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With each temporary day, more people are selecting private modes of transport, like cars and two-wheelers for work and holiday. As a reserved vehicle is a large investment for maximum people, it is clever to cover your vehicle against unlucky incidents by buying a package motor insurance plan.
What is a car insurance claim?
A car insurance claim is a process where an assured asks the car insurance company to pay compensation for the injuries that are continued by his/her car after an accident. Or at times, it is when the assured asks the insurance company to symbolize him/her or interfere on his/her behalf when the insured is responsible for any accidental damages caused to a third-party.
Since one fees car insurance premium, it is one’s right to make a claim when he/she is complex in an accident.
What is the process of Car Insurance Claim
There are two categories of claim processes for a car insurance policy, they are:
CAR INSURANCE CASHLESS CLAIMS :
In cashless car insurance claims, a protected does not have to pay openly for the repairs at the network car garages of the insurance provider. It is the car insurance supplier who relaxes the claims with the workshop on behalf of the policyholder. However, the compensations must be covered in the insurance policy taken by the assured.
CAR INSURANCE REIMBURSEMENT CLAIMS :
For claim compensation, an insured has to pay for the repairs of the harm. And later, depending upon the terms and conditions of the car insurance policy, a compensation claim is made. In this type of car insurance claim, a protected does not need to get his/her car fixed at a network car garage of the insurance provider. However, the assured needs to submit the bills and repair receipts with the policy provider.
How to make Car Insurance Cashless Claims?
Follow the below steps to gain cashless claims for car insurance:
- Register the cashless claim by calling the insurance supplier on its toll-free number or through its website, email, or mobile app.
- After registering the claim, the protected receives a claim registration number which can be used for future communications/references.
- Take the injured vehicle to any of the official network garages of the insurance provider for repairs.
- Submit all the mandatory documents to the inspector.
- The car insurance company settles its liability.
How many car insurance claims can one make in a year?
There is no limit on the number of claims allowed under your policy, so you can file as many claims as you want. But, filing a claim under your policy will disturb your No Claim Bonus, and with recurring claims, your insurance premium develops more expensive when you have to repeat the policy.
The effect of multiple claims on the Insured Declared Value (IDV) of vehicles
IDV refers to the value for which the vehicle is protected. It is the full amount a car insurance company can pay under a rule for a claim. The IDV is applicable when the cost of repair for the vehicle becomes inefficient or impossible, and it would be well to process your claim instead of choosing to repair it.
The policyholder should be conscious of the fact that due to devaluation in the market value of a vehicle every year, the IDV of the vehicle reductions, based on a schedule available the policy terms and conditions.
How to decide whether to make claims or not
It is a fact that there are no parameters on the number of car insurance claims that you can make during the contract of the policy. However, in certain situations, not claiming car insurance would be the best option. These situations include-
Case 1: When the No Claim Bonus is greater than the repair expenses.
Case 2: When the repair expense is not larger than the deductible amount stated in your policy.
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