Fortuner stolen | Return to invoice cover | Insurance co says variant discontinued

kaustubhp · 5th December 2021, 14:24

Hi. The phrase 'Loss Date' has been capitalised. Can you please look through your policy to see if that is defined? Don't want any devil in the detail.

It is unfortunate that if a variant is discontinued, then the last known ex-showroom would be given. Creta was sold in SX Model before and is sold currently also, however, it is different in every aspect including price. At the same time, Hyundai (and Kia) car buyers are at the most risk because they keep discontinuing variants. Seltos GTX has been replaced with GTXO. Imagine someone buying HTX+ variant of Seltos in Petrol, which has been discontinued now. Technically, they should be getting the current equivalent model price when reading the policy terms but cannot help.

I think you should take a shot before Ombudsman or District Consumer Forum. Do not have much expectations from former because they read the provisions as is and only in flagrant violation or obvious breach, will they help the consumer. Your case requires thorough adjudication which can only be done by District Forum.

enj0y_ride · 5th December 2021, 17:43

I guess most insurers would have standard clauses for stoppage of production of particular model. Here is what my United India policy states :
" If Manufacturer's Current Listed Selling Price is not available due to withdrawal or stoppage of production of vehicle, the latest available
market price of the vehicle at the commencement of insurance /renewal shall be considered."

Also can the owner elaborate on the incident as well to help others take any additional precautions

sainik · 5th December 2021, 17:58

Good Evening Dear Members,

Matter got settled without any hassle for current 4x4 AT Ex-showroom Price + Registration charges and Insurance Premium.

There was no hindrance put by insurance company. It seems the objection was not from their end but from surveyor end..

Anyway, thanks for valuable inputs.

Again a BIG THANKS to ADITYA for putting up this thread initially on my behalf. I was unable to access my account initially and that's the reason for making a request to Aditya to post on my behalf who willingly obliged.

Further as TURBANATOR stated that this was not an enjoyable way to start the membership but still isn't it the essence of this Forum that we can discuss all our issues related to automobiles whether its first post or thousandth post. Still Thanks goes to Turbanator to welcome me on this Forum.

Love to be a part of this Forum.

Regards

Mickey1986 · 7th December 2021, 18:06

Glad this is matter is solved now. I have a similar question.

I am planning to buy a 2021 used Ecosport. Now that the company is not operating in India, will insurance companies still provide RTI and if yes will they honor that?

batish · 15th March 2022, 23:52

Quote:

Originally Posted by sainik

There was no hindrance put by insurance company. It seems the objection was not from their end but from surveyor end..

Sir, can you please mention the insurance company you dealt with?

5th December 2021, 14:24	#46
kaustubhp BHPian Join Date: Aug 2021 Location: New Delhi Posts: 35 Thanked: 50 Times	Re: Fortuner stolen \| Return to invoice cover \| Insurance co says variant discontinued Hi. The phrase 'Loss Date' has been capitalised. Can you please look through your policy to see if that is defined? Don't want any devil in the detail. It is unfortunate that if a variant is discontinued, then the last known ex-showroom would be given. Creta was sold in SX Model before and is sold currently also, however, it is different in every aspect including price. At the same time, Hyundai (and Kia) car buyers are at the most risk because they keep discontinuing variants. Seltos GTX has been replaced with GTXO. Imagine someone buying HTX+ variant of Seltos in Petrol, which has been discontinued now. Technically, they should be getting the current equivalent model price when reading the policy terms but cannot help. I think you should take a shot before Ombudsman or District Consumer Forum. Do not have much expectations from former because they read the provisions as is and only in flagrant violation or obvious breach, will they help the consumer. Your case requires thorough adjudication which can only be done by District Forum.
	() Thanks

5th December 2021, 17:43	#47
enj0y_ride BHPian Join Date: Oct 2021 Location: Kochi Posts: 192 Thanked: 627 Times	Re: Fortuner stolen \| Return to invoice cover \| Insurance co says variant discontinued I guess most insurers would have standard clauses for stoppage of production of particular model. Here is what my United India policy states : " If Manufacturer's Current Listed Selling Price is not available due to withdrawal or stoppage of production of vehicle, the latest available market price of the vehicle at the commencement of insurance /renewal shall be considered." Also can the owner elaborate on the incident as well to help others take any additional precautions
	() Thanks

5th December 2021, 17:58	#48
sainik Newbie Join Date: Jun 2020 Location: Delhi Posts: 4 Thanked: 41 Times	Re: Fortuner stolen \| Return to invoice cover \| Insurance co says variant discontinued Good Evening Dear Members, Matter got settled without any hassle for current 4x4 AT Ex-showroom Price + Registration charges and Insurance Premium. There was no hindrance put by insurance company. It seems the objection was not from their end but from surveyor end.. Anyway, thanks for valuable inputs. Again a BIG THANKS to ADITYA for putting up this thread initially on my behalf. I was unable to access my account initially and that's the reason for making a request to Aditya to post on my behalf who willingly obliged. Further as TURBANATOR stated that this was not an enjoyable way to start the membership but still isn't it the essence of this Forum that we can discuss all our issues related to automobiles whether its first post or thousandth post. Still Thanks goes to Turbanator to welcome me on this Forum. Love to be a part of this Forum. Regards
	(20) Thanks

7th December 2021, 18:06	#49
Mickey1986 BHPian Join Date: Oct 2020 Location: DL/HR/KA Posts: 71 Thanked: 92 Times	Re: Fortuner stolen \| Return to invoice cover \| Insurance co says variant discontinued Glad this is matter is solved now. I have a similar question. I am planning to buy a 2021 used Ecosport. Now that the company is not operating in India, will insurance companies still provide RTI and if yes will they honor that?
	() Thanks