What are your rights as insurance policy holder

Friday, July 17, 2009

What are your rights as insurance policy holder

There is no shortage of individuals who own policies but are not aware of their insurance rights.

Most of the insurance policy holders worry about the maturity dates of their policies. If you talk about individuals who collect salaries at the end of the month, they only consider insurance as a way to avoid taxes.

Such individuals will only choose a tax saving insurance policy so that they don’t have to pay any additional tax.

Do you ever think about your rights as an insurance policy holder? Do you bother to find out recent changes in the insurance laws - check out documents to carry back home once you own a policy?

You need to brush your knowledge about insurance rights, so that insurance companies do not take you for a ride.

What are the documents you receive from the insurance company, once you own a policy?

A policy certificate and the receipt of the amount you pay - keep those two safely as you may need those two when filing claims.

When you file a claim with all your relevant documents, your claims should be settled within 1-2 weeks.

You should also be aware of the fact that any modification in the ongoing insurance policy needs to be conveyed back to you.

Any changes that creep in the ongoing policy should be taken very seriously so that you can adjust your options accordingly.

Why do we insure our houses or our motorcycles, cars or other utilities?

It’s simply to protect them from accidents, or any other potential damage to those utilities.

By insuring those, we give ourselves a chance to save our investments.

It’s essential, therefore, for you to know that, in case of damage to any insured property, you are required to get your damaged property surveyed by a registered surveyor and submit to the insurance authorities within 48-72 hours.

The report of the surveyor is significant; as proper reports will help you settle your claims.

What if you bought a second hand insured motorcycle, or a car? Does the cover on the vehicle still valid, or will you again re-insure the vehicle? The fact is that the insurance on the old vehicle is still valid for the new owner if the insurance date has not lapsed.

If you feel that you are unable to exercise any of your insurance rights, you can go to the grievance cell and file your complaint.

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