Insurance companies provide different types of covers for your vehicle insurance:
- Third party property damage
- Third party fire and theft cover
FACTORS THAT AFFECT YOUR INSURANCE PREMIUM
- Comprehensive car insurance
- Car specifications. [Make, model, showroom price, place of registration etc...]
- Limit of voluntary excess
DOCUMENTS REQUIRED TO MAKE A CLAIM
- Coverage aspects [More the aspects covered, more is the premium]
- Claim form of your insurance company
- Copy of RC book of the vehicle
- Original/Copy of police FIR filed
- Copy of the Policy procedure
- Estimate and actual repair receipts
- Not recovered or 'no trace' report from police [In case of theft]
HOW TO CLAIM?
- Duly signed RTO papers with supporting documents [In case of theft]
- In an accident, if another vehicle is involved, note down the number and car make/model
- If there are witnesses, gather their details
- File an FIR at the nearest police station
- Contact your insurance company to make a Claim and get the claim number
- Submit the necessary documents to the insurance company to obtain the claim
THINGS TO CHECK BEFORE MAKING A CLAIM
- Identify the nearest garage where cashless repair facility is available and handover the vehicle to their custody
Voluntary excess is the amount of money that the Policyholder
can bear in the case of vehicular damage. If the costs for repair are less than the voluntary limit, an insurance claim can be avoided as it will reduce your Insured
capital. A claim can be made if the damage is severe and costs of repair are unbearable.
Most of the insurance companies offer discounts when the policyholder has a claim free year. Hence, minor repair charges could be shelled out from your own pocket to benefit from the discounts accumulated in the future.
Analyze the damage before making any claims. Claiming for a minor repair charge can cost you more and can deny you the privilege of "claim free year" discounts.WHEN AN AUTO INSURANCE CLAIM IS REJECTED?
The insurance companies have the right to deny claims on several bases.
- For theft of vehicle under suspicious circumstances the driver will be held responsible and the insurance company can validate this as a reason to deny claims.
- Incorrect information or insufficient details in the claim application may also account for the rejection of claim.
- Accident during use of the vehicle for purposes other than mentioned in the motor insurance policy.
THINGS TO REMEMBER
- A claim can be denied even if value of the vehicle is less than the insured amount for restoration.
- Keep copies of all the paperwork secure for future reference.
- Maintain clean records of all expenses if not availing cashless facility, so that it can be reimbursed later.
- Fill the claim documents carefully to avoid denial of reimbursement.
- Must have all documents handy to produce before police or the insurance company at any point of time.