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17.12 - 21:03
Your car insurance claims can be rejected! Here’s when
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financialexpress.comBy Rakesh Kaul
We all expect our motor insurance company to compensate any claim raised during the term of the policy. However, most of us do not read the policy document and are unaware of the scope of our policy and the exclusions. A claim can get rejected based on these fine prints, leading to disappointments and financial loss. Here are some reasons that would lead to claim being rejected or not fully paid:
Insured Declared Value (IDV): IDV is the value of your vehicle at the time of buying insurance. It is the amount that you will get in case your vehicle is stolen or suffers total loss. It is highly recommended that you get the correct IDV which is closest to the cost of the market value of your vehicle as any undervalue or overvalue
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