Today having a four-wheeler insurance policy is mandatorily required as mandated by the Motor Vehicles Act (MVA), 1988. That is the reason all four-wheelers on Indian roads need to have a legit four-wheeler insurance cover. This policy becomes necessary in cases involving adversities related to the car. During accidents, car-related damages, a claim can arise for the four-wheeler insurance policy.
Types of Four-Wheeler Insurance Claims
Four-wheeler insurance claims can be of two types – cashless and reimbursement.
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Cashless claims
Cashless claims can help your vehicle get repaired at a network garage, and upon making your vehicle good to go, the garage will then send the bills to your insurance provider. Your insurance provider then fulfils all the expenses, and you only have to bear the difference amount, and you are free to take your vehicle.
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Reimbursement claims
At times when your vehicle is repaired at a non-network workshop, for your repaired vehicle, you have to bear the entire invoice amount and take delivery of your car. After this, you deliver original bills to your insurance provider. After receiving the original invoice, your insurance provider will reimburse the appropriate amount via NEFT/Net Banking/UPI to your account in about Eight to Ten working days.
Things to Remember When Going for Your Four-Wheeler Insurance Claim
Following are a few points you must keep in check when making a claim for your car. Keeping these points in mind will help you quickly settle all your pending claims:
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Excess
There is a mandatory factor of excess in a four-wheeler insurance policy. The excess denotes the part of the claim which is recoverable by you. In all the claims you make, you will have to cover the excesses mandatorily.
There is a concept of voluntary excesses, in which, unlike mandatory excess that is compulsory, voluntary excess can be selected by you. When you select the voluntary excess, you only need to pay the required portion of the claim. If you choose a voluntary excess, you can also earn discounts on your premium.
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Exclusions
Four-wheeler insurance plans also contain exclusions that do not cover your vehicle under the plan. If you make claims for these exclusions, the claims can be rejected. Thus, before making such claims, know that the claim is covered and what is excluded.
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Depreciation
When your vehicle is repaired, depreciation is applied to the parts which are being repaired. Your insurance provider will only pay a part of the entire bill after deducting for appropriate depreciation. Thus, you will have to consider the depreciation cost and pay the difference in the claim yourself.
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Garage preference
As discussed, cashless claims get fulfilled only if your vehicle is repaired at a network garage. Thus, before taking your car to a garage, check if it is in the network with your insurance provider. Also, you can know about the garage from your insurance provider’s contact number while filing for the claim.
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Losing on the no-claim discount
When you don’t claim the four-wheeler insurance policy for a year, the insurance company offers a premium discount on the premium for the next year. This discount on unclaimed policies increases every simultaneous claim-less year. However, if a claim is made, the discount is redacted. Thus, do not make small claims and try to pay small repair expenses from your own pocket to avoid losing on the no-claim discounts accumulated.
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Document requirements
All claims need an up-to-date set of documents that needs to be filed along with the claim file. Some of these commonly filed documents include copies of your driving license, RC book, policy bond, and FIR if required. Thus, when you make a claim, make sure that these specific documents are always on you.
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Add-ons
Add-ons are the additional coverage riders that increase the range of coverage for your four-wheeler insurance plan. If you have chosen add-ons in your policy, check whether the add-on is helpful during the time of claims. Like in the case of a zero depreciation add on, your insurance company will pay the entire claim without counting for the depreciation. Thus, check if your selected add-ons are being utilised in case of the claims you make.
Tips to File the Correct Four-Wheeler Insurance Claim
You have to adhere to the four-wheeler insurance claim approach to make a successful claim. However, while following the associated four-wheeler insurance claim methods, below are specific four-wheeler insurance tips that will ease the claim process for you:
- Keep your car insurance policy with you at all times. The four-wheeler insurance certificate is a mere one-page paper that you must keep in your vehicle along with your RC Book and PUC certificate.
- Bring to the notice of your insurer on an immediate basis whenever you have to make a claim to help you get your claim registered quickly. Also, you can immediately utilise the claim filing number to check the status of your claim.
- When making a claim, keep all the documents required for the claim ready. Also, create a copy of all the documents filed for your records.
- If you are not at ease with the claim process, get in touch with the claims department of the insurance company to clarify all your doubts. The company is responsible for helping you through the entire process and guiding you to make a successful claim.
Conclusion
It can be quite tricky and overwhelming for many to know how a four-wheeler insurance claim process works. When in need, you can always refer to this guide for steps to make a successful claim for your vehicle.
