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Thread: Question relating Insurance

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    waqas_1010's Avatar
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    Default Question relating Insurance

    AOA, My friend's car was stolen a couple of days ago, it was insured and was on lease, he had paid 10 installments already. WHAT SORT OF COMPENSATION WOULD HE GET?

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    Default

    ask your friend to call the insurance company and find out.
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    The insurance company will pay the compensation to the bank, the bank will then deduct the amount that was remaining (i,e,. remaining instalments). Then the bank will pay your friend if something will be left. When my mehran got stollen, I recived a 45000 Rs. check from the bank, and I had already payed 250,000 Rs to the bank.
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    OOOOO.....Loss of 2 Lacs!! What sort of insurance is this then????

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    Yeah it's a damn rip off........... i have heard that it's the remaining amount with the bank that is actually insured not the money that has been paid by the owner........ so infact the owner pays money to save bank's part of the money............. leasing is really a stupid option........ it's better to buy a used car instead.........
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    insurance policies have a depreciation table specified in them ... like once a car is 6 months old 20% depreciation is applicable ... and so on .. likewise there is some clause for total loss of a car ...
    depreciation means that if the insurance company has to pay u 100,000 ... and 20% depreciation is applicable ... they will deduct 20,000 and pay u 80,000 ...

    the older the car the more depreciation the insurance comapny deducts ...

    im not too sure about the leasing scenario .... i bought without lease so cant say ...

    Ask Nascar .... he can shed more light on this

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