[PrideRed]

Originally Posted by smack_himanshu

Hi All,

My car Laura had an accident and was damaged badly. Repair estimate has come out to be around 6.5 lacs as per Jai Auto Gurgaon.
I got a call from insurance person today stating that if I do not want to go through repair route and settle for loss then they would be giving me 7 lacs whereas the IDV was of 9 lacs.

Out of these 7 lacs, 5.3 lacs would be paid by insurance and 1.7 lacs by some person who would be buying the car wreck.

My car had run 85000 kms and was 2013 registered. I was thinking that I should get the total IDV of the car.

What do you guys suggest.

I believe the IDV is the Max amount which your car can fetch. If the repair costs are close to 9 lacs then Insurance would offer you 9. I haven't heard of 3rd party person paying in case of total loss-sounds fishy!

[sdp1975]

Originally Posted by smack_himanshu

I got a call from insurance person today stating that if I do not want to go through repair route and settle for loss then they would be giving me 7 lacs whereas the IDV was of 9 lacs.

The Insurance company is taking you for a ride . Don't settle for anything less than full IDV. You have been premium for 9 lacs and not 7 lacs. Read this post and this post.

If they refuse to pay full IDV , file a complaint with the Insurance Ombudsman . The Ombudsman process is much faster than going to courts - even the consumer courts - and is binding on the Insurance Company ( ie they cannot appeal against the decision). The process is simple and you don't have to hire a lawyer.

[smack_himanshu]

I have just taken the exact amount from service centre which was shared with Insurance company.
The amount is 6,94,182 including labour and taxes which comes out to be 77% of the IDV.

Originally Posted by sdp1975

The Insurance company is taking you for a ride . Don't settle for anything less than full IDV. You have been premium for 9 lacs and not 7 lacs. Read this post and this post.

If they refuse to pay full IDV , file a complaint with the Insurance Ombudsman . The Ombudsman process is much faster than going to courts - even the consumer courts - and is binding on the Insurance Company ( ie they cannot appeal against the decision). The process is simple and you don't have to hire a lawyer.

[Aroy]

Originally Posted by smack_himanshu

Hi All,

My car Laura had an accident and was damaged badly. Repair estimate has come out to be around 6.5 lacs as per Jai Auto Gurgaon.
I got a call from insurance person today stating that if I do not want to go through repair route and settle for loss then they would be giving me 7 lacs whereas the IDV was of 9 lacs.

Out of these 7 lacs, 5.3 lacs would be paid by insurance and 1.7 lacs by some person who would be buying the car wreck.

My car had run 85000 kms and was 2013 registered. I was thinking that I should get the total IDV of the car.

What do you guys suggest.

Do not go by what the insurance agent says. If the IDV is 9 lacs then as per law you are entitled to the whole amount. Insist on the whole amount from them and not lesser amounts they are trying to settle for. If they persist then try the local consumer court. I recollect a similar case where the insurance company promptly paid up the IDV once a complaint was filed.

My sons car was badly damaged and we agreed to their formula, but the car buyer refused to give what the insurance agent had committed. He insinuated that we were at his mercy and as a cartel no one would pay more.

So I strongly suggest that you get the insurance to repair the car fully unless they give you the full IDV.

[drmohitg]

Originally Posted by smack_himanshu

Hi All,

My car Laura had an accident and was damaged badly. Repair estimate has come out to be around 6.5 lacs as per Jai Auto Gurgaon.
I got a call from insurance person today stating that if I do not want to go through repair route and settle for loss then they would be giving me 7 lacs whereas the IDV was of 9 lacs.

Out of these 7 lacs, 5.3 lacs would be paid by insurance and 1.7 lacs by some person who would be buying the car wreck.

My car had run 85000 kms and was 2013 registered. I was thinking that I should get the total IDV of the car.

What do you guys suggest.

Wouldn't you lose less money if you get the car repaired and then sell it immediately. How much would similarly run car fetch in the used car market in the first place, without the accidental history. Do the maths accordingly.

[libranof1987]

Originally Posted by smack_himanshu

Hi All,

My car Laura had an accident and was damaged badly. Repair estimate has come out to be around 6.5 lacs as per Jai Auto Gurgaon.
I got a call from insurance person today stating that if I do not want to go through repair route and settle for loss then they would be giving me 7 lacs whereas the IDV was of 9 lacs.

Out of these 7 lacs, 5.3 lacs would be paid by insurance and 1.7 lacs by some person who would be buying the car wreck.

You should get the IDV, nothing less. Don't agree to this guy's terms.

