[mjothi]

Originally Posted by Spitfire

Which option gives you the amount equal to the IDV?

Total loss vehicles do not get 100% IDV that is only if the vehicle is stolen.

Originally Posted by Maibaa

I have not got the details on the amount they are planning to give me. If its a fixed amount plus the salvage value, I have to then decide if I want to sell the car myself to get a higher salvage amount or to let them auction it.

Hoping to get the details tomorrow.

If total loss, you should get 100% of IDV. The car goes to Insurance (to a gujri)

Else its called cash-loss. Where, you will be given your car as-is and also a compensation so you can get your car repaired at your own will and place.

[Maibaa]

Originally Posted by mjothi

If total loss, you should get 100% of IDV. The car goes to Insurance (to a gujri)

Else its called cash-loss. Where, you will be given your car as-is and also a compensation so you can get your car repaired at your own will and place.

From what I was told by the ICICI folks, the insurance company will do an assessment of their liability for parts required (for repair) and give me that amount minus any taxes as compensation amount. Then I can get repairs done in any garage or sell/auction the car in its present condition.

In case I authorize ICICI to do the auction of the car for salvage, they will do an online auction and sell it to the highest bidder. I believe the returns from auction/salvage are better when we sell the car ourselves instead of handing over the car to the insurance company since they have a limited no of people/salvagers who do the bidding and hence the amount generated from the bidding is very low.

Now I want to know if there are any garages/individuals out here in Bengaluru who might be interested in buying the car in its present condition. Any idea roughly what amount it can fetch?

Also there is something called "constructive total loss" where i will be paid the IDV amount if the insurance company's repair liability exceeds 75% of IDV value. In my case, the repair liability of ICICI is just below 75%. Of course they have used their own estimation to come up with this figure which is less than the service center's estimate. If they use the service center's estimates, then it will surely qualify for constructive total loss. I have asked the representative from ICICI to push for total loss so that I can recover atleast the IDV amount. As usual, he will come back to me on this.

[Venom_rider]

Originally Posted by Maibaa

Now I want to know if there are any garages/individuals out here in Bengaluru who might be interested in buying the car in its present condition. Any idea roughly what amount it can fetch?

I had sold my totaled Santro in '07 to a guy, I guess his name was Saleem not sure though but his Mob number is 9342832051. He had paid almost 2 Lakhs for a car that was banged-up badly. And yes, this amount was much higher that what was offered by the insurance company. I also received a small sum from the insurance company towards the losses.

I hope the number works... Do keep us posted.

Cheers!
Goutham

[djay99]

Glad to hear you all are fine. I am finding lot of guys driving rashly on mysore-blr road late nights. I dont know when road users think about others safety.
Any update on the car repair / insurance claim?

[GordonGekko]

kudos to your car.

the swift looks like it took the worst hit.

Reminds me of the Mercedes-Benz Ad "Faithful".

[Venom_rider]

Any update? Did the number help?

[djay99]

Maibaa,

Any update on the insurance claim?

[Maibaa]

Dear All, first of all my apologies for not updating this thread in between. Have been quite busy at work.

Finally after a little over two months, i have managed to settle my accident claim with ICICI Lombard in the form of a "cash-loss" settlement. I have managed to get a sum almost near to the IDV amount after a lot of calls, debates and visits to their office.

They sought a buyer for my car and then topped up the purchase amount to make the final sum near to the insured amount. An independent garage owner has brought the car and he intends to repair it and then sell.

Part payment is from the buyer in the form of a demand draft and part of the amount will come from ICICI in a week's time.

@Venom_rider - I called the number you had given and spoke to the person but I guess he was not interested. He said he will call back and I didn't hear from him again.

@alias - I did not have the time to look for a good garage and get the car repaired. Else I would have gone with the option of repairing the car and maybe keeping it myself if I found the repair job satisfactory.

@Spitfire - I feared the long drawn battle would continue for long but luckily it has ended in 2 months time.

I guess I would have got a better deal if I had sold the car myself instead of depending on ICICI to choose a buyer for the car and if my insurance was not from ICICI. But I am happy that I got the insured amount, almost.

To sum it up, it feels a little sad at the loss of my car that I loved so much. Not that I am attached to materialistic things, but it was my first car and has always made me feel special when on the roads. Not to forget, it saved my life. So I guess anyone with a heart will feel a little emotional. :-)

Maybe that is the reason i am not yet decided on what will be my next car apart from the Cedia. I do not want to go for a new Cedia again due to rumors of the impending launch of the new lancer in the near future.

So, should it be a Civic, or the Laura TSI, or something else? I guess that demands a new thread in the "what car" section.

[n_aditya]

Note from Support - Thread Closed. Please share details of your new car in a separate thread.