Meeting
with an accident causes a lot of mental anguish, but a lot of the process that
starts after that starts. It is crucial to tow the damaged vehicle in the
garage for repair and contact begins between the owner and the insurance
company.
Make
sure that you start the claim settlement process as soon as possible. However,
delayed claims will not be dismissed, but will take longer to settle the claim.
Head of Product Strategy, ACKO General Insurance said, "With the new
circular IRDAI (Insurance Regulatory and Development Authority of India),
insurers cannot reject the claim due to the delay in the submission of
documents. However, for a smooth experience, the reports need to be submitted
for 7-10 days. Try to deposit within.
When filling out a claim form, filing it and settling the final claim with the insurance company, it is crucial to consider a few things.
Go to the garage
It
is advised that you first contact your insurer and then take your car to the
nearest network garage. The form can be downloaded from the insurance company
website along with the authorized dealer or workshop. At the same time, get
documented proof from the garage that you sent the car with a reasonable estimate
of expenses for repairs to determine that your insurance policy will cover the
amount.
Filing of the claim form
Mention
all the details related to the damage done to your car. Additionally, list the
specifics of the car repair bill. There may also be medical bills. If your
claim covers medical expenses for injuries suffered by accident, you may be
asked to sign a waiver to allow your car insurance company to access your
medical records.
Watch-out before signing the final settlement
The
actual claim amount you are expecting may be different from what the insurer
agreed to pay. Ensure that the final amount is under the policy benefits you
paid. Some insurers have cut down on disposal costs; you should avoid such
deductions. Besides, the insurers apply their standard rates of repair. Do, not
the actual garage cost, thus increasing your share of the loss should be
avoided. Be sure to ask a representative of the insurance company to explain
each line item of the claim letter. Keep a record of this for future reference.
Regulator's take
IRDAI,
as a regulator of the insurance industry, often sends show-cause notices to
insurance companies for not complying with the law and the provisions and then
to follow their orders. It can be seen on the IRDAI website.
Getting a legal notice
Sometimes
you have to be vigilant when a third party is involved in the incident and you
have received legal notice to resolve the claims. Go and give it to your
insurer and discuss it intensely before signing the document. If you have a
lawyer, consult them before signing documents related to the settlement of your
claim.
What you should do
The
insurer's intention will be to make you sign on the dotted line without any
objections to the amount of claim. Here's a word of caution: While
insurance companies should treat you fairly, keep in mind that they make a
profit by depositing premiums and reducing claim payments. A quick and
inexpensive settlement is ideal for an insurance company, so beware of
accepting the initial offer.
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