Insurance companies not to revaluate insured vehicles

A consumer court has ruled that the insurance companies are not allowed to re-assess the market value of an insured vehicle, once a policy for a specific amount is issued against the requisite payment, reports Economic Times.

"Once an insurance policy for a specific amount is issued against the requisite payment, it is no more open to the insurance companies to re-open the issue as to the market value of the vehicle," Delhi State Consumer Disputes Redressal Commission (SCDRC) observed. More....