[madbullram]

Hello all,
I know RTI has been discussed before but this is a very specific question and also an interesting one which all car owners needs to be aware. I had bought my Thar RWD on Feb 2023 and took RTI with ICICI Lombard in spite of higher premium because of the RTI wordings in the policy:

Link to IRDAI filing: Attached with the post

ADD-ONS FOR BUNDLED - PRIVATE CAR POLICY

Return to Invoice
In consideration of the payment of an additional premium as specified and shown in the policy schedule, the Company hereby undertakes to pay the Sum Insured under this add-on, determined as the difference between the Insured’s Declared Value (IDV) of the insured vehicle and the total actual expenses incurred towards acquisition of a new
vehicle of similar make and model to the insured, as specified in the on-road price listed by the manufacturer/Dealer upon the occurrence of Total Loss/ Constructive Total Loss as defined in the Policy
Provided always that

On-road price means the actual expense incurred towards acquisition of a new vehicle and includes the value of factory fitted accessories or car dealer accessories at the time of purchase. On road price will also include any amount paid towards registration of the insured Vehicle, road tax and cost of insuring the vehicle.

In case of obsolete models, the last selling price of the vehicle will be considered to pay the Sum Insured under this add-on

Subject otherwise to the terms, exceptions, conditions and limitations of this Policy.

The key here is the mention of car dealer fitted accessories at the time of purchase. My Thar was completely submerged in the Chennai Dec floods and was declared total loss at the service centre by the ICICI surveyor.

1. First the surveyor and claim handler argued that RTI means only cost of the purchased vehicle and not the new vehicle.

2. I sent them the IRDAI filing and policy wording, then after multiple conversation, they have now come back saying they will pay Cost of the new vehicle + registration & road tax + Basic OD premium (INR 16,000) and will not pay full insurance cost (dealer quote is around INR 80k with all add-ons I had in my previous insurance policy) and also denied payment for dealer installed accessories which I had bought during purchase of my 2023 Thar.

If I accept this, around 1 lakh rupees I will have pay more to procure the same vehicle model with the same accessories and insurance. I am now asking them the policy wording where it states only Basic Insurance premium will be paid and where dealer fitted accessories are not covered as I have furnished evidence from the policy document and the IRDAI filings both are covered.

Has anyone claimed RTI with ICICI?
Did you get full insurance and accessories cost from ICICI?
Any thoughts on how I should deal with this?

If this comes through I think we all should insure our new vehicles with ICICI RTI because only ICICI's RTI has these included in it.

Thanks in advance.

Note:
1. Some insurers have clearly mentioned in their policy RTI exclusions only basic insurance, no accessories etc but ICICI has not. So please do not refer me to those.

2. I know I am stretching this and there will be view point to close this and take the money. But isn't it my right to claim what I have paid for ?

[ghodlur]

Sad to know the loss of your car.

I am surprised at the wording and went through them twice. None of the Insurance cos offer dealer installed accessories in the ex showroom cost. I would not agree to the request that the Insurance amount paid during the car purchase should be a part of the RTI claim. The reason for taking the Insurance is to make a provision for the RTI claim in case of any unfortunate event. Was the dealer accessories also insured?

I am even more surprised that RTI claim is admissible for flood hit claims as the conditions included in most of the Insurance cos are only during theft or in case of any external collision. Below is the wording of Tata AIG RTI T&C for example. "Force majeure" is generally not applicable for RTI claims in my opinion, I may be wrong.

We will pay the financial shortfall between the amount You receive under section 1 of the policy and the purchase price of the Vehicle as confirmed in the invoice of sale OR current replacement price of new vehicle in case exactly same make/model is available, whichever is less, in the event of Your Vehicle being a Total Loss / CTL following an accident or stolen during the period of insurance and not recovered. We will also reimburse the first time registration charges and road tax which You had incurred on the insured Vehicle.

[ike]

Originally Posted by ghodlur

I am even more surprised that RTI claim is admissible for flood hit claims as the conditions included in most of the Insurance cos are only during theft or in case of any external collision. Below is the wording of Tata AIG RTI T&C for example. "Force majeure" is generally not applicable for RTI claims in my opinion, I may be wrong.

Shouldn't RTI be applicable in case of a total loss whether it is a collision or otherwise? Force majeure can be invoked only for black swan events AFAIK and flooding isn't one of them, or is it?

[madbullram]

Originally Posted by ghodlur

Sad to know the loss of your car.

I am surprised at the wording and went through them twice. None of the Insurance cos offer dealer installed accessories in the ex showroom cost. I would not agree to the request that the Insurance amount paid during the car purchase should be a part of the RTI claim. The reason for taking the Insurance is to make a provision for the RTI claim in case of any unfortunate event. Was the dealer accessories also insured?

