With a large number of people buying personal vehicles these days, auto insurance has become the most sought after insurance product. But most people don’t get it when they file their first car insurance claim.
car insurance claims fix the light
- Voiture or two wheelers have become an important part of our life.
- Les Jeunes en Dependent Dance Spree on a Grand Scale
- Today while most people avoid public transport and taxi services to protect themselves during the pandemic.
- In such a situation, the need for private vehicles has increased.
Cars or two-wheelers have become an essential part of our lives. People depend on it to a large extent for their daily lives. Today, with most people avoiding public transport and taxi services to protect themselves during the pandemic, the need for a private vehicle has increased.
TA Ramalingam, Technical Director, Bajaj Allianz General Insurance, explains the simple process of making a car insurance claim. He says that today a large number of people buy personal vehicles, due to which auto insurance has become the most sought-after insurance product. But most people don’t know when they file their first auto insurance claim. So, let’s understand what an auto insurance claim is…
What are the types of car insurance claims?
Auto insurance claims are generally classified into two categories: cashless claims and reimbursement requests. Both have different characteristics. Along with this, the premium of the two can also be different.
What is a cashless claim?
With cashless claims, once your vehicle is damaged, you don’t have to pay for repairs. The insurer reimburses the cost of repairs directly to the garages in its network. As a customer, you only pay depreciation and more, if applicable. The depreciation percentage varies depending on the age of the car and the damaged part. For example, fiberglass rods depreciate by 30%. So, if that particular part is damaged and needs to be replaced, the insurer will pay 70% of the cost and the remaining 30% will be the responsibility of the insured. The deductible is the amount that the insured must pay before taking out the insurance cover. Either mandatory deduction or Rs.2,000
and the insured has a claim of Rs 6,000, then the insured has to pay Rs 2,000 first and the remaining Rs 4,000 will be paid by the insurer. Overall, the cashless settlement is a smooth and hassle-free process for the insured.
What is a refund request car insurance claims?
In the event of damage to your vehicle, you can have your vehicle repaired at any garage (out-of-network garage) as part of the reimbursement request. You will have to bear the cost of the repairs and later request reimbursement from the insurer. But make sure you have receipts and invoices for any repairs done at the garage. The insurer will make the payment after checking the claim documents and the invoices.
What are the types of incident-based car insurance claims?
There are three types of car insurance claims depending on the event:-
- Civil liability
- Bodily injury
Third Party Cover (TP) – Third Party Cover is a compulsory cover by law in India.
The purpose of the TP is to cover you against civil liability invoked by third parties who have suffered damage or injury caused by your vehicle. The TP section does not provide coverage for you or your vehicle. Under TP, a third party who suffers injury, property damage, or death to your vehicle can make a claim. There is no limit to compensation in the event of death or injury, the amount will be determined by the court. If you are the third party in an accident, you should immediately file an FIR and verify TP insurance details with the vehicle owner. You must file a claim with the Motor Accident Claims Tribunal (MACT). You can file a claim no matter where the accident happened or where you live.
You can file an automobile car insurance claim:
- Compensation for physical incapacity or loss
- Compensation for loss of income due to disability
- Medical fees
- property damage
- Compensation for your dependents in the unfortunate event of your death
following an accidentcan file for car insurance claims
Self-harm (OD) –
The OD claim comes in handy when your vehicle is damaged in an accident. The first thing to do in this situation is to inform the police and your insurer. You must not remove your vehicle from the scene of the accident without the agreement of the police and the insurer. Once you have obtained consent to remove the vehicle from the accident site, you can bring the vehicle there for repair and the insurance company will pay either cashless or on a reimbursement basis.
If your vehicle is stolen, you must file an FIR with the police, report the theft to the insurer and the RTO. For this, you will need to present a copy of the FIR, driver’s license, vehicle registration certificate, etc. to the insurer. The police will investigate the matter, however, if your vehicle is not found within 90 days, the police will issue a no trace report. In the event of theft, no search report is required to settle the claim. Once you submit the report along with the required documents, the insurer will begin the process of settling the claim.
Can I file a car insurance claim digitally? If so, what is its process
The insurance industry is rapidly moving towards digitalization and using scientific application tools to speed up claims settlement. One such innovation in claims settlement is “on-site settlement”, which is done via an app or the insurer’s website. In this case, the insured must click on the photos of the damage caused to his vehicle and upload them in the application or on the portal of the insurer. Insurers use these images and data analysis tools and decide the amount of the claim and if it is acceptable to the insured, it is settled in less than 20 minutes. With such an innovation, the insured can easily settle the claim in less time and have their vehicle repaired without any financial hassle.