At the scene of the accident, you should stop and get help for the injured. Call the police and notify the nearest medical unit. Provide police with the information they require. Take steps to protect your car from further damage. Your Insurance Company will probably want to have someone inspect it and appraise the damage before you order the repair work done.
Claim is a legal statement to obtain money or the enforcement of a right against another party. The legal document which carries a claim is called a Statement of Claim. It can be any communication often expressed in amount of money the party should pay or reimburse.
There are several issues of significance when filing a statement of claim. Although filing a claim is fairly straightforward, it is important to do it properly or else the claim can become null and void.
Generally we know that higher the excess, lower is the premium required to be paid. Voluntary Excess is certain amount of money an insured opt to bear in case of an accident and the rest is insured under the policy. At times the cost of damage caused in an accident is low and is even less than the excess amount you have volunteered to pay. In such cases, it is not advisable to claim as it is equivalent to the excess amount the insured anyways has to pay. But if the damage is big and the cost to repair is huge, then you should definitely file the claim.
Generally, all the insurance companies offer a no claim bonus to the policy holders who have not made any claim on there last policy. However, the bonus amount varies from company to company. It is great if you have no accidents and you naturally have a claim free year. But on the other hand, in case of an accident, you can still save on your no claim bonus. Let us take an example to explain this.
Suppose that you have opted to pay a voluntary excess of Rs.4000 and in case of an accident the bills are within the range of the deductible amount. In this context calculate the discount you are eligible to receive if you hold a claim free year.
Suppose, you are applicable to a discount of 10% which is Rs.6000/-. It is clear that the discount exceeds the deductible amount you need to pay. In such cases it is advisable to pay the bills out of your own pocket and maintain a claim free year to avail the discounts in future renewals. However if the repair cost is high, you should file the claim.
Before repairing the damage privately, confirm the costs involved and that it is covered by insurance. Once you are aware about the costs involved and the coverage, decide if the claim is required. If the damage is big and can cost you huge sum then go ahead and file the claim. However, if the cost is nominal and affordable to your pocket avoid claiming. This will save you some discount on the premium at renewal. Get in touch with our customer service if you have queries or if you need any further assistance.
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