Originally Posted by PrideRed

I believe the IDV is the Max amount which your car can fetch. If the repair costs are close to 9 lacs then Insurance would offer you 9. I haven't heard of 3rd party person paying in case of total loss-sounds fishy!

This isn't actually unusual; some part (on some occasions, even the entire amount) of the reimbursement is often directly from the person who the car goes to.

Originally Posted by drmohitg

Wouldn't you lose less money if you get the car repaired and then sell it immediately. How much would similarly run car fetch in the used car market in the first place, without the accidental history. Do the maths accordingly.

Getting the car repaired will still involve some amount to go from his pocket (standard deductible, consumables, depreciation). Add to that, the hassle of selling: a) a Laura, b) an accidental Laura. The buyer will have a field day negotiating the price down.

[prithm]

Originally Posted by Aroy

Do not go by what the insurance agent says. If the IDV is 9 lacs then as per law you are entitled to the whole amount. Insist on the whole amount from them and not lesser amounts they are trying to settle for. If they persist then try the local consumer court. I recollect a similar case where the insurance company promptly paid up the IDV once a complaint was filed.

My sons car was badly damaged and we agreed to their formula, but the car buyer refused to give what the insurance agent had committed. He insinuated that we were at his mercy and as a cartel no one would pay more.

So I strongly suggest that you get the insurance to repair the car fully unless they give you the full IDV.

This is the right way. Go for full insured value. What is mentioned in the document is the amount that the insurance company is liable to pay. Have a strong handed discussion with the insurance company. If they don't budge, then leave with a last dialogue of "Meet you in Consumer Court".

They will not budge until a legal notice or summon from court reaches them.

[smack_himanshu]

Originally Posted by Aroy

Do not go by what the insurance agent says. If the IDV is 9 lacs then as per law you are entitled to the whole amount. Insist on the whole amount from them and not lesser amounts they are trying to settle for. If they persist then try the local consumer court. I recollect a similar case where the insurance company promptly paid up the IDV once a complaint was filed.

My sons car was badly damaged and we agreed to their formula, but the car buyer refused to give what the insurance agent had committed. He insinuated that we were at his mercy and as a cartel no one would pay more.

So I strongly suggest that you get the insurance to repair the car fully unless they give you the full IDV.

I had a discussion with Insurance person again today. He said the same thing , to settle for 7 lac rupees. I have demanded to get my car repaired or pay the full IDV.

I have raised a grievance in Bajaj Allianz also and waiting for a reply from them.

[anandpadhye]

You should get full IDV in case of total loss, no negotiations. Raise it to IRDA, if BajajAllianz don't comply.

[smack_himanshu]

Originally Posted by anandpadhye

You should get full IDV in case of total loss, no negotiations. Raise it to IRDA, if BajajAllianz don't comply.

Update:-

Insurance person saying that your car is repairable and we will give approval for repair, hence they are not considering it for total loss. According to them for car to be treated as total loss it should be irreparable.

If I want to go for monetary value then only it will be for 7 lacs only.

[anandpadhye]

Originally Posted by smack_himanshu

Insurance person saying that your car is repairable

That's what I thought and in that case may be they are right. In my case, car was not repairable and there was no negotiation, they paid full IDV.

Another aspect to review in your case is how severe is the damage and can the car be as safe to drive after repairs as it was before the accident. And that, according to me, will be the most important criterion in making the decision.

[Turbanator]

If I want to go for monetary value then only it will be for 7 lacs only.

If the damage is too much, better take 7 lac and book losses. No matter which dealer repairs, your car will never return to original shape and you will lose on resale when it's time to sell, so better take the hit now.

[smack_himanshu]

Attaching car pic taken after accident. So I think better to take 7 lacs.

[prithm]

Originally Posted by smack_himanshu

Attaching car pic taken after accident. So I think better to take 7 lacs.

I am not sure if you should do that. Looks like you got ploughed into a street light pole side ways and its hard to guess if front and rear axles are way off alignment.

Insurance company may least care of your safety since its their money in line. Get a second opinion on the status of the car and its future usability and then take a call. Better to junk the metal than play with lives of people.

[smack_himanshu]

Originally Posted by prithm

I am not sure if you should do that. Looks like you got ploughed into a street light pole side ways and its hard to guess if front and rear axles are way off alignment.

Insurance company may least care of your safety since its their money in line. Get a second opinion on the status of the car and its future usability and then take a call. Better to junk the metal than play with lives of people.

I have seen the list of parts needed for repair. It does not contain any component related to axle. The service adviser also suggested that its better you take the money as in re-sale I may not get same amount of money.