By: Animesh Das, Senior Director, Motor Underwriting, ACKO
Raising a car insurance claim is the process where the policyholder reaches out to the insurer to seek compensation for the damage incurred to the vehicle due to an accident, theft, natural calamity, or explosion. It is often considered a tedious task given the endless paperwork and submission of multiple proofs.
In the wake of new-age technology-first companies, the process has however become overtly simple keeping in mind the evolving customer behavior. Despite the simplification of the process, there lies a common misunderstanding amongst customers that buying a car insurance policy guarantees the approval of claims at the time of any mishap.
To make sure the claim settlement process is smooth and the claim doesn’t get rejected, here is a checklist to keep in mind while raising the claim:
Notify Your Insurer
The first and most foremost step is to inform the insurer as soon as the vehicle is involved in an accident, failing which, the claim can be rejected if the time limit has passed. Also, any detail missed during notifying the insurer can be detrimental to the claim settlement process.
Determine The Claim
Type In cases where the accident was the policyholder’s fault, a claim can be immediately filed under the insurance policy. In other cases where it is the other driver’s fault, the policyholder can file a claim under a third-party car insurance policy and save a noclaim bonus to get a discount on the car insurance renewal premium. In the latter case, it is also mandatory to file an FIR from a the closest police station. A copy is to be then submitted at the insurance company.
Gathering Relevant Information
It is imperative to submit all relevant details to the insurer about how, when, and where the mishap took place including if anybody was injured during the accident. This can be supported with any documents or proof to back the claim which will help in a quicker settlement process.
No-Trace Certificate From The Police
In case the car has been vandalized or stolen, the policyholder will need to get a certificate from the police which is a “No-Trace Certificate,” along with an FIR copy. In this document, the police states that the vehicle can’t be found, and it acts as a significant document for theft claim settlement.
Raising The Claim
The final step is to file the claim and ask for compensation for the insured car. After gathering all the required documents, one can finally raise a claim.
The documents that need to be submitted are: Registration certificate of the car, FIR copy, Copy of the insurance policy, Driving license, No-trace certificate (if the car is stolen), Repair bills and receipts, etc. The insurer will verify the documents, and accordingly initiate the claim settlement process.
Once the claim is filed, one can choose between a cashless or reimbursement claim. In case of a cashless claim, the insurance company will directly pay for the damages to the garage. The garage has to be tied up with the insurance company, and the policyholder has to pay for the deductibles. Deductibles are decided at the time of premium and the insured declared value (IDV) calculation.
Another way is to get reimbursement for the repair costs from the insurance company. This gives the option of getting the car repaired at any garage of the policyholder’s choice. Once the bills are submitted to the insurance company, they can be reimbursed or rejected after due verification.
Along with these simple steps, transparency with the insurer is key to getting the claims settled in the unfortunate events of a mishap. The online process of claim settlement is far more hassle-free and convenient which also saves the policyholder the required time, money, and energy.
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