Car Accident Insurance Claim Procedure
Insurance is a term we listen almost every day. From life insurance to health and travel, almost everything we do today is insured, meaning we have a safety net should anything happen. Car Accident Insurance Claim Procedure
Above all, the ongoing pandemic has shown us how important it is to be prepared for the unexpected and how insurance works to protect us and our possessions, including our cars. This means that it is necessary to know even the most basic aspects of our policy. Here is a checklist of things you need to know when filling out insurance claims for your car. Car Accident Insurance Claim Procedure.
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What is the importance of car insurance?
Comprehensive car insurance offers you significant benefits and is extremely important if you are considering sound financial health and well-being. First of all, you cannot buy a car and drive it in India without some form of motor insurance.
Under the Motor Vehicles Act, 1988, it is mandatory for all vehicles in India to have third party insurance. Furthermore, instead of buying just the minimum amount of insurance or opting for the cheapest policy available, it would be beneficial to invest in a comprehensive vehicle insurance policy that will truly protect you against all issues, including all man-made and natural calamities. Second, car insurance helps you recover from unpleasant events in many ways. These include:
- Offer financial benefits to survivors if an accident causes fatal injuries.
- Offer coverage against potential lawsuits, including legal fees, in the event of a lawsuit following an accident.
- Offer to cover bills related to vehicle repairs after damage caused by an accident.
- Offer coverage in case of any other man-made or natural disasters causing damage to the car.
- Vehicle insurance also allows customers to take advantage of discounts on premiums for theft.
- Owning more than one policy with the same insurance provider also provides significant premium discounts.
- Comprehensive car insurance also allows you to extend cover to other people who drive your car with your permission, protecting you even when you’re not behind the wheel.
- In the event that you make no claims at the end of your policy or tenure, you will be eligible for a non-renewal bonus if you meet certain pre-determined conditions.
What does the Car Accident Insurance Claim Procedure?
The main purpose of buying an insurance policy is to ensure that in an emergency, the insurance money can help cover the related expenses. From this perspective, when it comes to insurance, the “moment of truth” is defined by the simplicity of the claims handling and settlement process. Car Accident Insurance Claim Procedure
Once you’ve decided to buy a car and subscribe to comprehensive insurance coverage, you may be worried about how to handle claims in the event of an accident or other unpleasant incident. Here is a detailed breakdown of all the things you need to keep in mind when it comes to the insurance claims process. Car Accident Insurance Claim Procedure
An insurance claim is first and foremost an official request from the policyholder to the insurance provider requesting compensation for the damage or loss incurred. Once the claim is processed and verified, the insurance provider will offer compensation that is consistent with the coverage guaranteed to the customer under the policy. Car Accident Insurance Claim Procedure
Types of claims:
You can make a claim in two ways – cashless or by refund. If you have your car repaired at a partner car service after an accident, your insurance claim will be settled without cash. Insurance companies have ties to chain garages, so it’s best to find out which garages are partnered with your insurance company to get the best and fastest claim settlement possible.
In this scenario, the insurance provider makes direct payments to the partner garage, which is more convenient. If you get your car repaired at a garage that is not affiliated with your insurance provider, you will need to make payments and get bills. Car Accident Insurance Claim Procedure
Once you do this, you can get your repair bills reimbursed by your insurance provider. Claims for compensation can also be filed if you have third-party claims against you. If you pay directly to a third party, you may be reimbursed by your insurance provider depending on the terms and conditions of your insurance policy. Here are a number of questions that come up when you file a car insurance claim. Car Accident Insurance Claim Procedure. Car Accident Insurance Claim Procedure
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Documents required when reporting an insurance event
Depending on the nature of your claim, you will need to submit all or some of the following documents:
- A copy of your driver’s license
- A copy of your vehicle insurance policy
- A copy of your car’s registration certificate
- First Information Report (FIR)
- Damage and repair estimate
- Medical report (only in case of physical injury)
- Any records of other expenses that are claimed
- Photos, if available
Steps to claim compensation for damage to passenger vehicles
When submitting a claim for damage to your own car, you will need to proceed as follows:
- First of all, you need to make sure that you have informed your company before sending the car to the workshop for repair. Once you do so, the company will send an inspector to examine and verify the damage, making claims easier to pay. Both you and your insurance provider will receive copies of the examiner’s report, which provides evidence of the damage caused and an evaluation of the extent of the damage.
- Second, you must complete and submit the designated application form to your insurance provider. This process can be done both online and offline. However, you need to make sure that you don’t leave out any important details.
- Third, along with the form, you must submit the required documents, which usually include a copy of your driver’s license and car registration certificate. In case of theft or road accident, you must also submit a copy of the FIR filed with the police.
- Once the car is repaired and you receive a bill, you should submit a copy of the bill as a supplement to your claim.
- After examining and verifying all documents, the insurance company will process the claim and reimburse you for the damages incurred. Car Accident Insurance Claim Procedure
Steps to make a claim for third party damages
If you were involved in an accident that caused injury to a third party or damage to a third party’s property, you can make a claim as follows:
- Notify your insurance company as soon as you are notified of the claim. Along with this, also submit the vehicle registration certificate, driving license and FIR lodged with the police.
- After verifying the documents, the insurer will provide you with the services of a lawyer.
- Once the case goes to court, if you are found liable for damages, your insurer will make a payment on your behalf in accordance with the sum insured. Car Accident Insurance Claim Procedure
Steps to File a Theft Claim
If your car has been stolen, you can follow the following steps to file a claim with your insurance provider. Car Accident Insurance Claim Procedure.