Insurance claim / total loss / bank loan (i10 )

i recently met with an  accident on my 3month old i10.....i decided to accept  cash loss option offerd by icici insurance...wherein icici will pay me insurance value....what is the procedure to transfer my car in their name..i have load of amount 1lakh from sbi ..

I guess you mean total loss.  For transferring/surrendering the car to Insurance Company, you will only need to sign the documents etc. Rest will be manged by by the Insurance Company before settling the claim. 

Please note... The Insurance company will be remitting the amount of claim settled directly to the bank, as per bank clause/rider mentioned in the policy. You will then have to settle the account (+/-) with the bank.  I trust you have intimated the bank about the accident / total loss.

Could you please explain, what is meant by TOTAL LOSS (obviously. in this context)?

A vehicle is declared/treated as 'total loss' when the cost of repairs are estimated to be 80-85% or more than the IDV (Insured Declared Value) of the vehicle.

then what will be done by the insurance company?

The insurance company pays the owner the amount of total loss / IDV.  The vehicle is retained by the Insurance Company & sold as salvage/scrap.

Hi

Similar to the case mentioned, ICICI Lombard has offered me a 'cash loss' of 425,000 for my total loss claim, IDV for my car is 473,200.

They say I will never get the entire amount as 'terms and conditions' apply and as per their accounting rules, I will get a 'cash loss' value. Total loss is paid only in the case of stolen cars.

Please suggest what should be my next course of action here.

Yes, there are certain terms & conditions.  The estimate of repairs too is taken in to account. Have a look at these threads/discussions - one & two.

In case of theft, generally 100% IDV is considered for payment.  However, if the duplicate key is not available, 15% of IDV is deducted.  I'm not very sure but even if service book is not available, another 5% (or so) is deducted (we should never keep service book in the car).

Thanks Pankaj, really appreciate such a prompt response.

The cost of repairs estimated by the workshop was Rs. 555,000/- and their own surveyor has assessed it at Rs. 400,000/-.

That is 85% of IDV, which is Rs. 473,200/-. As per the policy document, I should get the entire sum insured.

But ICICI Lombard initially offered Rs. 400,000/- and have increased it to Rs. 425,000/- now.

Yes (also discussed in other threads referred) - but it's hard to get the entire amount/IDV - since there are so many riders they refer to & also reassess the IDV.  Try & negotiate - ask for detailed calculations etc.