Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Insurers Idnemnity New for Old Electrical Appliances?

Insurers Indemnity New for Old Electrical Appliances? Can you believe it? If insurers do pay your claim.The public would have two responses.” I….s that tr…….ue? Martin asked with his unbelievable eye.

” Yes, my Led Television which I brought in 2014, the recent lightning damaged it, the insurer paid me the 2017 current price” Mary proudly told Martin.

” No depreciation or wear and tear? Which insurance company would be so kind to pay you the new current price? Who is your insurance broker/agent, Can you introduce to me? Martin probe further with more questions.

Why Insurers Indemnity New for Old Electrical Appliances?

Many insured assume the householder policy making a claim, they would receive a new replacement cost for the replacing stolen, damaged or lost items.

While this certainly might be the case, but often it isn’t always. Many insureds are disappointed to find that the terms of their cover mean they only receive a claim settlement after the age of items and wear and tear have been taken into account.

What ‘new for old’ means

‘New for old’ ensures that when you’re claiming on an item (although not necessarily all items) you will be compensated sufficiently to exchange it for the exact same, new version; or, if that no longer available, the latest equivalent.

Criteria quality Insurers Indemnity New for Old Electrical ApAppliances?

The said claim items must be less than 5 years old.

It must be adequate sum insured on each renewal. 

Let us say you purchased an item cost RM10,000.00.  On each renewal, the sum insured must be also RM10,000.00 from 1st to the fifth year.

What new for old policies won’t cover

Easily ruined or lost like clothing, and bed linen only a few items new for old policies won’t include compensation for.

The trendy fashionable items like the customized handbag, shoe and handphone are in the excluding list. It is best to read the small print in the exclusion clause as policies vary between one insurance companies to another insurer.

If you like this article.

Why insurers Indemnity new for old electrical appliances? Please share with your family members or friends who might find it useful to them.  Sharing is joy doubles. I welcome any your comment and suggestion for further improvement. Or perhaps you would like to add me to your subscriber list.

Thanks.

Insurers Idnemnity New for Old Electrical Appliances? 1



Leave a Reply

Your email address will not be published. Required fields are marked *