Are you aware of your duties in the event of an accident involving your insured vehicle?
One such duty given in the policy document is as follows:
“In the event of any accident or breakdown, the vehicle shall not be left unattended without proper precautions being taken to prevent further damage or loss and if the vehicle be driven before the necessary repairs are effected any extension of the damage or any further damage to the vehicle shall be entirely at the insured’s own risk.”
The insurance policy wording does not talk about your safety (if you are injured go to the nearest hospital?) On the contrary, the insurance company mandates that you do not leave the car unattended!
The primary duty WARRANTED BY THE POLICY is to stay with the insured vehicle after an accident, take precautions to prevent further damage or loss to the vehicle. Having done that, you may then attend to injuries.
Are insurers here of the mind that if a life is lost, another life is born? But if the property is lost, it is lost forever.
For any motor insurer, property is important. The insurers may cry foul at this interpretation. But the present motor policy wording can give only this interpretation.
Insurance companies have no objection to your attending to your post-accident duties injured, but have serious objection if the vehicle were to be further damaged. For any further damage or loss to the vehicle, the policyholder alone is responsible.
These policy conditions are scary. Is the M.V. Act 1989 is undermining the importance of life by making motor insurance compulsory?
If the insured wants to cancel the policy, then: If there is no claim on the policy, then the insurance company will return premium according to the short period notice rates. For Example: if you cancel the policy after 6 months then the insurance company will return only 20% of the premium paid!! If you cancel the policy after 8 months, then there is no refund.
In conclusion, you now understand how important it is to understand the terms and conditions of your motor insurance policy.
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