How to know car Insurance claim and it's processing in easy way

Techno & Trading and share or stock market July 15, 2021

Car Insurance Claim

We know that car insurance is a mandatory document under the Motor Vehicles Act, 1988. Besides the compulsion, a comprehensive car insurance plan is a must as it financially protects your vehicles against unforeseen events. Thanks to the Internet, you can buy car insurance online at any time and anywhere!



 








However, what intimidates most people about their car insurance is its claim process. Previously, the claim settlement process was tedious and time-consuming. But with the advancements in the technology, raising claims on your car insurance policy has become hassle-free. Without dreading the claim settlement process, you can easily raise claim requests on your car insurance policy in the event of damage or theft.

So, whether you want to file a claim for third party damage, damage to your vehicle, or theft, this is what you need to do. First, it is imperative to inform your insurer regarding the damage/loss as soon as possible. After this, a claim is initiated against your car Insurance policy. Based on the documents you submit and insurer's verification, a decision is made.

Don’t worry! It may sound daunting at the moment, but it is not. In fact, we are here to help you unravel the nitty-gritty of car insurance claims. Let us begin by understanding how to raise car insurance claims in case of damage to your vehicle, third-party damages, or theft.

Car Insurance Claim for Own Damages

  1. 1:- You have to inform your insurer regarding the damage before taking your car to the nearest network garage.
  2. 2:-Then fill the claim application form with details of the damage, personal and policy information.
  3. 3:-Submit this along with documents to support your claim request.
  4. 4:-A surveyor will assess the damages and prepare a report, which is sent to the insurer. You receive a copy of it too.
  5. 5:-Based on the report, you can proceed with the repair.
  6. 6:-Once your vehicle is repaired and delivered to you, submit the bills to the surveyor who, in turn, will submit them to your insurer.
  7. 6:-After everything is approved, the insurer will either settle the claim directly with the garage (cashless claim settlement) or reimburse the amount into your account.

Car Insurance Claim for Third-Party Damages

  1. Here, the third-party has to send a legal notice to you for a settlement. Avoid interacting with the third-party before informing your insurer regarding the damages. Also, do not make any out-of-court settlements before speaking with your insurer.
  2. :-After you receive the legal notice, submit it to your insurer.
  3. :-With it, also submit a copy of your vehicle’s RC, driving licence, and FIR.
  4. :-The insurer will assess the request raised, and if found reasonable, a lawyer will be appointed to assist you in this case.
  5. :-The settlement is made based on the court’s decision.





Car Insurance Claim for Stolen Vehicles

  1. First, file a complaint at the nearest police station and get an FIR.
  2. Submit the FIR copy along with the claim application with your insurer.
  3. Submit a copy of the final police report when you receive it.
  4. The insurer will appoint an investigator for their assessment.
  5. Once the investigator approves your request, submit the RC book of your stolen car to your insurer.
  6. After all the legal formalities, the insurer will settle your claim.

No matter which types of claim you are raising, the settlement will be done in one of the following ways.

Types of Car Insurance Claims

Ideally, there are two types of car insurance claims –

  1. Cashless Claim Settlement
  2. Reimbursement Claim Settlement

We’ve discussed them in detail below.



Car Insurance Cashless Claims  Settlement





Cashless claim settlement is a facility provided by your insurer where the repair expenses are directly settled with the concerned network garage. However, to avail a cashless car insurance claim, the nature of damage must be under the scope of the car insurance policy.

The steps below explain how the cashless


:how-to-claim-settlement-insurance-after accidenthttps:how-to-claim-settlement-insurance-after accident  




claim settlement process works –

  1. Register the cashless claim by calling your insurer on their toll-free number or through their website/online claim portal.
  2. Once the claim is registered, you will receive a claim registration number which can be used for future communications/references.
  3. Take your damaged car to any of the authorised network garages of your insurance provider for repairs.
  4. Submit all the required documents to the car insurance surveyor/inspector.
  5. Once the documents are verified, your insurer will settle the claim with the network garage.







Car Insurance Reimbursement Claim Settlement

Reimbursement claims are raised when you avail damage repair services at a non-network garage. Here, you (the policyholder) are most likely to bear the repair cost from your pocket. Later, a complete claim settlement application along with the bills are to be submitted with your insurer for reimbursement. Post verification, the insurer will approve/reject the claim request. If approved, the settlement amount will be credited into your account in no time.

Follow the steps below to raise a reimbursement claim with your insurer.

  1. After you collect your car from the garage, retrieve the bills given by the garage authorities.
  2. Raise a claim request with your insurer online. Fill the application form with the necessary details.
  3. Submit the duly filled claim application form along with the repair bills.
  4. The insurer will assess the claim application and verify the bills submitted.
  5. The reimbursement will be credited into your account shortly after the claim request is approved.

Step-by-Step Process to File a Car Insurance Claim.


