Flooded Jeep Compass: My ordeal ends after getting full insurance claim

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I used to be instructed that the Compass was once more listed for public sale on their portal for salvage/ scrap sellers to submit bids. There had been just a few false begins on this, somebody submitting a bid after which not turning up.

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Hello all,

Apologies for not including updates for just a few months now. I had a again damage which left me bedridden for almost 3 months and restoration has been painfully gradual to say the least.

On the claim, I lastly did handle to get the full compensation from ICICI Lombard and that is the way it occurred:

After I had refused to pay up the ₹ 2L that ICICI needed to be able to ‘velocity up’ the method, I used to be instructed that the Compass was once more listed for public sale on their portal for salvage/ scrap sellers to submit bids. There had been just a few false begins on this, somebody submitting a bid after which not turning up. This went on for per week or so.

Finally, a salvage purchaser from New Delhi provided a bid of ₹ 11.89L and ICICI had been eager to shut asap. On my insistence, that’s when ICICI lastly gave me the proposed claim settlement particulars:

Total settlement: ₹ 24.66 L (successfully the undercounted on-road value of the automobile, excluding solely the equipment that I bought) of which:

  • Salvage worth: ₹ 11.89 L
  • Insurance legal responsibility: ₹ 12.77L

I used to be clearly fairly pleased to see the above, given the ordeal confronted over the previous months. I suppose that was the very level of the RTI cowl, nevertheless it was good to not have nasty surprises.

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The purchaser flew down, checked all paperwork and agreed to purchase at that value. I had satisfied ICICI by that point to permit the salvage purchaser to straight pay Axis Bank. 4 EMIs had been debited by this time and mortgage stability as at end-Jan was round ₹ 14L. So ₹ 11L was transferred by the customer to the Bank and stability ₹ 0.89L was alleged to have been paid to ICICI and in flip withheld by them till the NOC was supplied by the financial institution on closure of the mortgage. But a mistake from the customer’s aspect (lucky for me) meant that this stability was transferred to me. With that, the automobile was lastly taken away.

I now had the difficulty of the remaining portion of the mortgage to be settled after which to obtain the stability compensation. ICICI tried telling me once more that they will pay up provided that the NOC is acquired from the Bank, which introduced us again to the difficulty of why I ought to be coughing up ₹ 3L to ensure that my claim to be processed. I referred to as a number of folks at their Chennai workplace, utilized some strain by the insurance desk on the seller, and so forth. earlier than they agreed to settle.

So as an intermediate step the stability mortgage quantity was settled to the Bank. In reality, the Bank bought paid ₹ 10k greater than the mortgage principal excellent and it was my job to get a refund, which is one other brief story – will come to that in a bit.

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Last step on the insurance was to get the ₹ 9.77L, which took just a few extra days of chasing and eventually I bought the settlement…. YAAAYYYYY (topic to P.S. 1 )

P.S 1:

The financial institution mortgage should have been closed proper? It wasn’t to be. Apparently the again finish staff determined that this ‘foreclosures’ of mortgage was not on account of legitimate causes and therefore I needed to be charged 5% of the principal excellent (~ ₹ 14L) as prepayment costs. Hence, the mortgage account confirmed a stability excellent of ₹ 70k and I continued to be debited an EMI of ₹ 1,700. Unless I had this resolved, not solely would I proceed to be financially penalized, I additionally would not get the NOC.

This course of took me one other 45 days to shut (issues not simpler with the damage), earlier than they lastly closed the mortgage account waiving the costs levied on my account. The ₹ 10k I should have gotten again did not ultimately come, however I used to be fairly drained by this time to battle for that as nicely and let it go. Two weeks later, the NOC got here in.

P.S 2:

The saga is nicely and actually over, I’m a lot richer from the expertise and did not lose out financially at the very least. I now have a 6 months previous Jeep which I’ve hardly pushed (thanks once more to the damage), however one thing to look ahead to now that my restoration is sort of full!.

And final however not the least, an enormous because of all of you for the a number of suggestions, methods and fixed phrases of help. It actually helped me perceive the method and study to handle it higher with time.

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I’ve tried to cowl your complete course of to the very best I may.

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