I am even more surprised that RTI claim is admissible for flood hit claims as the conditions included in most of the Insurance cos are only during theft or in case of any external collision. Below is the wording of Tata AIG RTI T&C for example. "Force majeure" is generally not applicable for RTI claims in my opinion, I may be wrong.

I was also surprised with the wording and that is why I went with ICICI instead of others paying higher premium. My question is given the policy wording is insurance and accessories applicable or not? Lets not debate on what is generally applicable or included. Also, the policy does not exclude flood damaged vehicles from total loss or RTI.

Mine is with ICICI Lombard and I have attached the RTI wording as they filed in IRDAI. Can we keep discussion specific to ICICI policy wording please!

[ex-innova-guy]

Car/Bike insurance policies have a specific section for accessories- Electrical, Non-Electrical and CNG/LPG. If your policy does not explicitly state the amount regarding it, I don't think they will be liable to pay you the accessories amount. This section is afterall for you to mention it and if you haven't then they will hold it against you.

Do let us know how it pans out.

[blackwasp]

Dealer fitted accessories can be incorporated into the insurance by paying an additional extra. For my car, the dealer added some minor amount for the basic accessories. I think the point is that if this is not reflected in the policy at the time of purchase, it becomes difficult to ensure what all has been added as accessories.



Insurance cost is to be included in the RTI. Thats the entire basis of taking an RTI policy. I think for the accessories please check if its included in your policy (example of my car's policy attached).

[madbullram]

Originally Posted by blackwasp

Insurance cost is to be included in the RTI. Thats the entire basis of taking an RTI policy. I think for the accessories please check if its included in your policy (example of my car's policy attached).

Thanks, I did not add it. The policy does not state it should be included. Next time I will ensure I do. Let's see what they come back to me

[Turbanator]

Originally Posted by madbullram

Thanks, I did not add it. The policy does not state it should be included. Next time I will ensure I do. Let's see what they come back to me

Can you not salvage such accessories, or are these damaged as well?

I never opt for such costly insurance (RTI, etc), but it looks like, in case of natural calamities, this can be worth the additional expenses.

[arun_josie]

Originally Posted by madbullram

Has anyone claimed RTI with ICICI?
Did you get full insurance and accessories cost from ICICI?
Any thoughts on how I should deal with this?

If this comes through I think we all should insure our new vehicles with ICICI RTI because only ICICI's RTI has these included in it.

You can check the below post/thread, very similar scenario,
https://www.team-bhp.com/forum/india...ml#post5370970 (My brand-new Jeep Compass is in a flooded basement | Now what?)

[madbullram]

Originally Posted by arun_josie

You can check the below post/thread, very similar scenario,
https://www.team-bhp.com/forum/india...ml#post5370970 (My brand-new Jeep Compass is in a flooded basement | Now what?)

I already read in detail and messaged the OP but unfortunately he is not active and not able to get information on if he got full insurance . His reply in thread does not state clearly what all components were paid as part of on-road. He said accessories were not paid and i messaged asking if he pushed or not.

[quickdraw]

I would ask them to give it in writing, take the rest of the claim and file a request with insurance ombudsman for the partial claim repudiation.

[beingvinodh]

I have exactly the same situation for my Hyundai Venue N Line where ICICI Lombard isn't paying for the accessories installed. My car has been deemed total loss due to flood where I've been told I'm getting back ex showroom price + road tax only. The estimate cost 5K and I don't thnk they are covering that too. Awaiting for explanation from ICICI Lombard.

[madbullram]

Originally Posted by beingvinodh

I have exactly the same situation for my Hyundai Venue N Line where ICICI Lombard isn't paying for the accessories installed. My car has been deemed total loss due to flood where I've been told I'm getting back ex showroom price + road tax only. The estimate cost 5K and I don't thnk they are covering that too. Awaiting for explanation from ICICI Lombard.

Assume you have the RTI and the same clause as mine. Currently, after escalation etc, they have offered : New car ex-showroom price + road tax + registration + Basic OD premium including GST. I am still asking them for legal clarification why accessories and full insurance is not covered.

Get the offer on email and then reply to them with the RTI statement and copy the grievance officer. https://www.icicilombard.com/grievance-redressal

I have update what happened.

[madbullram]

Update: ICICI was not able to furnish clear exclusion causes or wording which states only Basic OD premium will be paid and full cost of insurance. So I have a filled online grievance complaint with IRDAI and have sent the entire email chain to GRO if ICICI.

Request to mods: Can you please change title to ICICI Lombard - Rejects Comprehensive Insurance Cost and Dealer Accessories in spite of Return to Invoice Cover

[ninjatalli]

I would think they would focus on the minimum / basic insurance coverage that satisfies the mandatory requirements (3rd party + OD). If that is covered in their final offer, think the policy wording would be satisfied by it (rather than your expectations of all the additional covers to be catered to). Anyway, all the best for your complaint resolution. Keep us posted.