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General Automotive Interest
Automotive Insurance and such
Isn't this the largest insurance scam?
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<blockquote data-quote="DiNAN.328i" data-source="post: 176051" data-attributes="member: 2662"><p>insurers will pay the lower of market value or your sum insured. It is written in your contract agreement.</p><p> </p><p>You can always re-negotiate an offer of compensation if it's ridiculous, but a 5-10% variation in sum insured is normal for a claim within 6-12 months.</p><p> </p><p>So if you don't agree with the terms & conditions, then don't sign the contract. And then you won't have insurance because insurers have a standard contract agreement to issue to policyholders and they all charge the same. The contracts & premiums (irrespective of the insurers) are governed tightly by Bank Negara. Only difference is if you are a staff of the insurance company, or if they offer better services (e.g. towing or breakdown recovery)</p><p> </p><p>HTH.</p></blockquote><p></p>
[QUOTE="DiNAN.328i, post: 176051, member: 2662"] insurers will pay the lower of market value or your sum insured. It is written in your contract agreement. You can always re-negotiate an offer of compensation if it's ridiculous, but a 5-10% variation in sum insured is normal for a claim within 6-12 months. So if you don't agree with the terms & conditions, then don't sign the contract. And then you won't have insurance because insurers have a standard contract agreement to issue to policyholders and they all charge the same. The contracts & premiums (irrespective of the insurers) are governed tightly by Bank Negara. Only difference is if you are a staff of the insurance company, or if they offer better services (e.g. towing or breakdown recovery) HTH. [/QUOTE]
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Isn't this the largest insurance scam?
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