Apr 10, 2017 02:45 PM
15888 Views
I bought Honda Unicorn 24th Feb 2015. I was so happy that I forgot to check other documents regarding to insurance. Next year when I was renewing the policy I noticed 30% depreciation!
The value of bike(onroad price - Rs 94000, insurance considered price [94000 - 4000(standard accessories fitting)= ] 90000) on 366th day was Rs 60000.
When asked for reason to the agent then he showed that 76500(which is 15% depreciation) was the first year depreciated value. Then I searched for the ICICI Lombard documents and noticed that according to the rules, first year depreciation should be 5% only. But in excitement, I did't read the documents. After this I got to the conclusion is
either/both
ICICI looting people as if my bike was stolen on day 1, bank would have returned me 85% of the price. Making 10% direct benefit. So they may have forced agents to the same for every customer till anyone notices this issue. Even if noticed, not everyone knows the rule or are interested in understanding those rules.
Agents don't know the rules of depreciation.
In my case, I am sure that, it was combination of both.
Later according to the plans of ICICI Lombard, I dared to again get their insurance with 0% depreciation for 3 years. It costed me around 3500 INR. But when I received the policy docs, it was like 45%, 55%, 65% depreciated values of the price. Thank god, that my father had passed the insurance exam and knew that if anything like this happens, then we can report this to the company within 15 days after you receiving the policy.
I immediately reported the issue to the manager of the showroom from where I bought the bike and he was also shocked. He immediately called the area manager of ICICI and reported the issue to him. Then the agents demanded me more Rs 2000 to give me rectified policy. I demanded the description of the Rs 2000. I was again shocked to know that Rs 2000 was cancellation and renew fees. Why would I pay for the mistakes of the agent and the company. I further asked ICICI to give me the policy papers and the fine and reissue charges description so that I can file a case against ICICI in IRDA. Then their manager called me and asked for my support by not to file case in IRDA. And he rectified the policy and gave me policy papers personally.
Guys please look into your policies and check the depreciation.
Here is the link for page - https://icicilombard.com/experts-blog/idv_and_total_loss.html
Don't get too excited, pay attention as this matters when there occurs damage to your vehicle and U.
