Know your insurance rights
If you are in Mumbai right now, there are chances that your car might get submerged in the floods. Your car must be covered for any loss or damage caused by natural and man-made calamities. Though, insurers are bracing for 10-year-high claims, it is not necessary that you get fully reimbursed for your loss.
Complete loss
Cases where the vehicle has been completely washed away will be categorised as ‘complete loss’ and the full insured declared value (IDV), post suitable depreciation, will be claimable. If not, the surveyor will put the case under partial loss and one will have to get a refund for repair or reinstatement. A lowdown on common damages and how much the insurer will cough up.
Factors involved
The premium depends on age, make, model and cubic capacity and for a new mid-segment car, it can cost Rs 1500 more for this cover. If you had chose to buy this rider, the claim will be passed after multiple reviews.
Interiors and upholstery
Another sure thing to go if your vehicle has been submerged for days is the interiors and upholstery. Cleaning is covered but there is a depreciation attached if these need replacement. The decision on whether it needs replacement depends on the surveyor’s report.
The rate of depreciation for rubber, nylon or plastic parts, tubes, batteries and airbags is 50 per cent. For damage to tyres unless the vehicle was damaged due to the same peril, the cover is only 50 per cent of the cost of replacement. For glass, it is zero. So, if you had to break a window when the locks were stuck due to a short circuit, you’ll be fully reimbursed.
Fittings and consumables
The AC might get damaged while driving through stagnant water. You are safe if it was factory-fitted. If it was not, unless you had intimated your insurer and paid extra premium, you won’t get any money for replacement or repair.Same for any other additional fittings like a music system or a CNG kit.
Consumables like nuts and bolts, screw, washers, grease, lubricants clip, bearings, distilled water, engine oil, oil filter, fuel filter and brake oil, among others, are not covered under a standard policy. Even if you had bought the add-on consumables cover, the loss won’t be made good unless the parts were replaced within three days from the date of loss.
