Insurance companies have to pay the IDV (Insured Declared Value) for a Total loss vehicle
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Motor Insurance companies are taking the Insurers for a ride.
In the recent developments, happening around I have come across situations and I am also the person who has suffered or about to suffer the loss during a total loss claim.
The car met with an accident and it was estimated as a total loss by both the Service center and the Insurance surveyor. I have followed the procedure to cancel the RC (Registration Certificate) as the vehicle can not be repaired.
The IDV of the vehicle as per the Insurance policy is 1.88 Lakhs, now surveyor is saying that I can only give you 30,000 as the car is 10 years old and so on so forth.
I am urging everyone to sign this petition so that the insurance companies are obliged to pay the IDV which is mentioned in the policy. The IDV is arrived by the Insurance companies and the premium is calculated based on that.
Let's make these Insurance companies pay for what they have agreed for and to follow the IRDA rules.
Let us bring the change!
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