A perfect guide that will help you to make a smooth Car Insurance claim

A perfect guide that will help you make a smooth Car Insurance claim

After purchasing a sophisticated car insurance policy, the second most traumatic thing is to make a successful claim. Purchasing a car insurance plan is somewhere easy in this well connected online-based generation. But to recollect your senses and inform the insurance company is difficult after getting into an accident. 10% of the total claims in India get rejected by the insurance company because they have not intimated within the time range. So, informing the insurance company after getting into an accident is the first and the most important part of the Car Insurance claim.

Whether you are responsible for the accident or not, you should need to inform your insurance provider about the incident. Along with your own damaged car, you can also pay for the other party damages with third party liability coverage. Let your insurance provider decide who is guilty and whether they can approve the claim or not.

Before making a claim, the policyholder should know whether the incident is eligible to make a claim or not. All the damages incurred due to an unpredicted activity are covered under the car insurance policy. Along with the physical damage to the cay, you can also make a claim for bodily injuries. Act of vandalism, theft, and damage due to natural calamities are also considered to make a claim.

It is not necessary to make a claim for every incident that happens to your vehicle. Sometimes you can avoid it too.  Unnecessary and frequent insurance claims will affect your no claim bonus. Also, your insurance credibility will be decreased, the results of which you will not be able to purchase an insurance policy later. Basically, people use insurance policies as a shield to unforeseen damages. But if you take too frequent claims for small damages then it will impact you back. This will also result in increased premiums at the time of renewal. Moreover, some insurance companies don’t prefer to issue a policy to customers with low credibility. So, make sure to take a claim when it is necessary and the repairing expenses are too high.

Types of car insurance claims:

  • Reimbursement claims: The claims in which the policyholder needs to pay the expenses first is called a reimbursement claim. Of course, lately, the insurance company will transfer the overall amount that the insured pays at the service center. You can repair your car at any nearby local garage to make a reimbursement claim. Customers do not prefer this type of claim settlement because in this they have to pay from their pocket.
  • Cashless claims: The most preferred type of claim settlement method is the cashless method. Whether we talk about cars or bikes, we need a claim settlement process in which we don’t have to pay money from our pocket. It is important to repair your vehicle at a network garage to avail of the benefit of cashless claims. All insurance companies have a list of network garages from which you can take cashless repairing service. You just have to pay the deductible amount and the rest of the expenses will be taken care of by the insurance provider.

Documents Required to make a Car Insurance Claim

Whenever you go to make a claim, the insurance company will ask you for some important documents. If you miss providing these documents, they will reject your claim. So, let’s give a look at the list of documents that are required to make a claim.

  • Vehicle registration certificate
  • Documents of the Car insurance policy
  • Driving License of the person who is driving the vehicle at the time of the incident.
  • A valid and duly filled claim intimation form.

In case you want to make an online claim then the claiming process starts just after intimating about the incident. You need the below documents to make an online car insurance claim.

  • Identification proof of the policyholder such as Aadhar card, voter id, or PAN card.
  • A lump-sum estimate of the repairing expenses. In case you want to make a non-cashless claim, then you need to submit these documents after repairing your vehicle.
  • Proper invoice from the garage with all the expenses mentioned on it.
  • Payment receipt
  • Canceled cheque.

The common reason for car insurance claim rejection

  • Providing incorrect documents or any wrong information provided in the claiming form.
  • Illegal use of vehicles.
  • Driving without a license.
  • Asking for repairing expenses without informing the incident to the insurance company.
  • The insurance policy is not on your name (In case of a second-hand vehicle).
  • Violating traffic rules.
  • Accidents caused due to the influence of inhaling intoxicating substances while driving.
  • Making a claim after the policy expires.

Tips to make a smooth car settlement claim

We have provided some points that will assuredly help you take a smooth claim:

  • The policyholder needs to read the policy documents Thoroughly while filing a car insurance claim.
  • Inform about the accident and damage to the insurance company as soon as possible.
  • If you lack understanding of any term in the policy then take the help of customer support.
  • For reimbursement claims, keep a record of all the expenses incurred during the repairing of the vehicle. As the insurance company will need all the proofs and bills of the expenses.
  • File FIR or inform the local police station of that area to reduce your part of stress.
  • If you purchase the policy from an agent then contact the agent to take care of the claim settlement process. He can coordinate with the insurance company on your behalf.
  • Submit only genuine documents along with the claim application form for a smoother and faster claim process.
  • In case the accident happens in a deserted place then make sure to click pictures of the damaged vehicle along with some pictures of nearby locations. This will work as a valid proof of the accident.

