New Soka Rider - IDV - Total Loss - Claim ???

Dear Pankaj Sir,

I want to know few things about insurance claim:

My car was brand new and it went with an accident within a month from purcahase

Its IDV value 540000.

Now the dealer has given a assessment of 440000 in which insurance co. liability is 240000 my laibility is 140000 and some free parts given by dealer is 100000.

can you suggest me can this be considered a total loss case considering the repair amount for it is more than 75% of brand new car.

Also it was a cashless insurance so the insurance company has paid their liabilty to the dealer directly with out checking the car is fully repaired and the car is showing many problem.

Now the dealer is asking me to pay 140000 and collect the unsatisfcatory car. What can be done any suggestion.

Please address me Pankaj Sir.

Total loss is considered when the total expenses involved amount to 80% or more than the IDV.

The depreciation in the 1st 6 months is 0% on all parts other than that of rubber, nylon, plastic, tyre, battery & airbags, and 30% on fibre glass components.  Therefore, I do not understand as to how Insurance Company's liability works out to only Rs.2.40 lac against the total Rs.4.40 lac.  Have you checked the assessments in detail?

Nevertheless, do not accept the car or make any payment if the car has not been repaired properly.  Ask the dealer to rectify the problems conclusively & satisfactorily.

I don't understand how this can be considered 'total loss' if the car is being repaired and returned to the owner...

Also why is there an "owner's liability" clause when own damage is covered by the insurance, upto the insured value of the car except depreciation?

Rather, this is a case of total loss - assessment of Rs.4.40 lac works out 81.48% of IDV Rs.5.40 lac.

Owner's liability is restricted to depreciation - amount not covered/reimbursed by the Insurance Company.  In this case 0% expect for some parts (discussed before).

In this case, the car should not have been repaired in the first place (a case of total loss).  Even if it is, the Insurance Company's liability should work out much higher than Rs.2.40 lac.  Owner's liability would be restricted to 30-50% of some parts only (discussed before) – it would not amount to Rs.1.40 lac unless the car has Airbags (quite expensive – 50% covered under Insurance).  But in that case, how could IDV of a new car with Airbags be only Rs.5.40 lac – that too Skoda Octavia Rider.

What is also surprising is the free parts of Rs.1 lac given by the dealer - never heard so before.  Why should he give any?

Hi,

I own Ford fiesta ZXI (diesel) reg. on 6-Jan-2010

IDV ~ INR 703000

Unfortunately i met with an accident on 2-Jun-2010 and the estimate was ~12 lakh which was given by the ***** servicing company.

The insurance survayor did survey and estimated as below:

SUMMERYOF ASSESSMENT Estiamte Assesed
Spare parts total amount 194.311.00    471.317.26
Labour charge                   59382.00      51,454.95
Spot repair/ towing.                                      0.00
Anticipatory parts                                 75.000.00
Gross amount                  56,464.00    597,772.21
Lesspolicy excess                                     500.00
Lesssalvage value                                29.035.94
Approximate repair charge assesed      568,236.27
IDV = Rs. 703016.00
75% of the IDV = Rs. 527262.00
Total Bil amount=Rs. 692.173.67
werck = Rs. 100000.00
Salvage loss laibility = Rs. 575000.00
Cash loss laibility = Rs. 312529.95

From this estimate I found that he have considered 5% depreciation for the parts which is wrong and it is 0% because the vehicle is less than 6 months old.

They are now forcing me to accept 6.5 lakh and that too 5.75 from insurance and rest after selling the wreck.

They are saying they cannot consider this as total loss.

It is already 4 months passed after the accident.

Please advice how to proceed.

Thanks in advance

If its 'non depreciation' type insurance then everything should be covered by insurance firm. If not then you may have to shell out.

what is meant by 'non depreciation' type?

Regards,

Bimal