[Voodooblaster]

Originally Posted by goenkakushal

Total Loss. It is not dependent on liability of insurance company .

Eg. IDV of vehicle : 10Lacs
Repair estimate :7.6 lacs
Insurance co Liability :6 Lacs
(Depreciation due to age , what exactly do you mean by that ? IDV is calculated after considering deprecation )

Forgive me for making the slightly confusing statement in the earlier thread. Depreciation is applicable on the parts for repair claims.

In above mentioned case , repair liability is Rs 7.60 lacs

For a nil depreciation policy, the repair liability of Ins Co will be nearly 7.60 lacs. Ie the cost of parts is considered in full. Since 7.60 lacs is more than 75% of 10 lacs, ins co treats it as a total loss

Now consider a package policy. Each and every part that forms the repair estimate takes a depreciation hit. Plastic/Fibre/Rubber take 50% hit. Metal parts depcn rate increases with age of vehicle.

Lets assume that 2 lacs is the depreciation hit on parts for repair basis.

Insurance company liability: 7.60 -2 = 5.60 lacs

Since 5.60 lacs is less than 75% of 10 lacs (IDV) , insurance company will pay Rs 5.60 lacs once you submit the repair bills and not consider it as a total loss case.

This underscores the importance of Nil Depreciation Policies

For total loss full IDV minus excess is to be paid. Excess is Rs 1000 for cars below 1500 cc, and Rs 2000 for cars above 1500cc

[Dwaipayan26]

Was at my local FNG today to get our WagonR's boot release fixed when I came across this Elantra:










A flooded Elantra. The engine is probably hydro locked as it was being pushed around.

The engine pic reveals that the water level was above the engine.

Some unlucky soul of Kolkata will probably end up with a flooded Elantra.

Thanks,
D

[sunilch]

Came across a decent looking BRV recently on OLX and got in touch with the seller in Mumbai Suburbs. Car was from Kolhapur and the seller had some stupid unbelievable story to tell when I asked why is he selling it here and why the RTO is Kolhapur. He then mentioned he is 2nd owner and hasn't transferred the ownership.

This got me suspicious of this flooding issue as I remember we have had floods in Kolhapur in last two years. Checked the service history at Honda ASS and viola, this was indeed a flooded car.

[newtonthinks]

My wife's car, Automatic Baleno Alpha (2018 make), got into an accident on a highway, one and half months back. No one was injured, but the automatic transmission assembly was severely damaged, the authorized body shop quoted 5L for replacing it, and the total cost of repairing quoted was 8.75L. The IDV was around 4L.

The Insurance company wrote a letter that they would settle the claim as s "TOTAL LOSS - NET OF SALVAGE BASIS."

The letter to the concerned RTO mentioned, "you are requested to cancel the RC, as per prevailing norms and/or provisions etc., enabling us to proceed with settlement of the said claim as mentioned above."

According to the Insurance Company (New India), after the RC is cancelled, the highest bidder (among minimum three bidders) would acquire the salvage and that amount would be paid to the insured. The rest amount (IDV minus Salvage amount) would be paid by the Insurance company.

The RTO says the rule is to first scrap the vehicle, capture video, submit the cut our engine and chassis number, deposit them, including the video of the scrapping process. After the vehicle is scrapped, then only the RC would be cancelled by them.

Now we are in a fix, who is right. First scrap and then cancel RC? Then what happens to the salvage value after the vehicle is scrapped?

Or if the rule is to first cut out the engine and chassis number, deposit them, including the video of this cutting, for the RTO to cancel the RC. The rest of the vehicle remains as it is, for the salvage buyer.

Any help would be greatly appreciated.