Ola EV Partial claim settlement; IDV is more than invoice amount

[vipulahir]

Hello,
I had insured my ola ev with acko general insurance with idv of 155000.few months ago i had an accident and vehicle was declared total loss,upon claim settlememt they are proposing for 103999 which is invoice amount, in this case my idv is more than invoice amount
please help.

 

[wcgxlr8]

What does your insurance document say? IDV usually is the net difference between your bike+accessories invoice amount & depreciation. It can never be higher than the net invoice amount. Is the 155000 the cost of ev + some accessories/services?

 

[vipulahir]

It had 165000 unit amount less 59000 fame 2 subsidy so net invoice amount was around 103999

 

[wcgxlr8]

Got it, the govt subsidy will not be covered in the insurance cover. I believe it should be mentioned in the policy document as well?

 

[vipulahir]

Yes it is mentioned

 

[vipulahir]

But technically the claim should be settled on idv amount rathar than invoice amount. Is there any rules regarding settlement ?

 

[wcgxlr8]

Yes it is mentioned

I am sorry but didn't understand completely. Is it mentioned that it is covered or not covered? If it is covered, then Acko cannot deny your claim.

 

[wcgxlr8]

But technically the claim should be settled on idv amount rathar than invoice amount. Is there any rules regarding settlement ?

Policy conditions prevail for this use case, no predominant rule afaik

 

[vipulahir]

So what options do i have now ?

 

[wcgxlr8]

So what options do i have now ?

If you have agreed to the policy conditions, you will only get the invoice amount that you paid (if you had paid 1.5L, you will get 1.5L). I am sorry but I don't know of any ways to get the subsidy amount back

 

[vipulahir]

But how can they calculate 1.5x idv than invoice amount and also charged more premimum in that ?

 

[wcgxlr8]

But how can they calculate 1.5x idv than invoice amount and also charged more premimum in that ?

Premium will only be charged on the value you paid (not the subsidy one). Can you share the policy name please? I can try to read their T&C

 

[vipulahir]

Its comprehensive policy plus third party plan for 5 years no specific type or name.

 

[vipulahir]

I can share the screenshots of policy

 

[vipulahir]

This are screenshots

 

[wcgxlr8]

Based on these screenshots, I think Acko has to pay you for the whole 1.55L. Is there any section that outlines exclusions?

 

[vipulahir]

No such exclusions so far, but they arguing on basis of disclaimer about total loss settlement will done after deduction of subsidy which is a general disclaimer not any kind of clause or rule.

 

[wcgxlr8]

It is a general disclaimer but since it's not mentioned in the policy document, you can challenge their decision. Please consult a law expert though

 

[vipulahir]

Okay brother thankyou for your valuable inputs.