Vehicle part is OK. Will the insured get paid 100% for treatment in case of getting injured? Similarly does the insurance company pay in full for the treatment of a third party, or compensation in case of death?
When I approached "The Oriental Insurance Company" to insure my car for third party insurance, I am told that this financial year onwards third party insurance is not in force and I have to have composite insurance. This is a new rule by Insurance regulatory authority. Plse let me know the auhtenticity.
I presently reside in Dubai but plan to come back to India. This article therefore is an eye-opener for me, if and when I do buy a vehicle in India. Meanwhile I have certain doubts which please clarify:
1. Is there justification in the rules governing the Insurance companies' claims? 2. What is the redress for Mr. Vazirani in this story and thousands of others who face the same kind of fate? 3. You inform that though the vehicle is covered 100%, actually one gets only upto 60% when approaching the insurance company with claims. Does that mean that there is no way whatsoever that one can get 100% reimbursement for claims?
I recently bought Toyoto Innova and i have insured my car for full insurance. But, as rightly mentioned in the article the insurance company pays only certain parts, hence end up in getting only 60-70% of the claim. But the dealer from which i took the vehicle charges extra premium (around 25% of insurance premium) to cover the rest of the claim. In this case, the car is 100% insured. But the catch here is you need get the repair done only from the dealer & it is not valid with other dealers.
I think Insurance companies should work with all the dealers and arrange insurance through them and cover 100% instead of some portion of it. We will end up in paying more premium in this case.
