India is progressing at a very rapid pace and things which were once considered a luxury have now become a necessity. Every person has aspirations of owning a house, car, bike, etc. and most of these aspirations are fueled by the growing urbanization, rising disposable income & good finance options. Four-wheelers i.e. cars were once considered a luxury item but now many Indian consumers can afford to buy a car.
After a lot of research, you have finally purchased your dream car, a moment that you would cherish for your entire lifetime. Choosing the right car insurance provider is extremely important as having car insurance is mandatory in India. Car insurance is not protecting your car in case of some untoward incidents, but it is protecting you from the financial burden that you might face after the incident. Depending on the policies of the car insurance company and the type of car insurance plan that you have opted for, the car insurance policy can protect your car from the following
- Third-party claims/damages
- Hospitalization expenses
- Natural calamities like terrorist attacks, riots, theft, earthquake, etc.
- Accident coverage, etc.
You should have a thorough look at the items that are covered as a part of the car insurance and also seek expert advice from a financial advisor before zeroing on the insurance provider & insurance policy. In a nutshell, the car insurance policy provides coverage for the insured party, the vehicle, and third-parties [if there is any damage]. There are two major categories of car insurance or motor insurance policy
- Third-Party Liability – As per the motor vehicle law, this is the most basic & compulsory cover that any four-wheeler owner needs to take. This plan provides coverage for the damage to property & vehicles involved in the accident, injuries to pedestrians, etc. caused by the insured vehicle.
- Comprehensive Cover – This is an additional cover that you can have along with the third-party liability cover. This plan covers both self as well as third party against damage. It provides protection against wide range of unforeseen events like floods, earthquakes, landslides, storms, riots, theft, etc.
Now that you have a good understanding of the various aspects of motor insurance, the harder step would be to choose the right insurance provider. You should choose a car insurance company that not only provides comprehensive insurance options but also has excellent customer-service & swift car insurance claim settlement process.
There are some basic steps that you need to follow for claim settlement, some of them are mentioned below:
- Inform the insurance provider – In case of any untoward incident that has caused damage to your car, you should contact the insurance provider at the earliest so that they are updated about the same. Delayed communication could result in delayed claim settlement.
- Collect relevant evidence – It is recommended that you collect relevant evidence either by clicking photos or recording a video. It could act as proof that no deliberate damage was done to the vehicle.
- Register an FIR – Before you go for claim settlement, you should file an FIR in the nearby police station as it makes your case more credible. The car insurance company may ask for copies of the FIR so in any case, do not forget this step.
- Keep required documentation handy – Once you have followed the previous steps, immediately contact the insurance company to inform them about the accident. They will assign one surveyor who will assess the vehicle damage and will collect the necessary proof. Once that is done, you should send across all the necessary documents [along with claim form & accident proof] to the insurance company for claim settlement.
To conclude, Car insurance claim can be a daunting task, so choose your insurance provider very wisely.