The floods in Kerala have wreaked havoc in the state, with the damage estimated to be in thousands of crores. The floods have not only damaged homes, but also vehicles. Keeping this in mind, car insurance companies have decided to expedite claims in the state.
According to a report by News18, representatives of four general insurance organisations recently issued a statement wherein they would be ready to receive and expedite claims. The four companies are New India Assurance, United India Insurance, Oriental Insurance, and National Insurance.
The Insurance Regulatory and Development Authority of India (IRDAI) had issued a directive to insurers asking them to fast-track the settlement of life insurance claims in the state.
It is also estimated that vehicle inventory worth Rs.1,000 crore has been destroyed due to the floods in the state. Around 17,500 cars which were kept in stockyards have been damaged. It is likely that these cars could be auctioned to help recover some costs.
While banks have already agreed to reschedule loan repayment, this move could help people in the state come back to normalcy.
Sources: Autocar India, News 18, Rushlane