How to get the full amount from the insurance company if a car is stolen.
If your car is less than two years old then you should make a return to invoice add on policy.
If your car is stolen after one or two years of purchase, how much will you get from the insurance company? Recently one such incident happened in Delhi.
Rajneesh Malhotra’s three-month-old car was stolen. His car was stolen when he was shopping in a well-known market in South Delhi. Malhotra lodged an FIR in this case.
Generally, people get relaxed after getting the car insured. They feel that whatever happens to the car, they will get the full price from the insurance company. Actually, this does not happen. When this happens, when you go to the insurance company, knowing the truth, the ground under your feet slips.
Rajneesh said, ‘the insurance company accepted my claim of compensation. After this, it seemed that I would get the full price of the car because I bought a standard motor insurance policy when buying a car. Later, the company said that even after the purchase of a new car, theft still goes away, even then they can not afford the full cost to the customer.
The company said that it will pay the amount equal to the IDV given in the policy document. This means that the amount you get from the insurance company will be less than the actual cost of the car. “
How much money will I get if the car is stolen?
When buying a new car, when you buy a standard insurance policy, the insurance company decides the IDV of the car after deducting the depreciation value from the price of the car. The IDV is actually the current market price of your car. This amount gives you the insurance company after the car is stolen.
Sanjay Saxena, Head (Motor Claims & Underwriting), Bajaj Allianz General Insurance, said, “if your car is not more than six months old, five percent depreciation is done while fixing the IDV. If your car is more than six months old but less than a year old, 15% depreciation amount is deducted when deciding IDV. ”
what does it mean?
Suppose you have bought a new car worth eight lakh rupees. The IDV will be five percent less than the original price of the car while purchasing insurance. At this time, according to insurance, the cost of your car will be Rs 7.6 lakh.
if your car gets stolen in the first six months of the policy term, then you will get 7.6 lakh rupees from the insurance company. In the case of car insurance, the IDV varies from year to year.
How can the full price of a car be found?
If you had taken ‘Return to invoice add on’ while buying an insurance policy for your new car, you would have got the full price of the car. Saxena told ET, “If you also buy the Return to Invoice add on with Comprehensive Insurance Policy, you will get a new car from the insurance company in case of car-theft or complete destruction of the car in an accident.
with this, the insurance company also pays your new car’s basic insurance policy, registration charge, road tax, and other taxes. “
Tarun Mathur, Chief Business Officer (General Insurance) of Policy Marketcom said, “If you are buying a new car then you should definitely make a return to invoice add on.” Suppose you bought a car worth 10 lakh rupees and you have taken Return to Invoice add on with it. Now your car is stolen after four months.
Even if the IDV of the car is written in your insurance policy for nine lakh rupees, then in the case of return to invoice add on policy, you will get only ten lakh rupees. In general insurance policy, you get an amount equal to IDV. If your car is less than two years old then only you should make a return to invoice add on policy.