EFU inssurance and car total loss

[khuram_nazeer]

I leased Elantra GLS car from HBL Bank on 28th of March 2024, It met accident on 28th of April(A detached trailer tyre hit my car at Kalar kahar). The car was insured at 100%(69.30lac) with EFU .The EFU is asking to get totall loss.
I have following question:

1) Will there be any penalty from bank in that case?
2) Will i get complete boking price(69.30lac) from EFU or they deduct 5%?
3) in case of 5% loss will HBL bear equal in loss?

Thanks,

[abid110]

total loss cases are settled at 'lower of' sum insured or prevailing market value of same make and model.

in your case, the car is around 3 months old so assume the market value to be near 66-67, you will get this amount in compensation by insurance company (since it is the lower of the two as explained above). no depreciation/deductible in such cases under normal circumstances until and unless there are some specific clauses added in your motor policy