How to File a Motor Insurance Claim?



Understanding insurance Claim

You enter into a contract together with your insurer by buying automobile insurance . The insurer promises to compensate you for the loss that you simply might suffer thanks to an unfortunate incident which involves your car. reciprocally for such a payment/compensation, you pay a particular sum of cash within the sort of premiums.Now allow us to assume that your car gets involved in an accident, and you suffer an enormous loss thanks to an equivalent . As promised by your insurance firm , you’re expecting to urge purchased this loss. Here you would like to file a ‘CLAIM’ so as to urge paid by your insurer.Making a claim is that the process of informing the insurer about the loss then expecting the insurer to pay/compensate for it. You, thus, request the insurance firm to require necessary actions.This is why it’s important that you simply choose an insurer who settles yourcar insurance claimspromptly. to assist you gauge this, you’ll check out the company’s Claim Settlement Ratio.

What is Claim Settlement Ratio?

Claim settlement ratio is that the percentage of total claims settled to the entire claims received by the insurer during a fiscal year . It helps you understand the likelihood of the insurer paying or compensating you for your loss. Claim settlement ratio is a crucial yardstick to live the reliability of an insurance firm .

By comparing the Claim Settlement Ratio of various automobile insurance companies, you’ll get a rough idea about the likelihood of your claim getting settled. While this doesn’t entirely depend upon the Claim Settlement Ratio, a comparison results in a far better understanding of the reliability of an insurance firm .

Claim Settlement Ratio by IRDAI

Taking a glance at the claim settlement ratio of an insurance firm will provides a basic idea of the likeliness of you claim being settled.

Financial Stability

Having a basic idea of the financially stability of an insurer are going to be helpful just in case of claims involving larger amount of cash .

After Sales Services

It is important that your insurer provides an honest service after you buy a automobile insurance policy.

Type Of Claims

Cashless claims

When you make a cashless claim against your automobile insurance policy, you are doing not need to worry about the repair costs. it’s important that you simply take your car for repairs to a network garage. you only pay the deductible amount and therefore the rest is taken care of by your insurer. The deductible may be a portion of the bill that you simply pay from your pocket compulsorily or voluntarily.

Reimbursement claims

You need to buy the repairs from your pocket then submit the first bills, payment receipts, etc. to your insurer. Your insurer then subtracts the deductible amount and reimburses the repair amount to you. you’ll get your car repaired at your preferred garage.

Documents Required To File A Claim

Keep the subsequent documents ready while filing a claim:

The copy of the registration certificate of your Car.

Police report or FIR.

The copy of the policy .

The copy of your license.

Original repair bill, cash receipts, etc.

The Claim Process

Third party

Immediately get in-tuned together with your insurer if you cause damage to the third party. In case, another vehicle causes damage to your car or property, note the small print of the car owner and their insurer. just in case of a serious accident, the Claims Tribunal will decide the compensation to be paid.

Own-damage

When you have a comprehensive automobile insurance policy and your car gets damaged, you would like to urge in-tuned together with your insurer as soon as possible. One week is that the ideal time within which you would like to tell your insurer about the damage.A surveyor are going to be assigned to look at your damaged vehicle. The surveyor will ascertain the rationale and therefore the extent of the loss after which your insurer will send an approval/rejection of the claim.Meanwhile, you’ll take the car to the garage for repair or ask your insurer to try to to so. If your claim is approved, you’ll be paid or compensated for the loss.

Theft

If your car is stolen, the primary thing you want to do is, inform your insurer and therefore the police. you’ll need to submit documents like the copy of your car’s registration certificate, your driver’s license , FIR from the police, etc. Some insurers also invite the car keys.If the police cannot locate the car within an inexpensive period of time , it issues a on-traceable certificate. It allows your insurer to proceed towards the settlement of your claim.The insurer will then pay you the present market value of the car. If you’ve got taken the Return to Invoice cover, then the quantity are going to be adequate to the car’s purchase value.

Common Reasons for Claim Rejections

Incorrect Information

The details provided by you within the form are incorrect or false

Alertness

The accident happened while you were driving under the influence of intoxicating substances.

Documents

You were driving without a legitimate driver’s license .

Ownership

You own a second-hand car and therefore the insurance remains within the name of the vendor .

Rules

You did not inform your insurer, about the accident, within the stipulated time-frame .

Carelessness

The damages occur thanks to your carelessness.

Depreciation

The insurer observes that the repair cost are going to be above the depreciated value of your car. you’ll then tend an amount adequate to the depreciated value.

Illegal Use

You use the car for purposes aside from those mentioned within the policy.

Inactive Policy

A claim filed against an inactive automobile insurance policy are going to be rejected.

Avoid Claim Rejection

By driving with a legitimate license.

Do not drink and drive.

Know your coverage and exclusions well.

Read the policy document carefully.

Keep a replica of your policy in your car in the least times.

Know the claim process well.

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