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How to Solve Common Problems Associated with Car Insurance Claims?

ICICI Securities 30 Dec 2021 0 COMMENT

Introduction

An insurance policy covers unexpected losses that you might incur during the term of the policy. Once you take a policy, your insurer will promise to protect some or all of your losses. To recover from this loss from your insurer, you need to file a claim with them. This claim should provide your insurance company with enough information to verify your claim and reimburse you for your loss.

What is car insurance?

A motor insurance policy that covers car and bike insurance protects you from damages to your vehicle in case of an accident. In India, motor insurance is covered by the Indian motor tariff for all types of motor vehicles.

For instance, you may buy an insurance policy for the car that you just purchased. If an accident happens and you damage your vehicle, you can file a claim for monetary losses that arise to fix these damages. That can be claimed if it comes under your insurance plan. You can file your claim to cover the losses by supplying your insurance provider with the necessary paperwork and information. You will also have to provide photos to go with your claim. The insurance company will get an estimate of the damages and the amount needed to fix the car. Once the information is verified and your claim is valid, the insurance company will refund your claim.

Common problems associated with car insurance claims

  • Most people forget that claims have an expiration date. Not everybody who is in an accident will file a claim immediately. Sometimes, if the claim is requested too late, the insurance company might not honour your claim or might not pay up. The solution for this is to file your claim immediately after the incident takes place. You need to talk to your agent and see the rules regarding the maximum time within which to file a claim. You need to file the claim as soon as possible.
  •  Sometimes, the person who files the claim might not have enough documentation to provide the insurance company. Each insurance company will have a set of documents that must be provided with the request for the claim. Unless this is provided, the insurance company might reject this claim. If you file a claim with your insurance provider, you will have to make sure that you provide all the required documentation. That will make your transactions smoother and easier for you and your insurance provider. You also need to be aware of the required documentation when you sign your policy.
  • Another problem that might arise is that you might not know the amount of coverage that you have. You might have a car accident that might cause damage to your car's windshield wipers. You might not think that this is covered in your policy and not claim money for these losses. You need to read your offer document carefully so that you are completely aware of all that you are entitled under your policy. You should know how much your coverage is and the exceptions to your coverage.
  • One of the first things that you need to do when you are in a car accident is to file a police report. If you delay receiving this report, there might be delays in receiving your claim. If you want to file a claim with your insurance company, you need to file this claim. It is always better to have this report in your had, even if it is not needed, it is always better to be on the safer side.

Additional Read: Does Life Insurance in India cover deaths due to Coronavirus?

Conclusion

Thus, to make the claims process easier, you need to keep all the above points in mind. Even if it takes a little longer to get everything that you need, it is always better to go prepared so that your claim does not get rejected. You need to be very aware of the claim process and avoid the above-mentioned issues for a stress-free experience.

Disclaimer

Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Venture House, Appasaheb Marathe Marg, Mumbai - 400025, India, Tel No:- 022 - 2288 2460, 022 - 2288 2470. Composite Corporate Agent Registration No. CA0113. ICICI Securities is the distributor of insurance products and hence, all disputes with respect to the distribution activity would not have access to Exchange investor redressal or Arbitration mechanism. Insurance is the subject matter of solicitation. ICICI Securities Ltd. does not underwrite the risk or act as an insurer. The contents herein above shall not be considered as an invitation or persuasion to trade or invest. ICICI Securities Limited shall not be liable to the Customer for non-availability of the Facility or particular Insurance Policy or non-acceptance of the