Updates over WhatsApp
Road accidents or mishaps are unavoidable. There may be a time when you get involved in an accident that damages your car beyond repairs. Your car insurance company will consider it a total loss in such circumstances.
If your car is termed as total loss due to accident or theft, you can claim for the loss and get some reimbursement in return. For this, it is crucial that you have a comprehensive car insurance policy rather than a third-party insurance cover. The fomer policy provides financial backup to you, your vehicle as well as covers any third-party liabilities. A comprehensive car insurance provides protection for a wide range of scenarios and more importantly offers peace of mind.
According to IRDA (Insurance Regulatory and Development Authority), a total loss of a car means the four-wheeler is damaged to the extent that the cost of repairing your vehicle is more than 75% of the Insured Declared Value (IDV). The car's IDV is the maximum amount the insurance company is liable to pay if there are severe damages to the car.
An incident can be termed as a total loss under the following scenarios:
• If your car gets stolen and it cannot be tracked
• If your car suffers damages that are more than 75% of the insurance value.
In both scenarios, one can claim the total loss due to the high repair cost. If your car suffers 100% damage, it is called a Constructive Total Loss.
• You need to raise a car insurance claim request.
• You can sell the damaged parts of the vehicle to a scrap dealer, which is an environment-friendly gesture.
• To cancel your RC (Registration Certificate), you must provide insurance details, a registration certificate of the damaged car, and evidence of the vehicle being scrapped.
• If you fail to cancel the RC, the car's details can be misused or lead to fraudulent activities.
• Also, you would be required to cancel the registration certificate, which is an essential step if your car suffers a total loss.
To initiate the car insurance claim process, follow the below steps:
• Inform your car insurance company
• Provide all the information required as requested by the insurance company.
• The insurance company will send a surveyor or assessor to evaluate the impact of the damages. Basis this, the insurer will assess whether to approve the car damages for repair or declare it as a total loss.
• If your insurance company declares your vehicle as a total loss, you will get an update on the car's actual cash value.
• Duly filled car insurance claim form
• Copy of your car insurance policy
• Copy of your driving licence
• Copy of your car's Registration Certificate (RC)
• Copy of FIR
• Surveyor's report to discover the loss
• Any additional documents as requested by the insurer
Post you raise a car insurance claim, and your vehicle is declared as a total loss; the insurance company decides the actual cash value of the vehicle on the totalled car based on the below factors:
• Make and model of the car
• Mileage of the car
• Depreciation value of the car
• Car inspection report
• Condition of the car
Insurance companies in India settle the total loss car insurance claim by considering the car's depreciation value. This varies for different car models and brands. At any point in time, if your car suffers total loss, you need to check with your insurance provider and get detailed information about it.
I/we give my/our consent to receive information in respect of policy servicing, claim servicing, updates on my policy, updates on new and existing product, marketing or servicing my relationship with Kotak Mahindra General Insurance Company Limited, its group companies/associates or agents through Telephone/Mobile/SMS/e-Mail, etc. Further, i/we understand that my/our consent to receive calls/communications shall be valid and shall prevail over my/our current or any subsequent registration of my/our number for the NDNC and shall continue to be treated as my/our consent/acceptance. (If you do not wish to accord your consent, please submit a Do Not Call (DNC) form alongwith this form.
I/we have understood the form, including the clause on consent to call, and i/we have agreed the same after understanding and accepting the terms contained therein.
Benefits of car insurance
A car insurance can help you offset substantial financial loss that you may incur because of damage caused to your car
Must have Add On Covers for Car Insurance
A basic comprehensive car insurance covers damage to car, 3rd party liability and theft & loss of vehicle.
Right time to buy vehicle insurance
Buying a vehicle insurance is an important decision and you need to ensure that you make a timely purchase of vehicle insurance
Know How Car Insurance Premium Is Calculated
Car insurance premium calculation is based on various important factors. Learn about these factors.
Rules to follow for safe driving
Know About The Important Road Safety Rules To Follow
Significance of a motor vehicle insurance policy
Apart from financial security, know in what all ways a motor insurance policy is significant.
Maintenance tips for car engine
Follow these maintenance tips and buy a car insurance with engine protection cover to keep engine secure.
Monsoon Tips for Car
Simple tips to help you stay safe and keep your car moving ahead during monsoon.
What is Zero Depreciation Cover
Read on to understand what is zero depreciation car insurance cover and how it works.
Questions Regarding Motor Insurance Policies
Essential questions answered about motor insurance policies in India.
To optimise our site experience on your handheld device, please hold your phone vertically.