable way to start your membership but guess it's part of life. Easier said than experienced, can say, we all feel for you.

Regarding your query, as pointed out by other members, the maximum amount you will get is the last known price list plus the RTO, Insurance etc. You may need to request the dealership to make a Proforma based on the last price when that variant was discontinued, they can mention for Insurance estimation only.

The current models are different from the one you had, and I don't think any dealership or manufacturer can give this undertaking that the model you had is now replaced with this variant unless you convince someone at TKM, it will be a tough task.

The extra premium that you paid to cover the RTI, will certainly be helpful as you will get full last known MRP in addition to RTO etc. Without this rider, you would have gotten only IDV.

Originally Posted by Chetan_Rao

The rider about discontinued model (sentence right after point#4 in the picture) seems to be the bone of contention.

Originally Posted by ninjatalli

"If car's same variant is discontinued, then last known ex-showroom price to be covered".

[balenoed_]

At first, I would like to apologize here as I also earlier commented in this thread against this claim and said the return to invoice means returning to invoice at the time of purchase.

I stand corrected and would like to agree with the member posted this query and it is not the case like most of the people have commented.

Even ICICI lombard has it in their terms, plus I checked with a personal insurance agent and he too acknowledged that recently there were these changes that insurer will provide on road price of the current model or last sold model.

From ICICI Lombard's policy wordings:

On-road price means the actual expense incurred towards acquisition of a new vehicle and includes the value of factory fitted accessories or car dealer accessories at the time of purchase. On road price will also include any amount paid towards registration of the insured Vehicle, road tax and cost of insuring the vehicle. In case of obsolete models, the last selling price of the vehicle will be considered to pay the Sum Insured under this add-on.

Sorry for your loss of the car and I can only wish you all the best with your claim process.

Would still like to know which insurer provided a RTI add on for a 4+ years old vehicle.

[condor]

Originally Posted by ninjatalli

"If car's same variant is discontinued, then last known ex-showroom price to be covered".

I guess that would mean - the ex-showroom price at the time the particular variant was discontinued.

[WorkingGuru]

Waiting for a fuller disclosure. I refuse to apologise for offering advice to help someone who hadn't (& hasn't) posted details despite repeated requests.

Originally Posted by WorkingGuru

...As others have requested, kindly share the insurers name and possibly the break-up of the policy costs. It will be very helpful to me.

Its a reasonable & natural assumption by fellow members that RTI Policy would be for Price originally paid. The purpose of any "insurance" per se is to be "compensatory" in nature, for the loss and not reward towards loss. Policy wordings seems to overlook that. Against natural justice IMO. Prone to misuse, too!

Anyway, as for Sanik's case, can't he support the "Same Model" theory citing that the ARAI Certification is the same for the car - & thereby unreasonable to say that the model is discontinued ?

[cryptex]

Originally Posted by Aditya

Thanks to Vidya Gupta for sending this information in. Heartfelt gratitude for sharing it with other enthusiasts via this Team-BHP share page!

I would suggest the following, but before this I would ask you to check your own documentation. Make sure that the model is mentioned correctly there. Also, do you have both the keys to your Fortuner? Insurance companies use this a valid reason to reject theft claims.

1) RTI ARAI for the current Fortuner models
2) File an appeal for the denial of RTI by the insurance company. I am presuming this insurance company is a government undertaking?
3) Whether or not the model is in production is immaterial. You have a valid claim that must be honoured. If all fails there is IRDAI.
4) Lastly if you have a paper or e trail of the claim, please file a an RTI on the status of the claim. The insurance company would be reluctant to put it on paper.

[channelv]

Originally Posted by Bibendum90949

I just wonder which insurance company offered a policy renewal in the fifth year of ownership(car bought in 2016) with RTI cover. As an earlier member indicated, RTI cover can be availed generally till third year I guess. Or was there an exception in this case since it's a Toyota? I know for a fact that there are many such exceptions taken by insurance companies on a case to case basis.

Can informed members clarify on this.

I believe Toyota Protect provides RTI for 5 years and Nil Depreciation till 10 years.
Nil Depreciation for 10 years is also provided by Royal Sundaram

[navpreet318]

The latest Fortuner 4x4AT facelift is a new model as per the Indian laws. It has a new iCAT certificate for Type Approval at the RTO.
See a very basic thing which is the output of the engine has changed as well as the rear difflock. This entails that it is a new model.

You should be getting the last known price of the Fortuner. That the Insurance cannot deny but expecting the latest model price just because Toyota has used the same marketing nomenclature is not correct.
Please fight for the last known price and you'll be able to get it quicker and the insurance company will be compelled to pay that under IRDA guidelines.