Car Insurance

covers your car against risks like theft, accident, explosion etc.

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How Fair are Insurers in Settling Car Insurance Claims

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The story of car insurance claims starts with the car accident. If you are the owner of the car that has met with an accident, you must be concerned about “would your car Insurer pay for this damage or would uprightly deny it?” But then again, if we assume that you have bought the car insurance Policy after doing much research about your insurance company and you also read your policy documents well before signing it, you should not worry about the car insurance claims denial.

Since there are so many incidents of claims denial coming across, your worries regarding the same are just normal. Car insurers are mostly fair in settling their claims, but even then they tend to make mistakes. Moreover, when they doubt that the Policyholder is at fault, they may deny his/her car insurance claims.

Claim procedure undertaken by the insurance company

Let us understand the process through which your car insurance Claim goes before getting authorized or denied. The Insured commences the process of making claim through his agent or broker or directly with his car insurance company. Thereafter, the claim is handed over to underwriters of the company. Underwriters are the staff people of the insurance company itself that Survey the entire situation and work in close cooperation of the insured people in order to understand the severity of the accident. With their knowledge, the claim underwriters investigate the case and skim through the insurance policy documents of the insured to check the coverage.

Besides the computer systems and claim underwriters, insurance companies also appoint the surveyors to assess the physical damage of your car. These are the people that would be able to tell you and the insurer the estimate of repair. On the basis of the surveyor’s report, either the claim is denied or authorized or settled as per the rules described on the car insurance policy.

Insured v/s insurer

Since claim is the materialized utility of the insurance contract, it is the right of the insured which he gets against his payment of the insurance premium. However, it also depends on his car insurance policy whether he is eligible for the raised claim amount or not. According to the insured, he is eligible for a specific claim, so he initiates the claim procedure. On the other hand, car insurance company has to be cautious and balance the various factors related to business risk. Insurer has to take care that no fraudulent claim is authorized as well as there is no customer dissatisfaction. Besides this, he has to manage the administrative expenses and look after the funds that they are not leaked unnecessarily in the name of overpaid claims.

On insured’s part

Your car insurer is not supposed to pay for your every car accident. So you as the insured, have to be careful that you drive your car carefully. And, in case of accident, raise the claim that is appropriate according to the insurance policy documents signed by you. There are online car insurance policies available now. The customer while looking for the same can also read the feedback given by the policyholders of the company before acquiring the policy. Buy the motor car insurance of specific car insurance company only if you find the claim settlement ratio satisfactory, so that there is no litigation filed for the same later on.