Dear all, recently my car was stolen and my insurance claims is in process now. While waiting for the claims from the insurance company, many friends and colleagues of mine told me that in most cases, insurance company will only compensate 80% of the insured value.
for example:-
Insured value for my car: RM41K
80% Compensation: RM32,800
How true is it? What if my car market value when my car was stolen is RM35k-38K? Are they still paying 80% of the insured amount? If they pay 80% only, the compensate amount is lower than my car market value and it doesn't make any sense to me.
If this is the case, I would say that this consider breach of policy as the insurance policy clearly stated, " For any car lost cases, Insurance company will compensate according to the car market value at the point of car lost/stolen or according to insured amount".
Can anyone enlighten me on the actual scenario on the insurance claim for car lost? What's the theory behind that they will only pay 80% of the insured amount (if this is true that they'll only compensate 80%)? Then what's the point of buying insurance for such high value??
Thanks all.
for example:-
Insured value for my car: RM41K
80% Compensation: RM32,800
How true is it? What if my car market value when my car was stolen is RM35k-38K? Are they still paying 80% of the insured amount? If they pay 80% only, the compensate amount is lower than my car market value and it doesn't make any sense to me.
If this is the case, I would say that this consider breach of policy as the insurance policy clearly stated, " For any car lost cases, Insurance company will compensate according to the car market value at the point of car lost/stolen or according to insured amount".
Can anyone enlighten me on the actual scenario on the insurance claim for car lost? What's the theory behind that they will only pay 80% of the insured amount (if this is true that they'll only compensate 80%)? Then what's the point of buying insurance for such high value??
Thanks all.
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