Hold insurance companies accountable

THE EDITOR, Madam:

In 2020 my wife and I purchased a brand new SUV, which was insured through a broker. On November 17, 2021, as my wife was waiting at the stop light on Brunswick Avenue, there was a collision between two cars travelling in opposite directions, where one car hit the other into the front of my wife’s stationary vehicle. The police came and took reports of the accident, and we proceeded to report the matter to our insurers through our broker.

For months we sought to have the broker get compensation for the damage, based on the estimate and assessment report provided to the other two parties involved; however, neither party claimed liability, even though both agreed that there was no liability on the part of my wife and the liability was between one of them. Our insurers offered to repair our vehicle less the five per cent excess and GCT. This meant that they’d provide less than a third of the repair costs, but we would lose no claim bonus and an increase in premium. This is for an accident in which we had absolutely no involvement. We rejected this offer, as the only beneficiary would be the insurance company themselves.

We sought to deal directly with our insurers and were presented with the option of a 50:50 split between the other two parties in settling the matter, seeing that we were the innocent party. By now I had done a second estimate and assessment report. They warned that it would likely be difficult to come to an intermediate solution on the matter. However, after a few months, an agreement was reached – seeing that my wife was the innocent party, they’d settle 50:50 until liability was determined. The insurance company, however, insisted that they would not honour GCT claims once a release was signed off. Reluctantly, we agreed. Just before the release was to be signed, the insurance company decided that they would take full liability. This was now way into 2022. I would now have to get back in a long line and wait for them to prepare a release.

I was eventually given a date of Friday, December 16, which was put off to the following Monday; then, on Monday, I was informed that their client had engaged a lawyer, and so the process was to be halted.

The point is, when I look at the new traffic regulations and in particular the consequence of not having motor vehicle insurance, I can’t help but wonder who ensures that these insurance companies serve their customers. Who ensures that companies don’t prey on the people? Vehicle insurance is important and serves a very necessary purpose, but if it is not properly governed these insurance companies scrape every dime from consumers and leave them hanging when the service paid for is needed.

I would implore the regulators and policymakers to ensure that insurance companies are held accountable and provide services for which people have paid.

FRUSTRATED