Did I Insure With RICB To Be Sure?

Today, me and my wife went to Wangdue to renew the vehicle insurance, road worthiness certificate and the registration booklet(a.k.a bluebook though it is green now). These renewals come with a golden price tag and often have to bear the brunt of the officials.

(Photo source: RICB website)


The first in sequence was to renew the insurance which I thought would not dig down deep into my pocket, this time. Instead, I was quite taken aback to find that the insurance premium of my car had increased significantly instead of decreasing. When asked how that could be possible, the official at the desk said it is because of the increase in the value of my car (sum insured) and thus the resultant increase in premium. He proclaimed that the valuation was done from their head office in Phuntsholing and he played a "nice guy" by giving me a 10% discount on the "price tag". I could not hold but laugh, as car being a depreciating asset, the increase in its value was quite a contradiction to the general norm. How do they value my car without even inspecting its condition? A 10% discount was just a cover-up abatement to please their clients, as i think. He further made me ill-disposed with the idea of insurance as he indicated that the premium would not go down henceforth. I had to immediately ask myself, am I being too risk averse? In all fairness to the strategies of the RICB, this comprehensive insurance has been a financial blackhole to me personally. And as i write this, i reflect on this rhetorical question; Insure with RICB to be sure - Am i sure?

Whatsoever be the matter, my car is worth journeying on the road for a year from now, and until this time next year, I'll not have to bother about any of the compliances.