car accident after expiry of insurance

hello,

              i am in big mess ,i buyed new tata indica dls , in march 2008,i took insurance from

new india insurance for one year and loan from icici bank of 2 lakh twenty thousand,

everything was running fine and aftter one year insurance expired and i forgot to renew,big mistake, and last month in september2009 my dad had accident  car rammed in side cement railling of road,it is big damage to my car complete front of car including engine

got destroyed,with estimation from dealer of 260000 rs i was shocked.my current loan amount is 170000

present damage car value is 50000 rs only,is there any way out,because i am unable to repay loan ,its big loss to me

can anybody tell me how to deal with this situation i am lost

MODS do the Rescue.

I feel sorry for you Mahesh,its good that nothing has happened to anyone.

Dont worry about it too much.Things happen at the end of the day,We all are humans.

Time will heal everything,just be little patience and am sure everything will fall back in place.

By the way can you post the pic of the car?

I still feel thats a very huge estimate and is surely not a real one.

Success is not final, failure is not fatal: it is the courage to continue that counts.

In which month your insurance expired? It has to be renewed within 30 days.

Try to make some arrangement with the Insurance agent from New India Insurance so that they avoid the re inspection of your car as after expiry of 30 days grace period its mandatory inspection.

Even if you will go for another insurance company, they will also do the inspection.

There is no way now to claim from the insurance.

Try to get it renewed with some sort of settlement with insurance agent

Oh, that's very sad.  As far as insurance & bank are concerned...

Your insurance has expired since March 2009 (accident occurred in Sep 09).  Sorry, nothing can be done. Had it been within a month of expiry, insurance company may have been able to accommodate (provision exists). 

I'm surprised as to how it went unnoticed by the bank - they should have brought to your noticed immediately. The blame, however, doesn't shift on them.  Or may be they may have intimated but you didn't take notice of it.  Anyway! 

Regarding the loan, am sorry to state, you will have to repay the loan.  You can request the bank for some concessions & waiver of interest, pre-payment penalty etc.

Edit: Sorry Praveen, I didn't notice your post while I was typing/posting mine.  In this case, as the gap exceeds 30 days (expiry of policy & accident), I don't think anything would help.  Had the gap been marginally beyond the permissible 30 days, something could have been manipulated (just a guess - not sure).

Honesty is not a Spare Wheel that you pull out when in trouble. It's a Steering Wheel that keeps you on the right path throughout the life's journey.

Mahesh, I am as well everybody in this forum really feel sorry for this. Please console yourself & try to overcome from this problem in some other means. In life sometime happens like this beyond our control things goes off. Itz not easy to digest but the things has to carry on. Please do not depress too much. Approach the bank & seek some extended time-line for some sort of revival. Jay