Don’t you simply love your car? And why not, after all it's one of your prized possession and you would go any length to ensure it's in perfect condition, at all times.
As you are aware that insuring your car is a mandate, claiming your car insurance may not always be beneficial. Analysts believe that there are no fixed rules or stipulations as to when should one claim for car insurance.
Hence, there are situations when one can easily avoid claiming the car insurance policy for better benefits. Read on..
Third Party Car Insurance Claims
Let's assume, a neighbour while parking his car bumped your car giving it an ugly dent. In such a situation, you can file for third party insurance claim. When it is evident and is proved that the accident is not your fault, you can easily refrain from making any claim on your policy. In this case, your neighbour's insurance company will pay for the repair of your car.
Although, making such claims could be a bit tedious, it's worth every bit.
Be aware, in case of an accident where a third party is at fault, you will have to file an FIR with the local police and obtain a charge sheet. If you are able to prove third party’s involvement and fault, you stand strong chances to receive approval on your third-party claim.
Safeguarding the No Claim Bonus (NCB)
Now, that’s an interesting one! Let us first understand the fundamentals of NCB. NCB is a feature one earns for every claim free year at the time of renewing your car insurance policy.
It offers a discount on the Own Damage premium STARTING FROM 20% up to a maximum of 50%.
So, in case you decide to make a claim, you will lose the NCB at the following renewal, so better be calculative. If the repair expenses are lesser than your NCB discount at the next renewal, there is truly no benefit in claiming the same. You should only claim the repair expenses, only if the amount is more than the NCB discount.
Sometimes, it is not just about the NCB. While approving your insurance policy, companies use your claim history to access your past claims and to analyse how much you could cost them. More number of claims make you riskier for them.
This will lead to higher premium and thereby an increased cost. Hence, it may not always be advisable to claim car insurance.
Please do your calculations to keep a check on your expenses. It goes a long way to take advice from experts at Cover Fox and make your claims count!