How To Claim Car Insurance For Own Damage: A Comprehensive Guide
Operating a vehicle comes with numerous risks, but having adequate insurance can help protect you from potential financial losses. In India, it is mandatory for all car owners to have third-party liability insurance. However, this article will focus on a specific type of coverage: Own Damage Car Insurance .
We will delve into what own damage car insurance is, the step-by-step process of making a claim, and the documents required to ensure a smooth claim settlement process. So, if you want to learn how to claim car insurance for your own damage, keep reading!
What is Own Damage Car Insurance?
In September 2019, the Insurance Regulatory Development Authority of India (IRDAI) introduced the standalone Own-Damage Insurance. This type of policy covers your vehicle in case of damage caused by natural calamities such as floods, earthquakes, or hurricanes, as well as man-made disasters like vandalism, riots, and terrorist attacks.
Additionally, Own Damage Car Insurance allows policyholders to add optional riders for enhanced coverage.
Step-by-Step Process to Claim Own Damage Car Insurance
Making a claim on your car insurance after an accident can be daunting, but it is essential to understand the process to ensure your claim is settled promptly. Below are the steps you need to follow when filing a claim for your own damage insurance:
1. Inform Your Insurance Provider Immediately
As soon as the incident occurs, contact your insurance company to notify them of the damage. Be transparent and provide all the necessary details about the event to avoid any future complications in settling the claim.
2. File an FIR with the Police (If Necessary)
If the incident involves serious damage, theft, or if a third party is involved, you must file a First Information Report (FIR) with the police. However, for minor damages like small dents or scratches, an FIR may not be required. Always check the specific requirements of your insurance policy.
3. Capture Photographic Evidence
Document the accident scene by taking clear photographs of the damage to your vehicle. This visual proof will assist the insurance provider in assessing the extent of the damage and ensuring that you receive appropriate compensation.
4. Submit the Necessary Documents to the Insurance Company
To process your claim, the insurance company will require certain documents. These include a copy of your insurance policy, the FIR (if applicable), your driver’s licence, the car’s registration certificate, and any other relevant paperwork.
5. Get Your Car Repaired
You have two options when it comes to repairing your car: you can either take it to a garage of your choice or have it repaired at a network garage recommended by your insurer. In the case of the latter, the insurance provider may settle the repair costs directly with the garage.
6. Claim Settlement Process
The claim settlement process depends on whether you opt for a cashless or reimbursement settlement. For cashless settlements, the insurance company will pay the repair costs directly to the garage. If you choose reimbursement, you will need to pay for the repairs upfront and submit the receipts to the insurer for compensation. Keep in mind that you will be required to pay a mandatory deductible.
Documents Required for Claiming Own Damage Car Insurance
To ensure a hassle-free claim process, you will need to submit the following documents
- A copy of the insurance policy
- A copy of the FIR (if applicable)
- A completed and signed claim form
- A copy of the vehicle registration certificate
- A copy of the driver’s licence
- Repair cost estimates
- Original medical receipts (in case of bodily injury)
- Original receipts for any additional expenses incurred
While the process may seem straightforward, there are some important factors to keep in mind
- Immediate Notification: Always inform your insurer as soon as possible after the accident, ideally within 24 hours. A delay may result in your claim being denied.
- FIR Filing: If necessary, make sure to file an FIR with the local police station. This is crucial for incidents involving theft, serious damage, or third-party involvement.
- Claim vs. No-Claim Bonus: If the damage is minor, consider whether it is worth making a claim. Opting not to claim could allow you to retain your No-Claim Bonus (NCB), which could lead to lower premiums in the future.
- Accurate Information: Ensure that all the details in your claim form are accurate. Providing false information could result in the claim being denied.
- Legal Compliance: Always follow legal procedures in the event of an accident and avoid making any hasty settlements with third parties. Additionally, ensure that you have all the necessary paperwork to support your claim.
While own damage insurance may come at a higher premium than standard policies, the peace of mind it provides is invaluable. Remember to renew your policy on time and always consider the age and condition of your vehicle when selecting coverage options.