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You may be the best car owner in your neighborhood, or lauded as the most responsible driver in your
group of friends. But your car needs more than just your careful driving skills on the city roads.
One of the key benefits of your comprehensive car insurance policy is that you are able to claim for any
loss or damage towards your own car or pay for the damages to a third party in case of an accident.
All you need to do is know the nitty-gritty of making a successful claim!
Damaged your car in an accident (minor or major)? No problem, because if you have a comprehensive
car insurance policy, you can always claim the damages from your insurance company.
Follow these simple steps:
You must intimate your insurance company about the accident as soon as possible. Actually, the sooner the better. Most insurance companies follow stringent timelines (which are mentioned in their policy wordings).
NEVER drive the car after an accident. It might lead to further damages that may not be covered by the insurer. Take help of professional towing services. This is also a good time to use that Roadside Assistance your insurer might have offered you.
To opt for this benefit of your insurance policy, take your car to a Network Garage. The insurance company will settle the repair expenses directly with the garage without your involvement. Network garages are mostly listed on the insurer's website.
Do not start any repairs on your damaged car unless a surveyor from your insurance company has completed the inspection. Most insurance companies will schedule the survey within 1-2 days of the claim intimation.
After the survey & scrutiny of your claim request, your insurer will send you and the garage an approval for the estimated repair costs. Now you can ask the garage start the repairs! (You'd be informed, even if your request was declined.)
In every car insurance claim, certain repair costs (such as compulsory deductibles, cost of consumables, etc.) have to be paid for from your pocket. Once you settle these expenses, you are free to enjoy your drive all over again.
Despite the best of your efforts, you banged your car into someone else's car/property, or a person suffered
an injury during a mishap. Chances are that this person will claim for the damages on your insurance policy.
Here's what you need to do:
To file a claim on the Third-Party Liability policy, you or the third-party must file an FIR at the local police station of the spot of the accident. Keep a copy of the FIR with you.
You must share the copy of your car insurance policy with the third-party, so that they can make a claim on your insurance policy. You cannot avoid this, even if you wish to!
By the Motor Vehicle Act of 1988, all third-party liability claims are settled under the Motor Accident Claims Tribunal (MACT). The third-party involved has to file for the claim at this tribunal. It could be located near the place of the accident or where the victim or his dependents reside or where the owner of the vehicle or the driver involved resides.
Compensation for death or disablement of the third party is not limited. It just depends upon various factors including the earning capacity of the affected.
The liability towards any property damage is limited to Rs. 7,50,000. Any compensation amount over and above this (if required) is to be borne by the car owner.
Can there be anything worse than a stolen car? Perhaps not. That’s why it’s important to
know what goes into making claims under this scenario.
If you find out that your car has been stolen, (after you're done freaking out!) the first thing you must do is lodge an FIR at the local police station.
And raise a claim for it. Submit the following documents alongside – copy of your car's registration certificate (RC), copy of the FIR, copy of your driving license, first two pages of your policy document, and a detailed letter addressed to the RTO.
Once the police department issues a final 'Non Traceable Report' (usually after six months
of trying to locate the car), complete the formalities of transferring the RC of your lost car
in the name of the insurance company along with a letter of subrogation.
The claim will be settled once all the documents are submitted to the insurance company
and all the necessary formalities have been completed.
Never leave your car unlocked, even during anxious times.
Always keep a copy of your insurance document in your car.
Follow the traffic rules, and do not drink and drive.
Know what’s covered and what’s not covered in your policy.
Always make sure that you read the policy document carefully. This will help you NOT getting shocked at the eleventh hour.
Making a car insurance claim means giving up on your No Claim Bonus (NCB). So, do a little math and figure out if the claim is worth being made.
Avoid claiming for minor scratches and dents to safeguard the NCB discount on your renewal as it can significantly reduce the premium