The Ghatkopar billboard collapse on May 13, 2024, in Mumbai has left victims struggling to claim insurance due to only having third-party coverage. This tragic event, which killed 16 people and injured over 75, also resulted in the destruction of 47 two-wheelers, 39 four-wheelers, and 10 rickshaws.
Many vehicle owners, unaware of the necessity for Own Damage cover, now face significant financial difficulties. This incident underscores a critical gap in insurance awareness and highlights the urgent need to educate the public on the importance of comprehensive vehicle insurance to ensure better protection against unforeseen events.
Victims’ Struggle with Insurance Claims
If physical injuries weren’t enough, retrieving damaged vehicles and claiming insurance has become a nightmare for those affected. The vehicles lie in a heap of compressed metal, with their owners visiting the site daily. Authorities were seen demolishing the skeletal framework of another hoarding at the site.
Among the affected, Kumar, a gig worker, expressed his frustration, “I had paid insurance money on my vehicle, but no one informed me about the need for ‘First Party’ insurance. I am caught unaware after this disaster and trying to understand the issues on vehicle insurance.” Kumar’s motorbike remains buried in the wreckage, while he relies on friends and family for transportation.
Similarly, Ajay Bhoir, whose Maruti Ertiga was destroyed, said, “I have approached the insurance company who have asked me to get an estimate done. Other processes for getting the insurance claim are underway. I bought my vehicle in 2023 and recently its zero-debt scheme expired.” Bhoir used to provide vehicle services to offices and now faces a significant financial setback.
For Mohammad Arshad, a resident of Bhiwandi, the situation is dire. “I have been trying to get my motorbike from the site which was crushed. I got injured while waiting to fill the petrol. I have been denied an insurance claim on grounds that I have third-party insurance. This motorbike is the source of livelihood for my family.”
Importance of First-Party Insurance
Sources indicate that those with third-party insurance should file an official complaint against the responsible party, with the police FIR being crucial for claims. Sanjay Sasane, former RTO officer and transport expert, noted, “All those vehicles having first-party insurance will not have much of a problem getting a claim.”
The Regional Transport Offices are expected to inspect the site this week. As the skeletal metal framework of the hoarding is demolished, space will be created to remove the vehicles one by one. Currently, these vehicles rest on uneven ground, making retrieval challenging.
The Ghatkopar tragedy underscores the urgent need for comprehensive insurance awareness. Vehicle owners must understand the critical importance of having Own Damage cover to protect against unforeseen events like this. Comprehensive insurance provides not only financial security but also peace of mind during such catastrophic incidents.
Summary
The Ghatkopar tragedy serves as a stark reminder of the importance of comprehensive insurance coverage. At BeWealthy, we believe in educating our clients on the necessity of adequate insurance to safeguard against such unforeseen events. Our commitment extends beyond offering sound advice to ensuring our clients are fully protected: we represent our customers. With BeWealthy, you can trust in our dedication to excellence, reliability, and securing your future. Let’s work together to spread awareness and help prevent such hardships in the future.