How a small lie in his car insurance claim cost Rahul a lot of money
Accidents often occur when you least expect them. Further, it is impossible to predict an event in advance and avert it. Thus, we must always be ready in order to ensure that the overall damage is minimized. The same is the case with the car that you drive. In order to ensure a safe and sound journey on the road, you need to opt for the best form of protection available in the market i.e. a car insurance policy.
The three major forms of insurance policies available in the market for your car are the third party cover, comprehensive insurance and the choice of add-ons. Although, third party cover only provides protection against financial and legal damages caused in an accident to the third-party; however, comprehensive insurance will cover all the damages caused to you as well as the third-party.
However, against his better judgment, Rahul paid heed to his friend’s advice and opted for a lower IDV in order to save money on his car insurance premium; but little did he know that this small lie would cost him a lot of money. About 2 months have passed since he has purchased his insurance policy and everything is running smoothly for him; until one fine day when he left his vehicle at his office complex over the weekend.
After coming back the following week, to his utter despair, his vehicle was nowhere to be found. He searched the spot twice and even looked around check if he had parked his vehicle at a different spot. However, after searching for a while, the harsh reality stuck him quite hard; the fact that his vehicle had been stolen over the weekend was a tough morsel of truth to swallow.
The only silver lining that he had after this ordeal was the fact that he had purchased a good car insurance cover. But little did he know that the small lie in his IDV would cost him a load of money now- his insurance company only reimbursed him for the amount of IDV that he had set; which was lower than the actual price. Thus, he faced a major loss even after purchasing a good insurance cover; therefore, it is advised to set an IDV that is near or equal to the market price of your vehicle.
HOPE THIS HAS BEEN HELPFUL, GOOD LUCK AND DRIVE SAFE!
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