Is Insurance Profitable ? How much IRON AND STEEL IS having your Car?

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I had a bitter experience with the Insurance Company. The car I was travelling met with an accident without any serious personal injuries. But, the front portion was fully damaged as it rammed into the back of the Bus which was stopped applying sudden break. I went for Insurance claim. The Insurance company agent came took the photographs and calculated the eligible claim as Rs23,000/- that too after deducting the depreciation charges towards the iron whereas, the estimate given in the workshop was for Rs.70,000/-. When I inquired with the Insurance company they said that they won't pay for the damages caused to fibre, plastic parts and that I can't claim any amount for this loss . At the time of taking the policy, they never revealed it. But, the showroom collected from the all the cost of the parts (with plastic or fibre). Nobody wants to go for claim intentionally. But, due to some bad luck if one goes for Insurance Claim they spell out various hidden terms and conditions and simple pay at the most only half of the amount you paid toward the premium, that too if you have chosen FULL INSURANCE. IS IT NOT CHEATING.?