Several hazards are involved with operating a four-wheeler, but insurance may shield you from them.
All automobile owners in India are required by law to carry third-party liability insurance. If your desired vehicle is not protected by third-party insurance, you cannot drive it. Moreover, immediately following an accident, one must file a claim with the insurance provider.
The insurance provider checks the supporting documentation, and if the claim is legitimate, the insurer compensates for the car's damages.
This blog will discuss personal damage insurance and its claim settlement procedure. So, if you are wondering how to claim car insurance for own damage and are curious about the car insurance claim process for own damage, read on!
A standalone Own-Damage Insurance was released in September 2019 by a mandate from the Insurance Regulatory Development Authority of India (IRDAI).
So, what exactly is Own Damage Car Insurance?
Purchasing a car entails several additional costs. Own Damage Auto Insurance is helpful if the automobile sustains damage from a natural disaster, such as a hurricane, earthquake, flood, etc.
Besides offering compensation for exterior catastrophes, it includes artificial disasters, vandalism, rioting, and terrorist strikes. Additionally, an Own Damage Cover enables you to add riders to the policy to expand the range of coverage.
If you are wondering how to claim car insurance for own damage, do not fuss, as this process is pretty systematic.
After an accident, filing a claim with your car insurance provider requires a thorough grasp of the process.
The steps on how to claim insurance for car damage are listed below-
Call your insurance provider to inform them about the incident and provide details about the car's damages.
Be sure not to conceal any details from your insurance because doing so might make it more difficult to resolve disputes.
If necessary, a First Information Report (FIR) should be filed as soon as possible after the accident is reported to the police.
For example, when a theft, a car accident, or a fire occurs, an FIR is necessary.
On the other hand, you might not need to file an FIR if the damage is only tiny scrapes and dents. Also, you will need it if a third party is involved in the incident.
Take as many photos as possible of the accident site and the damage.
To enable the own damage insurance provider to assess the extent of the material damages and appropriately pay the claim, make sure the images are clear and the injuries are discernible.
The insurance company needs specific paperwork to process the claim, including a print of the insurance policy, the FIR, the owner’s license, the driver's copy of the car registration certificate, and all the other required documents.
You may take your car to a shop to get it fixed. But instead, you might request that your insurance provider pay to fix the car.
If the insurer accepts your claim, you will either be paid back or made whole for your loss.
In the event of a cashless claim settlement procedure, the repair expenses are deposited with the network garage upon receipt of the surveyor's final report.
If you choose the reimbursement settlement claim method, claims are resolved once you give your insurance repair amount receipts.
You should be aware that although your own damage insurance provider will contribute a necessary portion to the cost of repairing the automobile, you will still be responsible for paying a mandatory deductible.
One would need specific documentation to settle the reimbursement to submit a claim for the damaged cars.
These are the documents that you will need throughout the car insurance claim process for own damage-
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Listed below are several things to keep in mind while filing a claim with your car insurance-
If your insured automobile suffers loss or damage due to an accident, you may make your own damage claim. Your insurance company will cover the accident-related repairs and medical costs, but you must prove that the accident-related loss or damage occurred.
Lastly, personal automobile damage insurance has a higher cost than a standard auto insurer, and this premium depends on the vehicle's IDV.
While renewing your car insurance, you should pay extra attention because it is critical to consider the car's age. In addition, to prevent paying for expensive auto repairs, it is also crucial to renew comprehensive insurance on time.
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Disclaimer: This blog is solely for educational purposes. The securities/investments quoted here are not recommendatory.