Motor insurance is a coverage which is bought for cars, trucks and other vehicles that ply on roads. Its main objective is to give complete protection against physical damage or loss from natural and man-made calamities. In India, motor insurance is mandatory to ply a vehicle on road.
Motor Insurance can be broadly classified under below heads-
The document and formalities involved in a motor insurance claim settlement will depend upon the type of vehicle and nature of loss.
Filing for a claim in case of damage to owned car
To initiate the process, insured is required to submit a detailed estimate of loss to the insurance company. Independent automobile surveyors with engineering background are given the task of assessing the reason and extent of loss. They carefully inspect the damaged vehicle and submit their survey report with the insurance company who will review and examine it in accordance with the recommendations mentioned therein The usual practice is to authorize repairs with the repairer to whom letter is issued in this regard.
Apart from claim form, other documents required for processing claims are-
Third Party Claims
On receipt of the notice from the insured or third party, the matter is transferred to the advocate. Complete information about the accident is obtained from the insured along with following documents-
Get More Info on How to Fill Motor Insurance Claim
Soon your premium may go up as IRDA floated a draft proposal seeking an increase in third party insurance premium. To save you from shelling out extra money on auto insurance premium, our experts at Shakti Square have come up with some tips to ensure that you get better deal on your policy.
1. Know all about exciting discounts
While most of us are eager in availing no-claim bonuses (a discount in premium at renewal if no claim is made during the policy term), but we hardly pay attention towards other smaller discounts which can add up to a substantial amount. All comprehensive insurance plans offer reward for good claim history, with a discount which could be 50% of the premium.
Also, concessions are given to customers who have a valid membership of recognized automobile associations, like Western Automobile Association, Automobile Association of Eastern India, Automotive Research Association of India and Automobile Association of Southern India. If you have an excellent claim free driving record, then you should opt for a high ‘voluntary deductible’ amount. It is an amount which you need to pay before the insurer pays claim amount. Also, you should check for loyalty discounts if you are renewing the insurance policy with your present insurance company. Professionals like doctors, chartered accountants and government employees are entitled to avail special discounts. It is noteworthy to state that you will become eligible to get discounts only if your policy is not lapsed.
2. Installation of Anti-theft device
Installation of anti-theft device is a win-win situation for both insurers and insured. When you install ARAI (Automobile Research Association of India) approved anti-theft device, then it makes you entitled to get discounts on your premium.
It is pivotal to note that adding riders to a motor insurance will add to premium rates. If already you have sufficient coverage, for instance, your driver is having adequate life insurance coverage, there is no point in buying similar riders. However, in the absence of complete protection, it is worthwhile to opt for these riders.
4. Compare, Compare and Compare
Finally, at last never forget to compare prices before applying. Every insurance company charges different rates and therefore, a little bit scouting will go in your way.