Dear Sir I had purchased an Pajero which has been theft

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Dear Sir ,
I had purchased an Pajero which has been theft after 3 months ( 3rd February-2011 ). I have done the all necessary formalities accordingly Insurance company namely Tata aig settled the claim of Rs.19,32,250/- . As advice by insurance company we are keep paying the emi from month of February till to-date .The company told us the approach HDFC BANK to collect the foreclosure statement when we collected we found that the bank impounded 6% penalty on balance loan amount.I need to know that is this penalty is negotiable ? Is the insurance company will bear this penalty ? Insurance company is payable us the EMI which is paid by us from the date of claim ?
I also request you to send us advice on mention mail id or inform when i can expect the same ?
  • 2500 day(s) ago by Vikkas
Under: Mitsubishi Pajero #Insurance
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Answers submitted by Users

Insurance claim is different and loan you had taken for purchase of vehicle is different.Generally loan is based onthe onroad price at the time of purchase and with intrest as applicable.Insurance value changes with number of years of usage.As far as penalty by HDFC is concerned,they have to give proper reason for doing the same.With proper negotiation with HDFC manager,it is possible to get reduction of the same.

Posted: 2500 day(s) ago

S Joshi
Dear Vikas,

Your question is little bit difficult to understand, First as told by expert, Loan availed from Bank is different and Insurance Claim for theft is different, also Insurance Claim is paid on Ex-showroom price and not on Onroad price and it again shelves down based on no. years usage. (depreciation deducted for the usage from the base/ex-showroom value) And secondly when Insurance is asking to foreclose the loan, naturally some banks will levy foreclosure penalty as per stipulated/loan conditions at their discretion normally varies on loan amount,(ie., 4-6)and you can approach your financed bank for reduction in penalty, but that depends on entire discretion of the said bank you cannot compulsory ask for rebate, but as a genuine case of theft they may oblige. And last your foreclose penalty will not be borne by the Insurance company. Hope this helps.

Posted: 2499 day(s) ago

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