Total Loss claim

My car is insured for a Total IDV of 680910.00 for 0 depreciation. I have a claim of rs 436000/ for repairs from the company which is lower than 75% of value of insurance. The insurance Co is not sanctioning repairs but calculating total loss on salvage basis of rs 360000.00 for the car & are willing to pay 319910.00 as insurance value. Our argument is that we do not want total loss but as the repair cost is below 75% the car should be repaired. Can the Insurance Co. force you to accept their ruling?

Quote:

---

My car is insured for a Total IDV of 680910.00 for 0 depreciation.

---

How come your IDV is with 0% depreciation. It should be with 5% depreciation?

Read -
How IDV(Insured's Declared Value) is calculated?

Quote:

---

I have a claim of rs 436000/ for repairs from the company which is lower than 75% of value of insurance. The insurance Co is not sanctioning repairs but calculating total loss on salvage basis of rs 360000.00 for the car & are willing to pay 319910.00 as insurance value. Our argument is that we do not want total loss but as the repair cost is below 75% the car should be repaired. Can the Insurance Co. force you to accept their ruling?

---

No. It should be agreed between you and insurance company.

The negotiations depends on various factors -
1- Who is at fault
2- Evidence available about accident
3- Car condition after accident (repairable/non repairable)
4- Garage Estimate (more than or equal to IDV)
5- Surveyor's report (observations made by the surveyor)

Sometime it's hard to get the entire amount/IDV - because there are so many riders etc. So always Try & negotiate - ask for detailed calculations before agreeing on anything etc.

Source - First & Second