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Old 24th August 2018, 12:34   #4111
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by SJM1214 View Post
It says IDV should be kept higher in case of heavy usage of the vehicle on highways.

I shortlisted below four add-ons.
  • Zero DepreciationRECOMMENDED
  • 24x7 Road Side Assistance
  • Engine Protection Cover
  • NCB Protector
Wrong conception that IDV should be higher for highway runs. IDV for the first 5 years always need to be calculated based on the depreciation table (can be seen in the policy wording document). No point in over insuring the car.

Amongst the list of add on Zero depreciation & NCB protection I can recommend. 24 X 7 Road side assistance is generally provided by the manufacturer for the initial years of ownership, you might want to check that. Engine protection add on cover would be useful if your travel requires through water logged areas.

In addition I would suggest Return to Invoice or Invoice Price add on cover if you are OK with the bump in the premium cost.
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Old 24th August 2018, 12:59   #4112
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Default Re: Automobile Insurance Queries? Ask me

Thanks for Input, ghodlur Sir.

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Originally Posted by ghodlur View Post

In addition I would suggest Return to Invoice or Invoice Price add on cover if you are OK with the bump in the premium cost.
Invoice Price add-on seems an interesting concept. As far as I understood, Invoice Price add-on will give IDV+ RTO fees(100%) in case of theft or total loss. I am ok with a slightly higher premium, as far as it gives me some peace of mind.

By the way, so far I am clear with my requirements but confused in selection of insurance provider company. Any input on that matter?
My current Insurance is from Royal Sundaram.
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Old 24th August 2018, 13:51   #4113
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Default Re: Automobile Insurance Queries? Ask me

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By the way, so far I am clear with my requirements but confused in selection of insurance provider company. Any input on that matter?
My current Insurance is from Royal Sundaram.
Just check with the Maruti workshop where you generally would service your car about the Insurance co with whom they have cashless tie ups. If possible, have a word with the workshop team to check which of the tie up Insurance co have a better claims process in terms of surveyor appointment, claims approvals, repairs etc. This will give you an idea.

It may happen that workshop may promote a specific Insurance co due to monetary benefit in terms of commission. In such cases, few direct questions can reveal the intention of promotion. After all your aim should be correct repair and smoother claims process.
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Old 25th August 2018, 21:23   #4114
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Default Re: Automobile Insurance Queries? Ask me

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In addition to the Insurance, it may be worth investing in a good anti theft device for your bike and car and getting it added in the electrical accessories by paying a small premium.
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Originally Posted by shijanto4 View Post
Going for a higher IDV is not harmful if you don't mind paying a relatively higher premium for that, and moreover, since you mentioned yours is a theft-prone area, it may be really worth opting for.
Thanks guys. I have kept IDV ~8% more than the recommended value. Got the car insured with Bajaj Allianz for Rs. 13k and bike's policy renewed from HDFC Ergo for Rs. 2.6k.
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Old 30th August 2018, 09:14   #4115
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Default Re: Automobile Insurance Queries? Ask me

Any feedback / experience / viewpoint on Digit (Auto) Insurance?

Seems to be a new technology driven player with no branches and online presence only; backed by Fairfax
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Old 5th September 2018, 18:48   #4116
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Reposting to correct thread.

My fully watterlogged Alto Lxi is declared as total loss by Surveyor. But when I contacted insurance company, they are handling it as "salvage loss" or may be as "constructive total loss".

They want to auction the car to salvage buyer, and salvage buyer will give me DD for salvage value. After this, Insurance company will give me IDV - salvage value.

Is this the correct process ?. I am under the impression that I can can insist insurance company to give me IDV instead of going for this salvage loss procedure ?

Any tips ?
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Old 6th September 2018, 08:27   #4117
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Is this the correct process ?. I am under the impression that I can can insist insurance company to give me IDV instead of going for this salvage loss procedure ?
Absolutely. You have full rights to ask for the IDV from the Insurance co. There are two ways you can manage this - 1) Ask Insurance co to pay the IDV and let them keep the salvage amount 2) You sell the salvage directly and claim the balance amount from Insurance co.

In either case, pls ensure that you handover the original RC to the Insurance co after the financial transactions are done. You also need to recover the road tax paid but I doubt if the Insurance co will help you out in that.
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Old 6th September 2018, 09:31   #4118
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Absolutely. You have full rights to ask for the IDV from the Insurance co. There are two ways you can manage this - 1) Ask Insurance co to pay the IDV and let them keep the salvage amount 2) You sell the salvage directly and claim the balance amount from Insurance co.

In either case, pls ensure that you handover the original RC to the Insurance co after the financial transactions are done. You also need to recover the road tax paid but I doubt if the Insurance co will help you out in that.
Is there a provision for them to recalculate the IDV value, lower than what is mentioned in the policy ?. I read somewhere that IDV value in case of total loss is the "current market value", which need not be same as what is in the policy ?
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Old 6th September 2018, 12:11   #4119
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Is there a provision for them to recalculate the IDV value, lower than what is mentioned in the policy ?. I read somewhere that IDV value in case of total loss is the "current market value", which need not be same as what is in the policy ?
The IDV needs to be calculated on pro rata basis which will be generally 0.833% less for every month since the start of the policy year. The Insurance co generally tend to push the current market value down the customer's throat coz the market value may be lesser than the IDV. One should stick to agreed IDV and not accept the market value.
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Old 7th September 2018, 09:40   #4120
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Originally Posted by ghodlur View Post
The IDV needs to be calculated on pro rata basis which will be generally 0.833% less for every month since the start of the policy year. The Insurance co generally tend to push the current market value down the customer's throat coz the market value may be lesser than the IDV. One should stick to agreed IDV and not accept the market value.
Insurance company is trying settle it as Constructive Total Loss , and wants me to sell the wreck to salvage buyer of their choice. I need to give RC book, RTO forms etc. Totally a shady deal. They were initially not ready to give in writhing that its a constructive loss, but finally agreed.

