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Date : Jul 21, 2008

Question

I have a hyundai accent ( which was covered for IDV 228000 INR last year), the vehicle is 6 years old, my vehicle has cuaght fire on 30th june 08, the damages amount to a total loss claim, however my insurace company says they will reimburse only 1.5 lac & not the total amount if i give them the car, are they correct in doing so...pls advise urgently...thanku

Answer

To the best of our knowledge insurance companies always deduct some amount on account of compulsory deductibles (depreciation and wear and tear) and voluntary deductibles.

If you are claiming for total loss, insurance company by virtue of insurance contract has all the rights on the remaining parts of the vehicle. If you don't give it to insurance companies they will deduct equivalent amount ( salvage value) from the claim payable to you under your car insurance policy.

 

 

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