Maroc - NEWSDAY.CO.TT - A la Une - 17/Jul 04:30

Take action on errant insurance providers

THE EDITOR: Having read Mr Richard Deane's negative opinion on the errant behaviour and unfair strategies of certain insurance companies, as printed in Newsday as a letter to the editor on December 7, I have to wonder, what really is the Supervisor of Insurance doing to protect the interests of innocent policyholders? Besides what Mr Deane stated, that insurance companies do not like to pay just claims – which appears to be very true – there are many other issues, one of which is that these companies collect huge premiums based on overstated values of vehicles from owners who have no idea of the concept of depreciating value. Instead, insurers would let a person pay basically the same or very near to the overstated premium annually knowing full well that the car owner is paying more than he or she should. Then, when a claim is made, the insurers will say the policy was overstated and the settlement won't reflect the premiums paid annually. They have no shame! They are not ashamed to collect huge premiums on overstated car values, then pay the barest minimum on claims made. They won't even consider refunding past premiums when they admit payments on the policy were overstated. There is a case in the High Courts relating to a vehicle that mashed up the wall of my son’s property in Panka Street because two people were fighting each other using their cars. I am protected by third-party insurance, and do you know what? The insurance company says they are not honouring the claim because the vehicle was used as a weapon. That matter, as I said, is now before the High Court. I am also aware that some car rental companies are using private-registered vehicles to save costs, which is illegal. And insurers have no objection in insuring such illegally licensed vehicles too. This is a serious matter for both the Transport Commissioner and the Supervisor of Insurance to investigate. As usual, the innocent taxpayer is the one who will have to bear the brunt of these and other wrongdoings. PETER S MORALLES Cascade The post Take action on errant insurance providers appeared first on Trinidad and Tobago Newsday.