Buying a vehicle is a big decision that requires much research and understanding. Therefore, purchasing a motor insurance policy online is the easiest way to secure your vehicle.
In India, third-party auto insurance is mandatory. It is protection against loss or damage to another person’s property caused by the policyholder’s vehicle.
. Customers should understand that a vehicle insurance plan only covers damage from casualties, third-party liabilities, theft, collisions, and natural disasters. It doesn’t include damages from failure, wear and tear, etc.
Purchasing a motor insurance policy is about trust and transparency, regardless of whether you select the required third-party or comprehensive vehicle insurance.
Following are a few situations for which you can apply for an insurance claim –
- Natural catastrophes like cyclones and floods.
- Damages caused by a Motor Vehicle Accident,
- An incident involving a third party that could result in property damage or bodily harm to them.
- Stolen vehicle.
- An unintentional fire could occur to your vehicle.
- Unfortunate mishaps that result in policyholder’s demise.
In addition to these occurrences, there may be times when you submit an insurance claim, but the insurance company rejects it. You might find it annoying, but an insurance policy can only pay if the policy covers the claim.
Post a casualty, fix the vehicle and notify the insurance company for the payout –
Indian insurance providers may not get to track back the casualty and repairs. It is therefore challenging for them to authorise the claim. Before the vehicle is fixed, the the policyholder should contact the insurer to understand about vehicle insurance renewal or a new policy.
Authorised employees of the insurance company examine the vehicle, determine the amount of the damage, and then present you with the best option for damage repair.
Need to change your name on the policy’s paperwork?
Changing your name on the policy copy can be important because most motor insurance policy is in the owner’s name. If transfer procedures remain outstanding, the plan is useless to the vehicle owner, and the insurance claim may get rejected.
An insurance policy does not cover a CNG/LPG kit.
Whether the loss or damage is related to the kit, your insurance claim can be denied If you missed completing the below tasks:
- The driver must hold a current driver’s licence –
- The claim can be denied if confirmed that the driver was under any influence of alcohol or drugs.
- If you don’t have a valid driver’s licence, you could face serious legal repercussions, and your motor insurance policy may not cover your loss.
Private vehicle used for business purposes –
Such circumstances might lead to the denial of a motor insurance policy claim. Therefore, if your vehicle is registered as a private vehicle, use it only for personal purposes. Submit the claim within the allotted timeframe –
Indian motor insurance policy firms can only approve your vehicle insurance claim if you tell them within a specific time frame.
Negligence –
Any form of negligence on behalf of the policyholder that causes losses may not be reimbursed. For example, if you drive your vehicle through flooded areas despite the manufacturer’s warning that doing so may cause the vehicle to break down.
With a motor insurance policy, you can recover the lost amount. You’ll be wise to avoid making any errors that could result in denying a vehicle insurance claim.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
