Is It Important to Claim Motor Insurance on Time?

It is mandatory to have vehicle insurance before plying it on the roads of India. So, whether you own a two-wheeler or a car, you have to get it insured before you ride or drive it. An insurance policy pays for your financial liabilities that can incur to third-party property or person in case of an accident by your vehicle and pays for your vehicle’s repairs as well if it gets damaged. However, the coverage offered to you by your insurance policy depends upon the insurance plan you take.

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Above-mentioned prices are for a 7-year-old Maruti WAGON R AVANCE LXI (998 CC) registered in Gurgaon and 15 days before expiry of previous policy

There are two types of motor insurance plans provided by insurance companies like Royal Sundaram Car Insurance - third-party insurance and comprehensive insurance. On one hand, where third-party insurance is basic and mandatory insurance plan, a comprehensive plan offers extensive coverage and you can opt for it if you require more elaborated service from your motor insurance.

As the name of a third-party insurance policy says, it offers insurance coverage for third-party property and person in case of an accident by your motor. However, the comprehensive plan provides coverage for your own car with third-party coverage. Resultantly, the premium of a third-party insurance plan is quite low than the premium of the comprehensive plan. But, when you have to make a claim, you have to follow certain steps as well as claim motor insurance on-time. Here are the steps and reasons to claim motor insurance as soon as possible.

Steps to Claim Motor Insurance in Case of an Accident

Before knowing the benefits of claiming motor insurance on-time, let us get an idea of the steps that you should follow to claim vehicle insurance:

  • Inform the insurance company as soon as possible. Generally, insurance companies, like Royal Sundaram Car Insurance, suggest calling their helpline number for giving intimation. However, after intimating the insurer, you will get a claim intimation number. Keep this number safely as this is required while coordinating with the insurance company for claim settlement.
  • The insurer then may ask you to take your car to the nearest network garage. This is because you will be able to get cashless service at network garages only.
  • Most of the times, the insurance company’s surveyor visits the network garage to assess the damages of your car.
  • After this, the surveyor prepares an estimation report and submits this report to the insurer.
  • You are also required to submit the duly filled claim form along with all the required documents to the insurance provider.
  • The insurance company gives its approval as soon as the survey is done and documents are submitted.
  • If in the accident, third-party is involved, then you have to file an FIR as well. The claim is then decided by the accident tribunal.
  • The repair of the vehicle starts only after the approval is given by the insurance company.

Now let us understand the Importance of Filing Claim Motor Insurance on Time:

    • To Settle Your Insurance Claim Quickly: The insurance company starts the process of claim settlement as soon as you inform it. So, if you want quick claim settlement, inform the insurance company immediately after the accident. Delay in intimation further delays the process.
    • For an on-Time Survey of your Vehicle: As mentioned in the steps to file the claim, the network garage starts repairing your damaged vehicle only after getting a green signal from your insurer. And the insurer gives green signal only after the surveyor sends the estimation report after surveying your vehicle. So, if you inform the insurance company on-time, the surveyor will be assigned on-time and the further steps will be completed on time.
    • In order to Prevent Further Consequential Loss: If you inform your insurance company about the loss on-time or immediately after the accident, it may suggest you one of the nearest network garages. Moreover, it may arrange vehicle’s towing, if it is badly damaged and save you from consequential loss. These consequential losses are not covered in any type of motor insurance policy, thus you pay from your pocket for such loses.

Wrapping it Up:

So next time whenever you meet with a vehicle accident inform your insurance provider immediately. However, if it is not possible, then start processing your claim on-time without delaying. You can call your insurer for intimation and the customer representative will guide you how to file the claim. In this way, you will be able to make the claim settlement quickly. In this way, a single call to your insurance company like Royal Sundaram Car Insurance can save your time, money, and energy.

Written By: PolicyBazaar - Updated: 13 July 2021
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