I had too many questions on this wreck sale, as vehicle is given to unknown salvage buyer, which he may resale or scrap it. But I have big risk as its still in my name as per RTO records.

So I took some legal/friends opinion and here's what

1) Insurance company to give me in writing that its a CTL, and advice me to sell the wreck.
2) I authorise company to get wreck sold, and get me in writing from the buyer that he will be responsible for the vehicle, to repair/re-certify or scrap and update RTO

What options I have if company is not ready for this ?. Ombudsman ? I am not in a hurry, but want to do it properly to avoid future troubles.
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Old 7th September 2018, 13:51   #4121
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Insurance company is trying settle it as Constructive Total Loss , and wants me to sell the wreck to salvage buyer of their choice. I need to give RC book, RTO forms etc. Totally a shady deal. They were initially not ready to give in writhing that its a constructive loss, but finally agreed.
If the Insurance co wants you to sell the salvage to the buyer of their choice, they might do it themselves. Why force you to sell?

Suggest to start the correspondence with the Insurance co customer care, their top management, Insurance co ombudsman and then IRDAI ombudsman. Highlight the issues faced and question the timelines of IDV reimbursement.
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Old 7th September 2018, 13:56   #4122
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If the Insurance co wants you to sell the salvage to the buyer of their choice, they might do it themselves. Why force you to sell?

Suggest to start the correspondence with the Insurance co customer care, their top management, Insurance co ombudsman and then IRDAI ombudsman. Highlight the issues faced and question the timelines of IDV reimbursement.
What is the practice followed in such cases when salvage buyer buys from the owner when Vehicle is declared as CTL ?. I am not able to get a clear answer on this
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Old 8th September 2018, 19:25   #4123
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Originally Posted by ghodlur View Post
If the Insurance co wants you to sell the salvage to the buyer of their choice, they might do it themselves. Why force you to sell?

Suggest to start the correspondence with the Insurance co customer care, their top management, Insurance co ombudsman and then IRDAI ombudsman. Highlight the issues faced and question the timelines of IDV reimbursement.
I need help again.

Insurance company says salvage buyer (some bigger bulk buyers) will give an affidavit to me that they will change the ownership with 4 to 6 months. Does this affidavit protect me from any legal issue if car meets an accident during this period ?. They are not ready to disclose the exact details of this affidavit.

I am worried as during this period, there is no insurance coverage too for the car. When I discuss this point, they are trying to laugh at it !!
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Old 8th September 2018, 21:44   #4124
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Default Re: Automobile Insurance Queries? Ask me

As one of the Chennai flood victims, a salvage buyer took my car (cash from him, balance from insurance company). He had already sold it on. Goodness knows whose hands it would pass through before the restored vehicle would be back on the roads in private hands again. Of course, this guy wanted all the sale documents with no buyer specified, so that it could be finally filled in by the second owner (myself being the first). I refused to let it out of the gate without those documents completed.
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Old 9th September 2018, 01:13   #4125
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Suggest to start the correspondence with the Insurance co customer care, their top management, Insurance co ombudsman and then IRDAI ombudsman. Highlight the issues faced and question the timelines of IDV reimbursement.
My friend lost his Elite i20 in the recent Kerala floods. It was almost fully submerged as the water level had reached the roof of the car. The car has B2B insurance from Oriental and the repair estimate given is 9.7lacs!! It was bought for around 8.1lacs and the current IDV is 5.6lacs. The surveyor is playing similar tricks with him and is pushing him to agree for a salvage buyer which the company will find after auctions. As per the deal, the insurance co. will pay a nominal value to my friend immediately and the remaining money would be paid as and when the salvage buyer makes the payment. God knows when. My friend just wants to get out of this mess and get the IDV quoted and be done with this.

Few queries on behalf of him:
1. How to get a Total Loss declaration from the insurance co? Surveyor being least interested in this and his only point of contact with the insurance co isn't helping matters either.
2. Is he entitled to 100% IDV or is this a negotiable item?
3. In case of total loss, I believe he can apply for registration cancellation at RTO and get a refund of the road tax paid. What are the formalities to be completed from the insurer's side for this?
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I need help again.
I would advise you to push for total loss and claim the IDV. If the insurance company sells it to an unknown buyer from a different state, there is no guarantee about what will happen in future. What if the buyer doesn't transfer the car to his name and involves in an accident or the car gets involved in an illegal activity? I have first hand experience of this in my extended family. The insurance co. will simply wash off their hands and we will become scapegoats. Better to avoid such risks. Please DO NOT sign the affidavit, it could very well turn out to be a royal trap.

Last edited by BigBrad : 9th September 2018 at 01:16.
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