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Old 9th September 2018, 15:35   #4126
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No to affidavit, but I'd say it is ok to get the proper RTO sale document completed by the buyer and notify RTO himself.

My insurance/salvage deal was quick and smooth. The salvage buyer pays when collecting the vehicle. It is not a "whenever" situation. Just like any car sale, do not let the car go without payment in hand.

I cannot remember dates and timings but I recall being impressed by how quickly the insurance company, in an extreme situation, got everything done. I guess that this may be company-specific: ours was Sundaram.
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Old 9th September 2018, 19:01   #4127
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Originally Posted by Thad E Ginathom View Post
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.
Did you get the name of the buyer filled in eto forms before they took the vehicle from you ?

My insurance company is not agreeing and want to give the vehicle to salvage buyer they choose and with blank forms. This buyer seems to be a wholesale buyer whom immediately sell it to smaller players.

Company is asking me why I only have this issue, when they have 1400 other claims without such demand !

I may have to move to ombudsman
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Old 9th September 2018, 22:46   #4128
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Did you get the name of the buyer filled in eto forms before they took the vehicle from you ?
Yes. Even had DL copy, etc, as ID.

It is a very hard situation to be in. The whole flood experience is so traumatic. It had been sad enough looking at the wrecked car; it was worse seeing it go. We raised several questions with the our insurers, and they were always helpful. That helped.
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Old 10th September 2018, 07:53   #4129
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Originally Posted by swageo View Post
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 !!
Firstly why would the Salvage buyer give you an affidavit, if anyone has the right to give it it would be the Insurance co. When they mean they would change the ownership, it is clear the salvage buyer would sell it ( I am sure without repairs to a known workshop who further would sell it to an unsuspecting customer). If the affidavit is coming from Insurance co then it should not be an issue provided the wording clearly reflect your non involvement in anything related to the vehicle.

Whatever you do, do not hand over the original RC till the financial transactions is concluded
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Originally Posted by BigBrad View Post
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?
1. If the repair cost is more than 75% of the IDV, then the car is automatically declared as total loss. Write to Insurance co ombudsman.
2. Generally it is IDV agreed but on pro rata basis. For eg if the policy start is six month back, then the IDV is depreciated by 0.833% every month and IDV is arrived
3. Yes, the road tax can be refunded, a certificate of total loss would be required from the Insurance co. The RTO would also require the surrendering of the original RC. Generally this process should be facilitated by the Insurance co but I guess in your friend's case he would have to do it on his own.
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Old 11th September 2018, 12:18   #4130
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Originally Posted by ghodlur View Post
Firstly why would the Salvage buyer give you an affidavit, if anyone has the right to give it it would be the Insurance co. When they mean they would change the ownership, it is clear the salvage buyer would sell it ( I am sure without repairs to a known workshop who further would sell it to an unsuspecting customer). If the affidavit is coming from Insurance co then it should not be an issue provided the wording clearly reflect your non involvement in anything related to the vehicle.

Whatever you do, do not hand over the original RC till the financial transactions is concluded
Its not going anywhere. Following is the process as per insurance compnay

1) Claim will be settled under "Net of salvage"
2) I give the car to them along with RC original and blank RTO forms signed. Also an agreement authorising insurance company to find a buyer giving best price.
3) Buyer identified by company will give the DD for wreck in my name.
4) Buyer give an affidavit that they will do the name transfer within 4 months
5) Insurance company then start the internal process and eventually give me DD less above wreck value
6) All transaction with buyer is via insurance company.

As I am not comfortable giving car without name transfer, I have objected to this. But no much response from them.

If I want to repair in a local workshop, insurance company will approve only around 20k, not upto 75% of IDV.
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Old 11th September 2018, 17:09   #4131
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Very bad service. Makes me feel that my experience was lucky.

But at the time of major flooding it is really in the insurer's interest to make everything simple and streamlined for themselves.
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Old 11th September 2018, 20:14   #4132
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Originally Posted by Thad E Ginathom View Post
Very bad service. Makes me feel that my experience was lucky.

But at the time of major flooding it is really in the insurer's interest to make everything simple and streamlined for themselves.
If I agree to above process, everything will be smooth. And it seems 1400 claims got settled like this ! and they blame me asking this question...
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Old 12th September 2018, 15:37   #4133
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Originally Posted by swageo View Post
If I agree to above process, everything will be smooth. And it seems 1400 claims got settled like this ! and they blame me asking this question...
Are you dealing with Oriental Insurance? I understand all companies are following the same pattern, but from the experiences I heard from friends, Oriental seems to be the worst one.
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Old 12th September 2018, 17:25   #4134
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Originally Posted by SJM1214 View Post
My first insurance renewal is due on 15/09/2018.

