REFUND OF LTT BY RTO-CASE STUDY

[Madhu G K]

DEAR COLLEAGUES
 
A CLAIM RECOMENDED FOR NET OF SALVAGE LOSS BASIS SETTLEMENT,
I HAVE ASSISTED THE PARTY FOR THE SALE OF WRECK WITH RC.
NOW, THE CUSTOMER IS INSISTING THAT, HE WOULD APPROACH THE RTO
FOR THE REFUND OF LTT.
 
SUCH CASES, HOW TO SETTLE THE CLAIM, BY MINIMISING THE LOSS.
IN THE ABOVE REFFERED CASE, IDV IS rs 250000/-. REPAIR ASSESSMENT
IS rs 300000/-, WRCK VALUE WITH RC IS APPROXIMATELY rs 150000/-
WITHOUT RC IS rs 90000/-
 
IDV IS WITHOUT INSURANCE AND LTT
 
PLEASE COMMENT/SUGGEST ON THE CLAIM SETTLEMENT ISSUE.
 
GK MADHU
98450 07887
BANGALORE

[chand Bhatia]

Dear Mr Madhu

You have initiated a wonderful topic. You have stated that IDV is
without Insurance and LTT, I may please be allowed to add registration
fees also. Interestingly in some cases when a VIP number is purchased,
then in some states it costs dearly to the extent in thousands of
rupees.

Members views and more importantly the viwes of insurance company
officials. shall be valuable. Earlier we had the TAC to opin on the
policy. My be now IRDA can throw some light on such claims
settlements.

C K BHATIA

[Ravi Chandra BK]

Dear Madhu
Vijay is absolutly right, even i have done recently such claim, LTT portion is insured's right.
Ravichandra

On Wed, 21 Sep 2011 18:46:15 +0530 wrote
>




















Dear Madhu,



It is clear cut case for the Constructive total loss where the liability of the insurer is beyond 75%. Insured has all right to get refund of LTT if he insists. Settlement of claim amount shall be IDV less wreck without RC less policy excess.



Thanks regards,



Vijay M.G.



On Wed, 21 Sep 2011 11:30:45 +0530 wrote

>















































DEAR COLLEAGUES

>



>

A CLAIM RECOMENDED FOR NET OF SALVAGE LOSS BASIS SETTLEMENT,

>

I HAVE ASSISTED THE PARTY FOR THE SALE OF WRECK WITH RC.

>

NOW, THE CUSTOMER IS INSISTING THAT, HE WOULD APPROACH THE RTO

>

FOR THE REFUND OF LTT.

>



>

SUCH CASES, HOW TO SETTLE THE CLAIM, BY MINIMISING THE LOSS.

>

IN THE ABOVE REFFERED CASE, IDV IS rs 250000/-. REPAIR ASSESSMENT

>

IS rs 300000/-, WRCK VALUE WITH RC IS APPROXIMATELY rs 150000/-

>

WITHOUT RC IS rs 90000/-

>



>

IDV IS WITHOUT INSURANCE AND LTT

>



>

PLEASE COMMENT/SUGGEST ON THE CLAIMSETTLEMENT ISSUE.

>



>

GK MADHU

>

98450 07887

>

BANGALORE

>

MG Vijay

Insurance Surveyor loss Assessor

#3, 5th cross,

Amarjothi nagar,

Vijayanagar,

Bangalore-560040.

Ph. No 080-23112166

Mobile No 9844080129

E Mail- mgvij...@rediffmail.com

Treat yourself at a restaurant, spa, resort and much more with Rediff Deal ho jaye!





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Ravi Chandra B.K.
Insurance Surveyor & loss assessor
No.4, 9th Main,
5th Block, Jayangar,
Bangalore - 560041
Ph : 22458732, 9844096114
Email : bkra...@gmail.com,rav...@rediffmail.com

To tolerate does not mean to die, but to live in everyone's heart with love. No matter how much against you someone is, even if you have to tolerate not once but ten times, nevertheless, the fruit of the power of tolerance is imperishable and sweet

Treat yourself at a restaurant, spa, resort and much more with Rediff Deal ho jaye!

[dmpanditrao]

Sir,

What do you mean by IDV is w/o Insurance & LTT.?

The case is not worth study at all for ;-

When the WRECK WITH RC is  sold ( Note- RC is never issued w/o payment of tax) the seller owner forefiets ownership of werck of registered vehicle and and its RC with any taxes paid.

Therefore Your problem is vague and beyond ones understanding.  If owner(seller or buyer) claims LTT refund the vehicle becomes unregistered for rest of the life. If repaired,the vehicle will need to be re-registered .Again LTT needs to be paid.Under this circumstances buying/selling of wreck with RC is meaningless.

Please precipitate the problem correctly.

-dmpanditrao/

 

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