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Why it is essential to monitor while filling the motor insurance claim form

filling the motor insurance claim form

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.