[swageo]

Originally Posted by NPV

Get a detailed evaluation done at another Maruti authorised service centre to assess what is the damage and what parts need replacement. If there is damage to engine, no point pursuing the repair option.

If you do go for the total loss, do keep in mind you can cancel the registration and claim refund of road tax (after deduction of pro rated road tax for the years it has been used). Insurance surveyors may insist on you giving them signed form 29 & 30 which could be a scam, so that they can claim the road tax refund and also salvage money from a scrap sale. Look up this (The tale of a Total Loss Claim) recent thread for more information.

If I go for "total loss", I assume I need transfer the car to insurance company, and they have the right to claim any refund from RTO or scrap.

Correct ?

Originally Posted by mpksuhas

Those who have cars damaged in Kerala floods, double check the quote given by service centers.

A friend of mine got a quote of 7 lakh for his Amaze which got submerged upto running board height in water. Only visible damage is of carpets, which has to be replaced. However as per Honda center, they been instructed to categorize cars as per category of water logging (and not as per actual status of car).

So this puts my friends car in second highest level, cars which has waterlogging till below the dashboard and hence the higher quote.

They put mine in category "C".

[NPV]

Originally Posted by swageo

If I go for "total loss", I assume I need transfer the car to insurance company, and they have the right to claim any refund from RTO or scrap.

Correct ?

Wrong!

Hope you've read the thread I had shared the link for in my post.

If you haven't, sharing it again here

http://www.team-bhp.com/forum/indian...oss-claim.html

Specifically, read the below portion on that thread
(Quoted a part of it here for reference)

At the first look, it looked that the concerned officials at UIIC (Public sector Undertaking) are hell-bent on following rules, that is the transfer of ownership to the company. But, they promptly handover the blank forms 29 & 30 before the payment of the claim. Their idiosyncrasy makes them believe that the moment a vehicle meets with a bad accident, the vehicle and all its benefits entitled, are theirs, conveniently forgetting the laws abiding a contract. Now, one needs to note, that the insurance policy for a new vehicle is generated, prior to delivery, on the ex-showroom (5% less as IDV) price of the car, excluding VAT (GST) and road tax. So in case of a total loss, they are not entitled to the tax refund. Luckily, RTO has made the refund process as a two stepped (cancellation of registration, refund of tax on pro-rata basis). So, these insurance company officials take our signature on the blank forms 29 & 30, in the pretext of rules (which clearly violates Section 55, subsection 1 of MVC act). From now they have two modus operandi
...

[swageo]

Hi,

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". They will auction the car to salvage buyer, and salvage buyer will give me DD. 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 ?

[jokuji]

Even I have got the same reply as the person above me. The insurance company New India Assurance has conveyed that they will treat as salvage loss, meaning they would only give the difference of the IDV-salvage amount-compulsory deduction. So I am told to wait for the auction to go through after which I will get the salvage amount and the rest will be paid by the Insurance company.



This is new and surprising to me as I have seen other total loss cases where IDV was paid upfront and the car was taken by the insurance company.



This new method seems is so unfair as the car is left to rot in the car service yard and what if they find no takers when it is put for auction. Also they car service is going to charge you parking fee as well. Anyone in Kerala who are facing this ?

[audioholic]

Originally Posted by swageo

Hi,

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". They will auction the car to salvage buyer, and salvage buyer will give me DD. 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 ?

Either case, what you will lose out is on the road tax component. IDV of your car will not consist of the road tax which is paid. Hence, even if the insurance company agrees to give you complete IDV amount, the road tax component is still your loss. Hence, in an ideal scenario, the insurance company must scrap your vehicle while you return the RC book and get road tax refund. In this case, it looks like they are playing around with you. Though the process of salvage buyer giving you DD and insurance company paying you the rest is correct, what also matters is whether they want the RC book or not. If they do want RC book, you will have to demand the road tax part to be given to you. Though for an Alto the LTT amount is not very high, it will still make a difference in the final amount you end up with.

https://www.team-bhp.com/forum/india...ities-etc.html (Getting rid of a Total Loss Car. Paperwork, Insurance formalities etc.)

[swageo]

Originally Posted by jokuji

Even I have got the same reply as the person above me. The insurance company New India Assurance has conveyed that they will treat as salvage loss, meaning they would only give the difference of the IDV-salvage amount-compulsory deduction. So I am told to wait for the auction to go through after which I will get the salvage amount and the rest will be paid by the Insurance company.



This is new and surprising to me as I have seen other total loss cases where IDV was paid upfront and the car was taken by the insurance company.



This new method seems is so unfair as the car is left to rot in the car service yard and what if they find no takers when it is put for auction. Also they car service is going to charge you parking fee as well. Anyone in Kerala who are facing this ?

I am done with my insurance claim, HDFC Ergo. They have already identified a salvage buyer who paid me 50% of IDV and company paid me rest (via NEFT). Buyer also gave me an "buyer affidavit" in Rs 100 stamp paper. Its content says, he take all responsibility etc and would do name transfer in 90 days.. But risk is still there !!

Company was ready to give me 48% of IDV, if I want to settle in "Cash loss". In that case, car would remain with me. This was a good gesture from the company, as I have another car insurance with them, also a long timer with them. Usually its only 30% !!. But I decided to go for first option, in which I get full IDV. Its a 10yrs old alto, and fully waterlogged..

But option one is un-ethical from companies side.. They push you for this, instead of "Total loss".

Originally Posted by audioholic

Either case, what you will lose out is on the road tax component. IDV of your car will not consist of the road tax which is paid. Hence, even if the insurance company agrees to give you complete IDV amount, the road tax component is still your loss. Hence, in an ideal scenario, the insurance company must scrap your vehicle while you return the RC book and get road tax refund. In this case, it looks like they are playing around with you. Though the process of salvage buyer giving you DD and insurance company paying you the rest is correct, what also matters is whether they want the RC book or not. If they do want RC book, you will have to demand the road tax part to be given to you. Though for an Alto the LTT amount is not very high, it will still make a difference in the final amount you end up with.

https://www.team-bhp.com/forum/india...ities-etc.html (Getting rid of a Total Loss Car. Paperwork, Insurance formalities etc.)

Yes, LTT value is very less, as its 10yr old alto.