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I believe this is mis-selling, if not outright fraud. 

Apr 14, 2023 Letters

Dear Editor, 

I wish to bring readers’ attention to a very unfortunate situation that my friend found herself in. She has a motorcar on loan and insured for $3,000,000 GYD. She paid her premium.

Her car was involved in an accident where she was wrong and damages to the other persons car amounted to approximately $500,000 GYD. The repairs to my friend’s car is a little less – about $400,000 GYD. Mind you, this is a comprehensive policy.

My friend visited her insurance company and reported the accident but lo and behold, she was told that she only has $100,000 GYD cover for the other person’s car, and she will have to find the remaining $400,000 GYD to make good the repairs on the car.

She was also told that her repair bill would have to be scrutinized but in any event, she has to contribute $150,000 GYD to that repair bill. The insurance company told her that is a compulsory excess which I understand is standard practice. My friend is however, aghast that she has comprehensive cover but her insurance company is only going to pay $100,000 GYD towards the other persons repair bill.

Mr Editor this is shocking and unbelievable. This was never explained to her. The term comprehensive connotes some kind of extensive, broad or all encompassing. This is bare bones cover. I believe, Mr Editor, that this practice amounts, at best, to mis-selling and at worst, fraud.

How could this be allowed to continue? What is the insurance regulator doing about this? I hope this letter is a wakeup call to persons with motor insurance to check their third party limits and also for the regulator to do their job and protect the insuring public.

Sincerely, 

Derek Ramlochan

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