EFU Insurance claim

[sulaiturrehman]

My corolla Altis 19 model was stolen on 13-05-20.. it was insured with efu insurance.. i purchased it in 30 lacs 70k registration cost and 60k insurance.. and now its equivalent cars price is almost 34k.. so?
Insurance representor is saying he will re imburse 90% of invoice amount.. i.e almost 27 lacs.. so that'll effectively be 7 lacs lost if i purchase the same or equivalent used vehicle.. please share your experiences/advice if anyone has any experience with insurance specially efu

[saad.ikram.5688]

Brother Registration cost and taxes etc are not covered in Insurance.
Insurance is set on invoice cost of the car not the on road price of the car.
So re-check the exact amount that was insured it would be almost exactly the invoice price or slightly lower removing the taxes from the invoice amount

[qwertypoiu]

Depreciation minus insured amount is the claim you will be getting. Everything seems about right.

[sulaiturrehman]

But that would leave me with 7 lacs loss.. why is that the lower amount is considered between market price and invoice amount? Can a customer do anything to get more out of insurance company

[IIIM5]

In case of a total loss or a theft insured value or market value which ever is less is considered to be paid
Try to find some good source for you in company management if sucessfull you'll for sure get this assessed amount enhanced

[sulaiturrehman]

If anyone has a "good" source please let me know..

[abid110]

My company (Adamjee) deals like this:

Lower of sum insured or market value.

Incase you have sum insured 30lacs and market value at time of theft/total loss/snatching is say 33lacs, then you will get compensated for almost full 30lacs

Or

If at time of loss, the market value is say 28 lacs, then you get around 28 lacs (lower of)

There is absolutely NO depreciation incase of theft or 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,

[Hassan1991]