Claim Insurance - Info

[lasa]

Guys, what i want to know is when we claim insurance for a amount less that insured amount do we get requested amount or only a precentage of it(according to the insured amount)?

E.g: Vehicle insured amount - 5 laks

Actual price of vehicle - 10 laks

Amount need to fix dsmage - 50k

Sum given from inurance- ????

Hope any of you guys have an idea. Thx.

[madmax]

Yes the insurance company will give you a percentage of the claim if you have under-insured your vehicle.

[Kulunu]

They reduce 20% present for me for a similar type of claim.

And also they cut some money due to the age of vehicle.

Guys, what i want to know is when we claim insurance for a amount less that insured amount do we get requested amount or only a precentage of it(according to the insured amount)?

E.g: Vehicle insured amount - 5 laks

Actual price of vehicle - 10 laks

Amount need to fix dsmage - 50k

Sum given from inurance- ????

Hope any of you guys have an idea. Thx.

[Ripper]

They reduce 20% present for me for a similar type of claim.

And also they cut some money due to the age of vehicle.

hmmm... these fine print stuff varies from insurer to insurer... some get very picky when they have to pay the actual claim though their advertising says otherwise

and yes sadly insurers reduce a certain amount off your claim depending on the age of the vehicle and not on the present condition which i think is pretty stupid

I have seen hundreds of immaculately maintained 18- and 19- cars that are in much better shaped than certain "english" plated cars...

I also recently got my full policy from one of the big players but sadly due to the number being 19- their collision repair center facility was not given to me though the premium came to over 35k, even higher than certain English plated cars in office who's with the same insurer

so next time around...i will change my insurer cos the buggers are just plain stupid

[pissa]

that is what they claim to do....for instance in the example given, given that the car was insured for 50% of its value, from the claim of 50k, they'll give you 25k...however that is what they say...

the question is, how can the determine the market value of a vehicle? i mean in the case of when its 50% off, its obvious...but say with a 10 year old vehicle...how can they be so sure of the value, normally the value falls within a range of about 3 laks..

[seeker]

hmmm... these fine print stuff varies from insurer to insurer... some get very picky when they have to pay the actual claim though their advertising says otherwise

and yes sadly insurers reduce a certain amount off your claim depending on the age of the vehicle and not on the present condition which i think is pretty stupid

I have seen hundreds of immaculately maintained 18- and 19- cars that are in much better shaped than certain "english" plated cars...

I also recently got my full policy from one of the big players but sadly due to the number being 19- their collision repair center facility was not given to me though the premium came to over 35k, even higher than certain English plated cars in office who's with the same insurer

so next time around...i will change my insurer cos the buggers are just plain stupid

As per insurance agents, sum insured should be at least 85% of the market value ( which they decide by their divine powers!) for the full claim amount to be eligible in the first place... and as Ripper said, the finer deductions depend on the insurer.... this from my experience depend a lot on which garage you go to, how you want to get about the settlement, etc... this is the practical side, don't know how the internal procedures work... )

As per the collision repair centre.... the queue is overloaded, and they've imposed restrictions for the age of the car (less than 7yrs, I believe) and insured value (over 1.5Mn)... of course the fellows conveniently forget to tell U that in the ads.....

One other thing, one company says that U get no claim bonus regardless of the no of accidents you have.... quite true.... bonus is deducted only if you CLAIM......

So watch your step guys, and drill the insurance agents inside out to get as much details as possible on how different situations will be handled.... and check your policy docs to verify the truth !!