Egypt – Insurance helps customers in proportional rule
Monday, 02 20 2017, Category: Insurance and Reinsurance, Country: Egypt
Insurance companies granted customers a margin of plus or minus 10% as the allowed difference between the insured value of the vehicle and its market value. For example if the value of the car is EGP 100 thousand and then it rises to EGP 110 thousand, the proportional rule is not applied. Moreover, if its value declines to EGP 90 thousand, the rule will not be applied too in order to ease the procedures for customers.
Moreover, Mr. Ibrahim Labeeb, chairman of the motor insurance branch at “Delta Insurance” and head of the motor insurance committee at the Insurance Federation of Egypt said that evaluating the value of a car when insurance is purchased is easy since the models are specified and there are many sources of information to obtain the prices of vehicles such the markets of Friday and Tuesday as well the exhibitions of used cars in addition to the prices of agencies.
Source: Al Mal News