Insurance claim or loss ?

Singapore
March 22, 2007 10:06am CST
Had you ever made an insurance claim for an item you lost overseas ? Well, I did claim for an award pin (very precious to me as you can't buy it anywhere) which was actually stolen by someone overseas. The insurance company actually paid me minus the 20% depreciation. Do you think it is right or ethical for the insurance company to deduct depreciation from the claim ? If an item is insured, why couldn't the insurance company pay the full value for the claim (especially if the item is still very new) ? What are your views on this ?
1 person likes this
1 response
@liranlgo (5748)
• Israel
24 Mar 07
well i did work with an insurance company for over five years and i know it is a business like any other business it is like asking if life is fair.. no it is not..but that's how they get the money. no i do not think it is fair what they did to you..the 20% depreciation but i also think that it is not going to change much. sorry dear.
• Singapore
24 Mar 07
Thanks for your response. Life is really unfair. I understand business is business. But I had already paid the premium for the insurance. The point is : Why should they make some more profit out of the claim ?
@liranlgo (5748)
• Israel
24 Mar 07
well they want to profit the most they can maybe the questiom to be asked is: why arn't they smart enough not to act that way and have a client for many more years..especially when there is alote of competition going on..
1 person likes this
• Singapore
25 Mar 07
You are right. If a business is so petty as to squeeze every profit from a customer, it will definitely lose that customer for life.