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Car Insurance Claim Settlement Ratio

A car insurance claim settlement ratio is the percentage of claims that an insurance company has settled in a year. This claim settlement ratio can help you gauge the creditworthiness of an insurer. A high settlement ratio indicates that the company has a good track record of settling claims, while a poor ratio may indicate it has default claims

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      What is Car Insurance Claim Settlement?

      Car insurance claim settlement is a process under which a policyholder asks the insurer for monetary compensation in case his/her car has met with an unforeseen accident and suffered damages.

      A claim can be settled via a cashless or reimbursement settlement method. The compensation paid under claim settlement depends majorly on IDV and the type of car insurance coverage of the policyholder such as third party insurance or comprehensive car insurance.

      Car Insurance Claim Settlement Ratio of Different Car Insurance Companies

      A car insurance claim settlement ratio is the percentage of claims settled by an insurance company in a year. It is an essential parameter to know the reliability of an insurance company in settling claims. Thus, the claim settlement ratio is a crucial indicator of an insurance company's performance and can help policyholders make informed decisions when purchasing a car policy.

      Below is a table of car insurance claim settlement ratios of the best car insurance companies in India:

      Car Insurance Companies Claim Settlement Ratio
      Bajaj Allianz Car Insurance 98.5%
      Chola MS Car Insurance 96%
      Magma HDI Car Insurance 97.1%
      Digit Car Insurance 96%
      Zuno Car Insurance 98%
      Future Generali Car Insurance 96.3%
      IFFCO Tokio Car Insurance 95.8%
      Kotak Mahindra Car Insurance 98%
      Liberty Car Insurance 98%
      National Car Insurance 93%
      New India Assurance Car Insurance 90%
      Oriental Car Insurance 94%
      Raheja QBE Car Insurance 92%
      Reliance Car Insurance 98%
      Royal Sundaram Car Insurance 98.6%
      SBI Car Insurance 100%
      Shriram Car Insurance 96%
      United India Car Insurance 95%
      Universal Sompo Car Insurance 96%

      Types of Car Insurance Claim Settlement

      A motor insurance company settles claims via two methods: cashless claim settlement and reimbursement claim settlement. Let us understand these terms:

      1. Cashless Claim Settlement

        This claim settlement is offered when a policyholder gets the car repaired in an authorised network garage of the insurer. Under this claim settlement process, the insurance company directly settles the claim with the network garage once the insured vehicle has been repaired. Thus, the policyholder is not required to pay anything from his/her pocket.

      2. Reimbursement Claim Settlement

        A reimbursement claim settlement can be done when a policyholder gets the insured car repaired in a non-network garage. Under this method, the insurance company settles the claim by reimbursing the claim amount to the policyholder after the repairs are complete.

        Thus, this process requires the policyholder to pay the repair amount from his/her pocket and then apply for reimbursement from the insurer.

      Documents Required to Raise a Car Insurance Claim

      For a car insurance claim to be effectively settled, it is necessary to keep certain documents handy while raising it with your insurance company. Below we have mentioned certain documents, that are required to raise a car insurance claim:

      • Duly filled and signed claim form
      • KYC documents
      • Copy of car insurance policy
      • Copy of car's registration certificate
      • Copy of driving license
      • Copy of Police FIR in case of theft claims
      • Estimated and original repair bills and payment receipts

      How to Claim Car Insurance After an Accident?

      In case your car meets with an unforeseen road accident, here is how you can easily raise a claim with your insurer:

      1. Inform the Insurer

        Informing the insurer will be the first step to initiate the claim settlement process.

        As soon as your car meets with an accident, make sure to inform your insurer about the damages within next 48 hours. You can inform the insurer by contacting their customer support team or sending them an email.

      2. Damage Assessment

        Once you have informed the insurance company about the accident, they will send a surveyor to assess the extent of damage sustained by the insured car. The surveyor will now inspect the car and report the damages to the car insurance company.

      3. Submit Required Documents

        You will now be required to submit the necessary documents to the surveyor. Make sure to keep all the required documents handy with you.

      4. Final Claim Settlement

        Once the claim has been verified, the insured car will be sent to the network garage for repairs. Once the repairs are done, the insurance company will directly settle the claim with the network garage. In case, it's a reimbursement claim, the insurance company will pay you the amount of the repair after the repairs are done in a non-network garage.

      FAQs

      • Q1.Can I claim insurance for car scratches?

        Ans: Yes you can claim for car scratches and minor dents under your car insurance policy. However, doing so can nullify your NCB discount.
      • Q2. Why are car insurance claims rejected?

        Ans: Some common reasons for car insurance claim rejection include:
        • Damages sustained if the car is being was being driven under the influence of alcohol
        • If the accident has occurred outside the geographic location as specified in the car policy
        • If the claim is fraudulent, it will get rejected
        • If the claim was done on an expired car policy, the insurer will reject it
        • If the car that has sustained losses was being used for commercial purposes, the insurer will reject your private car insurance claim.
      • Q3. What is the maximum time to make a car insurance claim?

        Ans: The maximum time to make a four-wheeler insurance claim varies from a few days to upto seven days. However, it is highly advisable to make a claim or atleast inform the insurance company about the damages within 48 to 72 hours of accident.
      • Q4. What is IRDA car insurance claim settlement ratio?

        Ans: As per IRDAI, A claim settlement ratio or CSR of an insurance company is the percent of claims settled out of the total claims raised in a fiscal year. This ratio can be used to know the credibility of a company.
      • Q5. How to check car insurance claim history online?

        Ans: To check the claim history of your car insurance policy online, you can visit the official website of your insurer or can contact their customer support portal. If you are a Policybazaar customer, you can also check your claims history by logging into your account dashboard on Policybgazaar.com.
      • Q6. Will my No Claim Bonus be affected in case I make a claim?

        Ans: Yes, as soon as you raise a claim under your motor insurance policy, any NCB reward that you have received on your policy will be nullified.
      • Q7. What is the car theft insurance claim process?

        Ans: In case your car was stolen, you can raise a claim by following the below mentioned steps:
        • As soon as your car goes missing, file an FIR at the nearest police station. Make sure get a copy of FIR for claim process.
        • Now inform the insurer as soon as possible.
        • Fill in the claim form for car theft. Also make sure to submit all the required documents to your insurer.
        • Transfer the stolen car's RC in favour of the insurance company after the police has submitted a non-traceable report.
        • Once the car couldn't be trace and all the formalities are complete. The insurer will provide the reimbursement as per the IDV of the car.
        .

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      #Rs 2094/- per annum is the price for third-party motor insurance for private cars (non-commercial) of not more than 1000cc

      *Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB. Actual time for transaction may vary subject to additional data requirements and operational processes.