India has grown to be a major auto consumer as a result of a large number of car purchases. Nowadays, everyone wants their very own personal vehicle for commuting. To protect your automobile and other people & vehicles from unanticipated disasters, you must also buy any form of auto insurance coverage, which is vital and required. Because, let’s be honest, car insurance benefits far outweigh their costs.
But because they think that insurers don’t pay out on vehicle insurance claims, individuals believe that getting insurance coverage is just a waste of money. These individuals couldn’t be any further from the truth. A vast majority of automobile insurance claims are resolved by insurance companies based on appropriate verification and the conditions pertaining to the policy.
The following queries will help you learn more about car insurance benefits:
What does a claim on your auto insurance mean?
You file a claim with your insurance carrier if your car is damaged in an accident or by another unlucky circumstance necessitating repairs. Your insurance company will pay you for any tentative losses after looking into the claim and approving it. *
Can you submit more than one claim in a calendar year?
You can submit many claims in a single year, yes. However, according to the car insurance claim rules, it is preferable to avoid filing several claims as much as you can because doing so may result in the loss of your accrued No-Claim Bonus (NCB). *
What happens to your vehicle’s IDV if you file many claims?
The market worth of your car is its Insured Declared Value (IDV). When you file a claim, it is the maximum amount your insurance company will pay. Sometimes the damage is so severe that the cost of repairs exceeds the vehicle’s IDV. You can then process your claim as a constructive total loss in such circumstances. *
How can I submit an auto insurance claim?
The simple actions listed below must be followed in order to submit a claim:
- Call your insurance provider even if you are not at fault.
- When you submit a claim, follow the instructions provided by your insurer and include all required accident-related documentation.
- You will also need to file an FIR.
- Take your damaged vehicle to the closest garage and, if possible, to a network garage if your insurer offers the cashless service after speaking with your insurance provider.
- If the cashless method was used to fix your car, your insurance company would pay the mechanic directly, and you would be responsible for any difference in the cost as well as the usual deductible. If the payment method was cash, your insurance provider would pay you back for the damages after deducting the deductible.
- Prior to filing a claim, it’s crucial to retain the validity of your coverage by renewing your auto insurance.
When should a claim be submitted?
You may submit as many claims as possible while your insurance coverage is still in effect. It is preferable to refrain from filing claims for minor damages. It will be a mistake on your part to submit a claim if your total NCB exceeds the cost of repairs. Avoid filing a claim if the repair costs are less than the deductible specified in your policy. *
It is obvious that a year can have many vehicle insurance claims. That being said, you must understand the primary benefit of having comprehensive auto insurance coverage. Simply read the terms & conditions carefully and learn about the appropriate insurance coverage to use it properly.
If you already have auto insurance, remember to renew it always to keep receiving its benefits. All you need to search for is ‘how to renew car insurance‘, and you’ll be guided with the proper steps to renew your protection!
* Standard T&C Apply
‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.‘
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