[F150]

Originally Posted by .anshuman

8.5 lakh Rupees looks like a good offer. In such situation i would accept it(I actually did with my Accent).

Yes 8.5 L is a very good offer take it. Try to squeeze that 40K as well.If they dont pay you that 40K it is not a deal breaker, walk away with 8.5L.

[Santoshbhat]

Given that your IDV was 9.66L, I think 8.50L as a pretty good deal since it is just about 10% less than your IDV.

[androdev]

Originally Posted by Jakku

I hope you should ask them to give you 8.5L and the rest liability is theirs like to take from the workshop or to get it repaired there itself or scrap there (anything of their choice, you just walk away with 8.5L).

I cannot confirm it completly, but a distant relative of mine back in Kerala did the same thing with his M800, some years ago. He negotiated for a price and walked away, the insurer taking the liability of the same. I was not a party of this, but came to know through my relatives.

That is a good tip!! I told them the same thing. They told it is not possible to settle with the workshop that way, but at least it made my case a bit stronger. I asked him to offer 8.8L if I have to pay to the workshop or 8.5L if I can walk away without having to deal with workshop dues. I will hear from them tomorrow.

[Swanand Inamdar]

8.5L sure makes great sense in this situation. Take it and walk away. No hassles. If you do have to pay the workshop (dont know how that works), only then stay put on the 8.8L.

[anandpadhye]

Originally Posted by androdev

3. I get a call after few hours and I am told if I opt for cash offer without repair and leave the vehicle to ICICI, the payout would be 8.25 Lakhs.
...

I will have to shell out close to 40K to workshop towards estimation services and parking charges if I don't get the car repaired.

This is good outcome, I would say. Good to see ICICI doing fair business.

BTW, what estimation and parking the service center is charging 40K for??? This looks ridiculously high. Why don't you ask ICICI to handle everything (including the service center stuff) and just settle for an amount?

And in my humble opinion, insurance is extremely abussed in India with everyone involved (customer, workshop, etc) trying to make money out of the claim. Let's not add to the menace...

Cheers!

[anujmishra]

Few days back one of my friend, whose Alto was hit at Oasis Mall, Kormangala at mall parking, walked away with more money than IDV value from Insurance company.

His stationary Alto at Oasis Mall was hit by one Spark guy (new driver) diagonally very hard. Alto had got some structural damage and repair cost was coming around 1.10 Lakh. His IDV value was 1.23 lakh. He negotiated hard and got 1.35 lakh from Insurance company and 40K cash from guy who had hit his Alto. So total he got 1.75 lakh for 5 years old Alto LX.

Actually, such damage could have been repaired ~50K from outside garage. Company estimation for repair was 1.10 lakh. So, Insurance company refused to give money for repair. Also Insurance company got buyer for his car from outside and he was offering 1.20Lakh for damaged car. All in all Insurance company had to bear 15K from their pocket. So, this was not bad deal for Insurance company and owner of Alto.

So, sometimes Insurance company gives money more than IDV value to original owner.

[Santoshbhat]

Originally Posted by anujmishra

Few days back one of my friend, whose Alto was hit at Oasis Mall, Kormangala at mall parking, walked away with more money than IDV value from Insurance company.

His stationary Alto at Oasis Mall was hit by one Spark guy (new driver) diagonally very hard. Alto had got some structural damage and repair cost was coming around 1.10 Lakh. His IDV value was 1.23 lakh. He negotiated hard and got 1.35 lakh from Insurance company and 40K cash from guy who had hit his Alto. So total he got 1.75 lakh for 5 years old Alto LX.

Actually, such damage could have been repaired ~50K from outside garage. Company estimation for repair was 1.10 lakh. So, Insurance company refused to give money for repair. Also Insurance company got buyer for his car from outside and he was offering 1.20Lakh for damaged car. All in all Insurance company had to bear 15K from their pocket. So, this was not bad deal for Insurance company and owner of Alto.

So, sometimes Insurance company gives money more than IDV value to original owner.

THe insurance company will generally look at the salvage value they can get for the car in 'as is where is' condition. If the value is reasonably high then they will push for such an option.

But I am curious to know how they were able to find a buyer for this 5 year old damaged Alto for 1.20 Lakhs. Assuming he has to shell out 55K for repairs (that too non company A.S.S) his out of pocket cost will be Rs. 1.75 lakhs for a 5 year old, accident damaged Alto!

[ajmat]

If the car is structurally unsound, the insurnace company should take the responsbility to ensure the car never gets back on the road. In the UK, the damage is categoried. The two most extreme cases, they take the responsibility to crush the bodyshell

[anandpadhye]

Originally Posted by anujmishra

Few days back one of my friend, whose Alto was hit at Oasis Mall, Kormangala at mall parking, walked away with more money than IDV value from Insurance company.

