Apni Law Staff asked 4 months ago
Dear Advisor,
My brand new car was stolen just two weeks after I bought it. I have insurance with an IDV of 6.5 lakhs. The court process has caused a delay in submitting the required documents. In the meantime, the insurance company sent a letter saying they’ve closed my claim. I called them and explained the court situation, requesting them to keep the claim open. However, I haven’t submitted any written documentation yet. Because of this delay, the insurance company is deducting 10% from my IDV.
Is this a valid deduction based on their rules? Are there other options for me to get the full insured amount?
Best Answer
Apni Law Staff answered 4 months ago
Based on Indian insurance laws, the insurance company may deduct a certain percentage from the Insured Declared Value (IDV) if you fail to submit the necessary documents within the stipulated time frame. However, you can appeal this decision by providing the court’s order or a statement explaining the delay and requesting an extension. You should submit this documentation promptly to avoid further deductions.
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