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Thread: Salvage selling in case of total Loss

  1. #1
    NewBie
    Join Date
    Jul 2013
    Location
    India
    Posts
    1

    Default Salvage selling in case of total Loss

    My car was assessed as total loss after an accident.

    The insurance company agreed to pay total IDV less cost of salvage.

    Now the question is - is salvage selling the responsibility of the Insurance company or the Insured?
    Because they said that they will pay only the sum less the salvage value, which we have to find a buyer for the salvage and sell it to him by our own.

    Isn't the selling of salvage the responsibility of the insurance company?


    thanks
    Suhail



  2. #2
    Moderator Matrix's Avatar
    Join Date
    Jul 2009
    Location
    India
    Posts
    258

    Default

    I think they had offered you the "Net off Salvage" where you have to find a buyer for your car. It's between you and the insurance company, you can also ask insurance company to take the salvage and pay you the full amount.

  3. #3
    Moderator Matrix's Avatar
    Join Date
    Jul 2009
    Location
    India
    Posts
    258

    Default

    If you are not happy with the way insurance company handling, you can lodge complaint with IRDA.


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