People in India spend a lot of time researching when buying a new car. Since it is a huge financial investment for most people, they need to make sure that their vehicle choice is flawless. But, when it comes to car insurance in India, most car owners do not give much thought to it. It is not advisable to get any car insurance plan in India without considering your coverage requirements.
Getting the right car insurance online policy is also very important to make a successful claim. If your claims are rejected, the entire reason for purchasing a comprehensive car insurance policy turns meaningless. That is why you must know all the subtleties related to car insurance claims. You never know when you might have to make a claim, hence, you need to know exactly what to do in the situation. Some things to consider when making a claim are:
Damage to the car
Before filing a car insurance claim, you should actually look at whether the damage to your car is big enough to make a claim. If you make a claim for some minor claim, while you may receive the coverage, it will have an effect on your policy. For example, you will lose the NCB benefit you have accumulated and miss out on concessions during car insurance renewal. You must note that the value of the insurance claim or the damage of the car, in this case, doesn’t matter in the case of NCB. A single claim you make will cancel your NCB. * Standard T&C Apply
Hence, you should ensure that you make a claim when it is absolutely necessary. This is one of the many reasons why you should not claim car insurance for minor losses.
Deductibles on car insurance claims
Most car insurance plans in India come with a pre-determined deductible amount. Simply put, if your car insurance policy comes with such a provision, you will have to pay a certain amount as part of the repair cost of your vehicle at the time of claim. Only when you pay this amount the insurance company will pay the remaining amount. So, if you want to file insurance claim for an amount equal to or less than the deductible limit, your car insurance company will have to pay nothing or a very nominal amount. This means you have to cover the repairs on your own. * Standard T&C Apply
Depreciation
While making any own damage related claims it is important to know that depreciation is also accounted for. This means that you may not receive the full cost of repairs for the damaged parts but the depreciated cost, which is the decline in cost over time. However, you can avail the zero depreciation add-on cover to include these deprecated expenses as well. * Standard T&C Apply
You should only claim car insurance if your car is severely damaged and you cannot afford the repair costs yourself. When buying car insurance online, you should also check the insurer’s claim settlement records. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.