His stationary Alto at Oasis Mall was hit by one Spark guy (new driver) diagonally very hard. Alto had got some structural damage and repair cost was coming around 1.10 Lakh. His IDV value was 1.23 lakh. He negotiated hard and got 1.35 lakh from Insurance company and 40K cash from guy who had hit his Alto. So total he got 1.75 lakh for 5 years old Alto LX.

Actually, such damage could have been repaired ~50K from outside garage. Company estimation for repair was 1.10 lakh. So, Insurance company refused to give money for repair. Also Insurance company got buyer for his car from outside and he was offering 1.20Lakh for damaged car. All in all Insurance company had to bear 15K from their pocket. So, this was not bad deal for Insurance company and owner of Alto.

So, sometimes Insurance company gives money more than IDV value to original owner.

One more case of insurance abuse. In fact people can make this their profession - "buy a car, manage to get it hit, force the other owner involved in the accident to pay + claim insurance, make money"...

And repeat the success.

No wonder insurance premiums in India are going to go up.

[anujmishra]

Originally Posted by Santoshbhat

THe insurance company will generally look at the salvage value they can get for the car in 'as is where is' condition. If the value is reasonably high then they will push for such an option.

But I am curious to know how they were able to find a buyer for this 5 year old damaged Alto for 1.20 Lakhs. Assuming he has to shell out 55K for repairs (that too non company A.S.S) his out of pocket cost will be Rs. 1.75 lakhs for a 5 year old, accident damaged Alto!

This is also surprising for me. But I saw Demand Draft of 1.2 Lakh in original owners name which was given by car purchaser on behalf of insurance company. Rest amount insurance company will pay. The major doubt is severity of damage car got and its repair estimation cost. Can this be fishy?

Regarding the outside repair cost, it was estimation given by some garage after looking into photo of damaged car. He also said it can be little less also. Car had only ran for 31K Kms and first hand owner.

By the way if you check Carwale.com 5 years old Alto price comes as 2.1 - 2.3 lakh for second hand.

If you do calculation from car purchaser:

1. Purchase Price: 1.2 Lakh
2. Damage Repair: 40K (He will do minimum possible expense here)
----------------------------------

Sell it to some unsuspecting customer at 2.1 lakh = 50 K Profit.

[Dieseldunk]

Originally Posted by androdev

The median concrete portion is at the fog-lamp level (maybe 3/4th of foot?) and it pretty much chopped off anything that is at the fogs and below. But the median also had a steel barrier which hit the left fender. The car could not have gone to the other side for sure.

Hi Mate
Sorry to hear about the accident the best thing was all passengers were safe and sound (no bruises too ) since Laura is wonderkind car and has solid build to absorb all the impact.
Many people question on why pay extra for safety features well guess this is the answer.

Hope to see you get your drive in perfect shape again.

Cheers

[F150]

Androdev,
What did you decide ? What is the latest update ?

[androdev]

Finally some good news. Have finally agreed to settle the claim for 8.75 Lakhs. ICICI will sell the vehicle and I have to pay the garage (parking, estimation) charges. It will be a couple of weeks before I get the money in my account, but at least we have reached a settlement.

Lot of paper work to be done though :-)

Can someone help me what I need to take care of while the car is being sold? I have read http://www.team-bhp.com/forum/owning...car-india.html but this is a case where I will be selling to a dealer and I have no option but to sign blank RTO forms. What can I do to avoid future complications?

[noopster]

Congrats androdev! That is a pretty tidy sum to go buy yourself a new car. It must be difficult but please put this episode behind you and wish you safe driving!

[Jakku]

Originally Posted by androdev

Finally some good news. Have finally agreed to settle the claim for 8.75 Lakhs. ICICI will sell the vehicle and I have to pay the garage (parking, estimation) charges.

Good to know that you have finally settled and got out of the pain. 8.75L is not a bad deal, but you might in all probability get 8.25L in hand after settling the garage bills. This was originally proposed by ICICI, so while considering that this is defenitely a good deal to the pocket. But the emotional part of it can never be overcome till some time goes by and you start driving another car. Again, a the proverb says "there is no wound that time can't heal".

Can someone help me what I need to take care of while the car is being sold?

I am sure our fellow expers will be of help here as this is a different case all together from selling an used car, my advice would be to read all the fine prints.

Once the entire stuff is done with, request you to post your experiences and "lessons learned" so that we can make this thread a bible for such cases (we already have a couple of law experts giving their advice for a normal accident).