With so many people buying cars, India has become a large automobile consumer. Today, everyone wishes to own a personal car to commute. However, it is also necessary, and mandatory, that you purchase a car insurance policy to safeguard your vehicle and others from unforeseen events.
However, people believe that purchasing a car insurance policy is nothing but a waste of money as they believe that insurers do not settle car insurance claims. This is truly a myth. Insurance companies run proper verification and, based on the terms of the policy, settle most car insurance claims.
Here are a few questions that can help you know more about car insurance claims:
- What does a car insurance claim mean?
In case of any accidents or other unfortunate events, wherein your car suffers damage and needs repair, you raise a claim with your insurance company. Once the claim is approved, your insurance provider will then compensate you for the loss after investigatingtheevent.
- Can you make more than a single claim in one year?
Yes, you can make multiples claim in a year. However, it is better if you avoid making multiple claims as much as you can because your accumulated No-Claim Bonus (NCB) will be lost.
- What happens to the IDV of your vehicle if you raise more than one claim?
The Insured Declared Value (IDV) is the current market value of your vehicle. It is the highest sum payable by your insurance companywhen you raise a claim. At times, the damage is to an extent where the cost of repairing is more than IDV of the vehicle. In such cases, you can then process your claim as a constructive total loss.
- How to go about claiming car insurance?
To file a claim, you need to follow the simple steps given below:
- Give a call to your insurer, even if you’re not at fault
- Follow your insurer’s instructions and provide the necessary documents concerning the accident when you file a claim
- You will require anFIR as well
- After you’ve spoken to your insurance provider, you will need to take your damaged car to the nearest garage, and if possible, to a network garage if your insurer provides the cashless service.
- If your vehicle was repaired via the cashless method, your insurer will directly pay the garage and you would have to pay the difference, if applicable, and the standard deductible. If the mode was not cashless, your insurance company will reimburse you for the damages after subtracting the deductible.
An important point to remember is maintaining the validity of your policy with car insurance renewal before you file a claim.
- When is it appropriate to file a claim?
As long as your insurance policy is active, you can file as many claims you want. However, it is better that you avoid making claims for small damages. In case your accumulated NCB is higher than the repair costs, it will be a mistake on your end to file a claim. Also, if the repair expenses are lesser than the deductible amount given in your policy, avoid raising a claim.
It is quite clear that multiple car insurance claim can be made in a year. However, you must know the main purpose of having a car insurance policy. To use it correctly, simply go through the terms and conditions thoroughly and understand your car insurance policy well.