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,
Sushant
Last edited by sushantr5 : 18th October 2010 at 18:30.
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