Concerned About Your Car Health: Bang Here To Opt For A Car Insurance

Car Insurance policy

There are many people in this world for whom buying their favorite car is a dream. They possess a really special relationship with their car which truly seems to be a valuable asset of their life. And it’s obvious one would not afford to risk the life of their car whom they love wholeheartedly like their child. So, the car insurance policy would be the least of the things one can do to ensure the health of their car.

The importance of insurance cannot be disputed in the present social environment. Under the unpredictability of life, we cannot afford to lose one of the root causes of our happiness. Therefore, it is almost mandatory to get insured health care for our car. 

Now let’s understand: What is this car insurance? How will it secure our car’s health? And how can we get one of these insurances? and so on. 

What is “Car Insurance”?

A car insurance is vehicle insurance that provides comprehensive protection to the insured car in case of any damage due to natural or man-made calamities and accidents.

How does it secure our Car’s health?

  • A car insurance policy prevents the car owner from sustaining any momentary losses resulting from unpredictable incidents including accidents, or any other damages suffered on the insured car. 
  • It also provides the insured with ‘personal accident cover’ to stay protected from any car accident injuries. 
  • Moreover, In India, According to the Motor Vehicles Act, 1988, Car Insurance is compulsory for all cars operating on roads to have a valid third-party liability cover. 
  • Also, car insurance for old cars have availability for one year and should be renewed annually. And car insurance for newly purchased cars should have a compulsory third-party liability cover for three years. 
  • Furthermore, by car insurance, one can get paid for hospitalization expenses in case of an accident. However, it pays for the car damages due to collision, death or natural calamities.

Tips while choosing a car insurance policy

As it takes a bulk amount of one’s lifetime wealth to buy a car, a good insurance policy should be chosen to safeguard this property. Therefore, few tips have been mentioned here to get a good car insurance policy

(i.) Selection of the best form of cover :

There are two groups in which a car insurance policy is divided, namely, Third-party and Comprehensive. In this, the third-party cover compensates only for third party damages, whereas the Comprehensive cover compensates for the third party damages as well as protects the insured car.

(ii.) Discover Discounts for the best form of cover:

One should look for a good discount offered by car insurance companies.

(iii.)Compare for the best form of cover:

One should do a good comparison before buying any car insurance policy as it will give them the idea of the best one suiting their requirements. 

(iv.)Insured Declared Value(IDV) of the vehicles should be checked :

IDV refers to the maximum claim that the insurer will pay if the insured car got damaged or stolen. Therefore, one should check for the IDV of the vehicle to choose the best car insurance policy.

(v.)Check for a voluntary deductible option :

There should be a good relationship between the premium and the deductible so that we can get the best value of the car insurance plan.

(vi.) Registration with an Automobile Association :

If one wants to get a discount on car insurance then they should get themselves registered with a good automobile association. 

(vii.) The Claim Process should be thoroughly checked :

One should also see to the easiness of the claim process before buying car insurance so that it does not create any chaos at the time of its requirement.

(viii.)Renewal process should also be looked before :

The renewal of car insurance is also very important. One should look for the renewal process offered by the car insurance company so that it does not become hectic for them at the time of getting this facility. 

As we’ve gone through a great deal of information for understanding it’s a necessity and it’s methodologies, let’s choose one of this car insurance for us which best suits our expectations. 

On comparing various car insurance plans for four-wheelers cars on the basis of the Insured Declared Value or IDV of the vehicles, we’ve got the analyzed data which is mentioned below.

1.TATA AIG Car Insurance :

Tata AIG Motor Insurance plan is a car insurance plan that considers the conventional and non-conventional risks associated with automobiles.

It ensures that the policyholders are able to get immediate help in case of emergencies. 

2.HDFC ERGO Car Insurance :

HDFC ERGO General Insurance Company offers a complete range of general insurance products right from Health, Motor, Travel, and Home to Personal Accident in the retail space.

3.New India Car Insurance :

New India Assurance offers a wide range of motor insurance products that covers all the basic needs of the insured. This plan offers two types of coverage,i.e., Liability and package coverage. 

4.Oriental Car Insurance :

Oriental Insurance company provides a car insurance plan that ensures the ease of claim to the insured in difficult situations and also offers customized plans as per requirements of the insured including seamless online renewals, emergency services, and a lot more.

5.Bajaj Allianz Car Insurance :

Bajaj Allianz Car Insurance is a trusted company that offers one of the best car insurance plans. It enables them to renew their car insurance quickly and conveniently within instants.

These are the top 5 car insurance companies providing the best car insurance plans for all of us.

As cars are considered to be a part of our family, we need to take care of it as well. So car insurance is one of the best ways to safeguard it from all unforeseen problems. Car insurance truly caters to the health of our car and provides privileges to the car owner in case of any discrepancy.