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Friday 15 November 2019
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Motor Insurance Claims Process Explained

Motor Insurance Claims Process Explained

After buying a vehicle, it is the responsibility of every vehicle owner to buy an insurance policy for the same. Motor insurance acts as a shield against the damages caused during unforeseen mishaps. The Govt of India introduced the Motor Vehicles Act in 1988 with the objective of making the Indian laws on accident claims more effective. Thus, the law mandates that every vehicle owner must have at least a third partymotor insurance policy.

How to filea Motor Insurance Claim?

In a motor insurance claim, where your vehicle is involved in an accident, it is important to report about the accident immediately to the insurer.

On the other hand, if you are a victim, you must obtain the insurance details of that vehicle and contact the insurer of that vehicle.

Own Damage Claim

In the event where your own vehicle is damaged due to an accident, you must immediately inform the insurer and police. Avoid moving the vehicle from the accident spot without the permission of the police and the insurance company.

As you receive permission for removal of the vehicle and for repairs, you can do so.

If you are provided with cashless service, you don’t have to pay for covered damages, the insurance company will pay the network garages directly. In either of these situations, you must intimate the insurer immediately.

Theft Claim

If your vehicle is stolen, immediately inform the police and the insurance company. As you receive the policy document, make sure to read about the procedures and documentation requirements for claims. While making a claim, collect all the required documents and submit them along with the requisite claim form duly filled in, to the insurer.

It is important to ask yourself whether to make a claim. It depends on, whether the loss is big enough and worth to breaking your No Claim Bonus. If it is a minor accident, let it go and better pay it off out of your own pocket.

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If the loss is big enough and you decide to claim, then you should intimate your insurer about the incident as soon as you can. Do not ever miss reporting a claim (to your insurer or insurer of thrparty at fault, as the case may be), not even if the party at fault assures you to pay for the loss out of his pocket. Set reminders for motor insurance renewal to prevent having a lapsed policy as it is invalid.

If you end up harming yourself, notify your insurance company about the accident, and a claim adjuster will be assigned for your case. The adjuster will inspect your car and visit the accident spot to examine the case. The adjuster carries the payable coverage amount on behalf of the insurer. The paid out amount is based on the collision coverage.

When the other party harms you file a third-party liability claim on the insurance company of the party at fault. Their insurance company makes a detailed investigation of the case to ascertain whether the insured caused damage to you or your vehicle. Subsequently, you will be offered a settlement amount. Understand the motor insurance claim process of your provider and go through their policy wordings to ensure a hassle free experience while settling your claim.