Car : Maruti Vitara Brezza ZDI
Make : 2017
Deliver Date : 17/09/2017
Policy issue: 16/09/2017
IDV : 831223

I shortlisted below four add-ons.
  • Zero DepreciationRECOMMENDED
  • 24x7 Road Side Assistance
  • Engine Protection Cover
  • NCB Protector
I believe if your vehicle is under warranty, you don't really need the Engine Protection Cover add on. I may be wrong though.
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Old 12th September 2018, 18:26   #4135
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I believe if your vehicle is under warranty, you don't really need the Engine Protection Cover add on. I may be wrong though.
I think that you are wrong. Your warranty will not cover you for any sort of accidental, or, eg water, damage to your engine. Check what is covered by a particular company's "engine protection cover," consider the risk, and buy of appropriate.
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Old 12th September 2018, 22:52   #4136
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Originally Posted by SJM1214 View Post

This the list of available add-ons. Which add-ons should I opt for a one-year-old car?

I shortlisted below four add-ons.
  • Zero DepreciationRECOMMENDED
  • 24x7 Road Side Assistance
  • Engine Protection Cover
  • NCB Protector
In addition to those:
  • Key & Lock Replacement - keys cost upwards of 5000k
  • Consumables - these add up to a lot during accident repairs
  • Daily Allowance - good to have. I bought new fog lamps from the money I got from this clause.
  • Invoice Price - definitely (but applicable only in a total loss scenario)
  • Tyre Protector - wouldn't this be covered otherwise?
  • RIM Damage Cover - same query as above
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Old 13th September 2018, 12:30   #4137
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Originally Posted by samaspire View Post
In addition to those:
  • Key & Lock Replacement - keys cost upwards of 5000k
  • Consumables - these add up to a lot during accident repairs
  • Daily Allowance - good to have. I bought new fog lamps from the money I got from this clause.
  • Invoice Price - definitely (but applicable only in a total loss scenario)
  • Tyre Protector - wouldn't this be covered otherwise?
  • RIM Damage Cover - same query as above
Thanks for this.

One noob question - does it make sense to go with the lowest possible IDV if we are opting for the Invoice Price? Or does it make more sense to keep the IDV at 10% lower than the previous IDV and not opt for the Invoice Price?

Last edited by Oxy : 13th September 2018 at 12:38.
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Old 13th September 2018, 18:37   #4138
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Originally Posted by Oxy View Post
Thanks for this.

One noob question - does it make sense to go with the lowest possible IDV if we are opting for the Invoice Price? Or does it make more sense to keep the IDV at 10% lower than the previous IDV and not opt for the Invoice Price?
Why go for lowest possible IDV? Don't forget that insurance companies do not always give even the IDV amount. They try to give as less as possible quoting various reasons. Invoice Price clause will save you there. And how much are you paying for it anyway? Eg. 10% deducted from a 10 lakh rupees (ex-showroom) car is 9 lakh which is your IDV. You may have to pay about 2000 extra (?) to add this clause which will give you back the full 10 lakhs in case of a claim - isn't it worth it?

Further, as the years add up you have pay lesser on lower IDVs, but you still get the full 10 lakh on claim (for up to 5 years).
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Old 13th September 2018, 18:57   #4139
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Originally Posted by Oxy View Post
Thanks for this.

One noob question - does it make sense to go with the lowest possible IDV if we are opting for the Invoice Price? Or does it make more sense to keep the IDV at 10% lower than the previous IDV and not opt for the Invoice Price?
I follow this method myself. The range for IDV for online quotes are significant. Also in case of a total loss (god forbid), the 75% would also be a less applicable amount. I personally wouldn't want to drive around in a car with significant/expensive repairs. With RTI you should get the ex-showroom plus Road tax through the insurance company itself.

After five years when RTI is not applicable anymore, you can chose a higher IDV by switching to another insurer online.
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Old 13th September 2018, 19:15   #4140
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Originally Posted by Oxy View Post
Thanks for this.

One noob question - does it make sense to go with the lowest possible IDV if we are opting for the Invoice Price? Or does it make more sense to keep the IDV at 10% lower than the previous IDV and not opt for the Invoice Price?
You can opt for Invoice price add-on only for first 5 years of the car. If you go with lower IDV, it can affect you after 5 years (as IDVs will continue to decrease over previous policy's IDV)
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