I met with an accident a year ago. My car, which was valued at Rs 2.12 lakh, was repaired for Rs 3.5 lakh, qualifying as a total loss. I had an outstanding loan of Rs 1.8 lakh, which the insurer and the bank were to settle between them and return me the remaining amount. The insurance company took a year before asking me to leave the car at its Vashi office and settle the claim. The car servicing station levied a parking fee of Rs 200 a day for the last one year before allowing me to take the car. Now, neither the car company nor the insurer is willing to bear this charge. Will I be able to claim this amount from the insurance company?
Your car qualifies as a total loss (when cost of repair of a vehicle exceeds its value). In such cases, the liability of the insurer equals the value of the vehicle (insured declared value) minus the wreck value (or, the value of the damaged vehicle in “as is where is” condition) less policy excess.
Parking charges, as you have mentioned, are not payable under the terms and conditions of the policy. A lack of service, in terms of any delay in settlement, after all documents have been submitted must be taken up with the respective insurer.
I am 36 years old. My husband and I took a home loan two years ago. We were given a housing insurance along with the loan. A few days ago, there was a theft at my place and I lost cash (Rs 50,000) and jewellery (worth Rs 35,000). Does the housing loan insurance cover both my home and its contents? Can I claim a compensation for loss due to theft?
The insurance of a building against the risk of fire and perils such as flood, storm and earthquake is mandatory if you are taking a home loan. So, it is likely that your policy covers only your building. However, it is advisable to check your policy documents and see if the home content coverage has been provided. Jewellery is generally considered a part of the home contents. Cash is not covered.
I am 24 years old. I am planning to go to Rishikesh with friends for rafting. A friend mentioned that one can take an insurance cover against any damage due to adventure sports. Are such plans available in India?
Adventure sports are excluded under personal accident and medical policy. Although there are no off-the-shelf plans covering adventure sports, some insurers are willing to extend such covers.
The author is the MD and CEO of Royal Sundaram Alliance Insurance Company. Send your queries to yourmoney@bsmail.in