Total loss car insurance claim?

[mkhasan]

Last year in Aug’2009, I have bought New Hyundai i10 for Rs. 5,00,000/-. It has been insured for IDV Rs. 4,75,000/-. Last week, on Jaipur-Delhi Highway, it met with an accident with a truck and it is 90% damaged. So it is surveyed by Bharti Axa General Insurance’s Surveyor and declared it total loss. Now Bharti Axa General Insurance Company asked me to take Rs. 4,25,000/-. I am insisting that I should get IDV. As this is the value (accepted by Insurance company), by which it been insured for one year. Is my demand is wrong? Please advice.

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[Manish_Kumar]

it is surveyed by Bharti Axa General Insurance’s Surveyor

Surveyor might or might not be from the insurance company. In house surveyors of the insurance company survey for less value claims. High value claims normally surveyed by independent survey companies. In total loss the surveyor normally from independent survey company.

[PolicyWala]

Last year in Aug’2009, I have bought New Hyundai i10 for Rs. 5,00,000/-. It has been insured for IDV Rs. 4,75,000/-. Last week, on Jaipur-Delhi Highway, it met with an accident with a truck and it is 90% damaged. So it is surveyed by Bharti Axa General Insurance’s Surveyor and declared it total loss. Now Bharti Axa General Insurance Company asked me to take Rs. 4,25,000/-. I am insisting that I should get IDV. As this is the value (accepted by Insurance company), by which it been insured for one year. Is my demand is wrong? Please advice.

The insurance company has taken the depreciation into account. And second the amount payable at the time of total loss is negotiable between insurer and policyholder/insured.

[mkhasan]

The insurance company has taken the depreciation into account. And second the amount payable at the time of total loss is negotiable between insurer and policyholder/insured.

Then what is the significance of IDV?

[Matrix]

Then what is the significance of IDV?

The IDV is treated as 'Market Value'. But still the insurance company negotiate with the policyholder/insured for the amount of the claim inn total loss. It is quite normal. No need to worry about it.

[mkhasan]

But in plus the insurance company also getting the scrape value of car after total loss.

[Aakash]

I have heard that you would get the IDV in case of theft and total loss. Now it is new info for me. So even in case of theft also we get the less value (after depreciation)?

[Matrix]

But in plus the insurance company also getting the scrape value of car after total loss.

This logic is not right. It is part of terms of the contract.

I have heard that you would get the IDV in case of theft and total loss. Now it is new info for me. So even in case of theft also we get the less value (after depreciation)?

In case of theft 100% IDV is given. There are some additional conditions in it like – If no duplicate key deposited with insurer than (IDV minus 15%) is given etc.

[mkhasan]

How the depreciation comes into consideration in claims?

[Matrix]

How the depreciation comes into consideration in claims?

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