Categorized | Car Insurance

claiming vehicle insurance

Insurance companies provide different types of covers for your vehicle insurance:

  • Third party property damage
  • Third party fire and theft cover
  • Comprehensive car insurance
FACTORS THAT AFFECT YOUR INSURANCE PREMIUM

  • Car specifications. [Make, model, showroom price, place of registration etc...]
  • Age of driver
  • Limit of voluntary excess
  • Coverage aspects [More the aspects covered, more is the premium]

DOCUMENTS REQUIRED TO MAKE A CLAIM

  • Claim form of your insurance company
  • Copy of RC book of the vehicle
  • Copy of driving license
  • 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]
  • Duly signed RTO papers with supporting documents [In case of theft]

HOW TO CLAIM?

  • 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
  • Identify the nearest garage where cashless repair facility is available and handover the vehicle to their custody
THINGS TO CHECK BEFORE MAKING A CLAIM

  • Voluntary excess
    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.

  • No claim bonus
    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.

  •  Damage Analysis
     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.
  • A claim can be denied even if value of the vehicle is less than the insured amount for restoration.

THINGS TO REMEMBER

  • 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.