''May we draw your attention to the Market Value Clause which specifically mentions that liability of the Company, in the event of a total loss, shall be limited to the Sum Insured or Market Value of the vehicle whichever is less at the time of accident. Therefore, if you wish the value to be revised, please let us know accordingly so that we may adjust you the premium payable.''
This innocent looking paragraph is included in the application form for renewal of insurance for another year by TPL Direct Insurance Ltd. What it practically means is that you will pay insurance according to the original price of your car but if it is stolen TPL will give you money after 10% annual depreciation of price. Of course if you are careful enough to identify this fraud, then they have also said that they will correct this "mistake".
Please be careful. Call TPL when your insurance is renewed and ask them to reduce your premium according to 10% annual depreciation of price.
This innocent looking paragraph is included in the application form for renewal of insurance for another year by TPL Direct Insurance Ltd. What it practically means is that you will pay insurance according to the original price of your car but if it is stolen TPL will give you money after 10% annual depreciation of price. Of course if you are careful enough to identify this fraud, then they have also said that they will correct this "mistake".
Please be careful. Call TPL when your insurance is renewed and ask them to reduce your premium according to 10% annual depreciation of price.
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