There is myth quite popular in our country that “
In order to dispel the abovementioned disbelief it’s worth looking at main factors which define your chances on being indemnified.
Frequent are the cases when an Insured jeopardizes his chances for indemnification at the very moment of purchasing the insurance policy. First of all, the choice is often defined mainly by the cost of insurance Ukraine’s market has to offer without taking into consideration insurer’s brand, reputation, or policy terms and conditions. Second, sometimes the Insured is biased towards a particular insurance company by the third party (for example, a bank or leasing company worker who has personal interest in them).
By following any of the abovementioned scenarios an Insured is almost bound to be denied indemnity. As a result many people complain of the insurance companies in
Excluding the most probable perils from the coverage allows saving on insurance, on the one hand, but on the other hand it also serves as legal ground for indemnity denial.
Obviously, international brand costs more. That’s why foreign insurers’ subsidiaries value their good name and do not deny indemnity unjustly.
When it comes to Ukrainian insurance a group of companies represents a separate type of insurers. They initially sell policies at the damping price with no further intention to satisfy the indemnity claims. Motor third party liability insurance policies are the vivid examples of such behavior. For instance, in accordance with current Ukrainian legislation the minimal price for the regular MTPL policy for the vehicle registered in Kyiv cost UAH 1,034 while some insurers offer it at a price UAH 500 – 600. Can an Insured count on being indemnified? The answer is obvious.
In addition it’s worth stressing out that claim settlement begins at the moment of concluding insurance agreement. It’s wise to be careful, attentive and not to save on the insurance quality.