Total Loss - Car catches fire

[vijaygawde]

I was owner of Hyundai Santro Car. Bought in 2005. CNG gas kit fitted in year 2008. On last Sunday, I was going to my friends home, in between in the traffic, it catches fire. May be due to internal heat. My query is that - In the case of constructive total loss, how much value would I get? The vehicle insured value was 1.2 Lakh.

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[CONFUSED]

Its very sad. What exactly happen to the car? short circuit?
You will get the Insured Declared Value (which is 1.2 lakh) - depreciation.

[Rahul]

CNG gas kit fitted in year 2008.

Is Car RC is updated with CNG gas kit fitted and insurance company has the knowledge of it.

[vijaygawde]

Is Car RC is updated with CNG gas kit fitted and insurance company has the knowledge of it.

I need to check the RC. The Car has been insured with the same company for last 3 years.

[Nilesh]

What is Constructive Total Loss?

[PolicyWala]

What is Constructive Total Loss?

Partial loss of such significance that the cost of restoring damaged property would exceed its value after restoration. For example, an automobile is so badly damaged by fire that fixing it would cost more than the restored vehicle would be worth.

[vijaygawde]

Is Car RC is updated with CNG gas kit fitted and insurance company has the knowledge of it.

I have checked the RC and CNG Kit has not updated on it. What I have filled in the proposal form for insurance, I do not remember now. But in the policy nothing related to CNG kit is mentioned.

Rahul - Is now, I need to inform Insurance company about the same?

[Rahul]

I have checked the RC and CNG Kit has not updated on it. What I have filled in the proposal form for insurance, I do not remember now. But in the policy nothing related to CNG kit is mentioned.

Rahul - Is now, I need to inform Insurance company about the same?

Vijay - I am afraid, if you have not updated RC with CNG and not paid premium for the same (As not mentioned on the policy document), the claim would be declined. Now, no need to inform the insurance company.

[vijaygawde]

Vijay - I am afraid, if you have not updated RC with CNG and not paid premium for the same (As not mentioned on the policy document), the claim would be declined. Now, no need to inform the insurance company.

But for the last three years, I am insuring with the same company. So why this matters that whether RC is updated or not. And this may be the case only when , the fire occurred due to CNG.
Waiting for the actual cause, but you guys afraid men that I would not get the claim. (means 1.2 lakhs gone, )

[Rahul]

But for the last three years, I am insuring with the same company. So why this matters that whether RC is updated or not. And this may be the case only when , the fire occurred due to CNG.

Vijay - It's the insured duty to give insurance company, it is called as Utmost Good Faith (Principles of Insurance). So you have to inform each and every changes happen with the insured product like change of address, additional addon like CD player etc.

Waiting for the actual cause, but you guys afraid men that I would not get the claim. (means 1.2 lakhs gone, )

Hoping for best for you. Fingers crossed.

P.S. - I am not against your claim, just bringing in, what ever knowledge I have.