Here’s a brief walkthrough on the standard process you need to follow when raising a claim against your car insurance policy in India.

  1. Raise a claim request: Register your claim with your insurer either online or through the toll-free number. Make a note of details such as policy number, engine chassis number, accident date and time.

  3. Contact the nearest network garage: If your car is in a working condition drive it to the nearest garage for repair, or have it towed depending on the severity of the damages. To avail the cashless facility, make sure to take your car to the nearest network garage.

  5. Cashless claim settlement: In case of cashless policy, submit a copy of all the relevant documents to the garage so that they can receive the amount from the insurer according to the criteria mentioned in your policy documents.

  7. Reimbursement claim settlement: In case of a claim reimbursement, submit the car repair bills along with the car insurance claim form to your insurance provider. On successful verification of the same, your claim will be reimbursed.

Documents Required for Car Insurance Claims

When you file for a car insurance claim, you need to submit supporting documentation so that your insurer can validate them. Here’s a complete list of documents to be submitted if you have a Car Insurance claim:

  1. The Registration certificate (RC) copy of the vehicle
  2. Original estimates of loss
  3. Duly filled the claim form
  4. Repair invoice and payment receipt

If you have cashless car insurance, you would only require the repair invoice. And in case of claims for theft, you will need to file an FIR with the local police. The keys of the stolen car, No-Trace Certificate and a copy of the FIR need to be submitted to the insurance company in case of theft.


Common Reasons for Claim Rejection


Your insurance provider has the right to reject/accept the received claim application based on the documents provided. Hence, it is crucial for you to provide all the requested documents to avoid getting your claim rejected.

However, some of the common reasons for claim rejections are as follows-


  • Incorrect details: The information provided by you (the policyholder) is incorrect or invalid.

  • Damage caused due to the influence of intoxicants: The accident happened when you or the driver was under the influence of alcohol or other intoxicants.

  • Yet to transfer car insurance (in case of second-hand vehicles): The car you own is a second-hand car, and the insurance policy is still under the same of its previous owner.

  • Driving without licence: The driver of the vehicle was driving without a valid driver’s license.

  • Forgot to inform the insurer about the accident: You failed or forgot to inform the insurance provider regarding the mishap within the stated time period.

  • Damage repair without informing the insurer: You got your car repair without prior informing the insurance provider.

  • Damage due to negligence in driving: The damage/total loss to the vehicle occurred due to your complete carelessness.

  • Repair expenses > Insured Declared Value: The repair expenses of the car are more than the IDV (insured declared value) of the car. In this case, the insurance provider will compensate for the maximum IDV agreed upon, and you have to pay the remaining amount.

  • Illegal use of the vehicle: The car was used for a purpose other than the ones mentioned in the insurance policy.

  • Claim raised against inactive policy: The insurance claim was made against an inactive policy

Tips to File a Car Insurance Claim Successfully

1. Gather relevant information

If your car was involved in an accident with another vehicle, collect its number plate and the driver’s information if possible. This would help you decide whether to make a claim on your coverage or on the third party’s car insurance coverage. And if no third party is involved in the accident, ensure that you assess the extent of the damage incurred and gather substantial evidence of the damage to the insurance company.

2. Determine the nature of your claim

When your car is involved in an accident with a third party, you have two options; you can either raise a third-party claim on the other party’s insurance coverage or you can raise a claim under your own policy. If the accident was not your fault, you can raise a claim on the other party’s policy so that the No claim bonus in your policy would not be affected and you can continue receiving car insurance premium discounts in subsequent years. However, if you are solely responsible for the damage, you have no choice but to raise a claim under your insurance.


3. Inform the insurer.


Waste no time in informing your insurer about the accident. Most insurers have a limited window of time when it comes to notifying them about the accident. In case you fail to inform the insurer before the stipulated period, your claim may be rejected.


4. File a police report.


If an accident involves a third party, it is mandatory to submit a copy of an FIR with the insurance provider. So, make sure to file an FIR with the local police station before filing a claim.


5. Obtain a No-Trace Certificate from the police.



If your car is stolen, you would also require a No-Trace Certificate along with the FIR. The No-Trace Certificate is issued by the police authorities stating that the vehicle stolen could not be traced. This document is crucial in claim settlement for car theft.


6. Raise a claim request


Once you have the required documents, raise the claim and submit the documents to your car insurance provider. Once the documents are verified by the insurer, your claim will be settled.


If you bear the above points in mind, you will surely be able to file a car insurance claim successfully. Filing a claim is a simple and straightforward process with car insurance plans available on Finserv MARKETS. Besides effortless claim settlements, you can benefit from features such as 24x7 assistance, add-on covers, swift renewals, and more.


Besides, you can use the car insurance calculated to determine the policy cost based on your desired coverage and add-ons. Once you finalise that you want to buy car insurance at Finserv MARKETS, you can proceed with the purchase via the website or insurance app 

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