Is it mandatory to produce both keys while claiming insurance?
Posted on: 18/Jul/2018 9:46:00 PM
In case a vehicle gets stolen, is that mandatory to produce both the original vehicle keys in order to obtain compensation from the insurance company? Well, according to IRDA – Insurance Regulatory and Development Authority, such a rule is not mentioned; it leaves to the liberty of the respective company. However, a lot of insurance companies follow this rule so as to prevent bogus claims.
In a case that took place in New Delhi, a person had to seek compensation from a government-owned insurance company. He had lost his Honda City car. He claimed that the car got stolen when he had parked it outside his house in February this year. He says he has never come across any condition of mandating surrendering both the keys. He adds that he was said that the claim will be rejected if both the keys are not submitted. However, luckily he had either keys.
According to transport ministry officials, there are several cases where loss of one of the two keys is possible, and they would have got a duplicate key instead. These will also be taken into account while considering the case. He further had to obtain an authority letter to confirm his ownership for the stolen vehicle in spite of holding a valid RC. In spite of all the efforts taken and submissions done, the person still has to wait for the compensation amount. The person had been submitting and resubmitting the necessary documents to the insurance company and to the RTO – Regional Transport Office.
