Motor insurance

Why It Is Important To Claim Motor Insurance On Time?

Motor insurance - a policy which is mandatory if you own a vehicle. So, if you own any vehicle, whether a car or a bike, you need to buy an insurance cover on it. It pays for the financial liability…

Motor insurance - a policy which is mandatory if you own a vehicle. So, if you own any vehicle, whether a car or a bike, you need to buy an insurance cover on it. It pays for the financial liability which you face if you injure any other individual or damage someone else’s property under third-party liability. In you have bought a comprehensive policy, you even get covered for the repairs which are required in case your own vehicle is damaged. Thus, a motor insurance policy comes in handy at the time of claim. However, motor insurance claims leave many of you stumped. Many of you don’t know the process which results in a delay. Making motor insurance claims on time is necessary if you are to get a quick settlement of your claim. But before you find out why, let’s first understand the basic claim process.

What to do when your car or two-wheeler meets with an accident?

An accident results in a motor insurance claim. To make a claim, you are required to follow the below-mentioned procedure:

*  You should inform the insurance company immediately after the accident. You should call the claim helpline of the company to give the intimation. Upon intimation, you would be given a claim reference number. This number would be required in the co-ordination of claim settlement

  1. The insurance company would then ask you to take your vehicle to the nearest preferred garage. Repairs at a preferred garage help you avail cashless settlement of claim.
  2. When the vehicle is taken to the garage, the insurer’s surveyor visits the garage and assesses the damage
  3. The surveyor then prepares an estimate report and submits it with the insurance company
  4. You are also required to submit the claim form along with the relevant documents with the insurance company
  5. Once the survey is done and the report submitted, the insurance company gives its approval.
  6. If any third party liability has occurred, you would have to file a FIR. The claim would then be decided by the accidents tribunal
  7. Repairs of the vehicle start after the company’s approval.

Now you know the basic claim process for your motor insurance policy. You can see that informing the insurance company is the first step of the claim process. This is when you raise a claim on time. Raising a claim on time is important because of the following reasons:

Claiming Motor Insurance: Get quick settlement of your claim

Only after the claim  intimation to the insurance company, the company starts the process of claim settlement. If you delay raising your claim, your claim settlement would also be delayed.

Claiming Motor Insurance: To arrange for survey on time

Survey of your vehicle is an important criterion before the insurance company settles your claim. When you make your claim on time, the company sends the surveyor at the earliest to assess damages. Until and unless the survey is done and approved, the vehicle cannot be repaired. If you get the vehicle repaired without waiting for the survey, you would face problems in claim settlements and your claim might even get rejected. So, informing the claim on time ensures that the survey is done at the earliest and you get your vehicle repaired and delivered to you without delay.

Claiming Motor Insurance: To prevent possible consequential loss

When you inform the insurance company immediately about the accident, the company guides you to the nearest garage. It even arranges for towing of your vehicle to the garage if the vehicle is badly damaged. If, on the other hand, you yourself take your damaged vehicle to the garage without informing the company on time, you might face consequential losses. These losses are not covered under your motor insurance policy. So, on-time claim intimation helps you avoid consequential losses and reduces your out-of-pocket expenses.

So, the next time you meet with an accident and you want to take claim against your motor insurance policy, don’t delay. Dial the company’s helpline number immediately and raise your claim. The company would not only guide you with the claim process, it would also settle your claims instantly. A single call to the insurance company immediately after a claim would save multiple follow-up calls for claim settlement if you delay making your motor insurance claim.

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