Insurance Advice

Many of us insure our motor vehicles depending on the value of our cars. Upon renewal, most of us forget to take the vehicle for valuation once again. In the event of an accident and the car is a write-off what happens between you and the underwriter ......... most insurance companies pay claims using the valuation report they received from the valuer upon inception of the cover. In the second year or third year and an accident has occurred, the underwriter will pay a claim on average clause. What is average clause........ This is under insuring where the value of a property or asset ( in this case your car) is less than the actual value of the car. An insurer can reduce its liability for a claim by applying the proportionate approach and the policy holder will be responsible for an unpaid claim amount. if the claim is approved, it will be calculated as follows:
claim amount × sum assured ÷ actual value
Rather than paying less premiums that will create a big hole in your pocket, always pay premiums that corresponds with the value of your property and enjoy peace of mind when you encounter a claim.

http://www.insuranceadvice.co.ke/2016/03/24/how-to-get-the-right-medical-cover-with-a-small-budget/

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