Many hesitate to buy insurance due to the numerous stories like how insurance companies do not honour claims. The vital question here is ‘why?’ What is the justification behind the claim being denied? The common reason for claim rejections is they get filed for an event that the policy does not cover.
Every car insurance has specific terms and conditions, and if the claim application does not adhere to the same, they get rejected. Therefore, one must make an informed decision before buying a policy by going through the policy wordings. It helps you to buy a scheme that meets your needs. And when the right time comes, you can register a claim remembering the terms and conditions the insurer honours.
Where to find the policy wordings?
Today, online car insurance is available. When it comes to four-wheeler insurance, you have two alternatives: offline or online. For marketing, insurers need a portal that gives out detailed information about their products. Policy wordings are available on the insurance company website, usually under the downloads section. You can also access policy wording by visiting the branch office of the insurance company.
Personal Accident Cover
You should look for this section for avoiding any confusion regarding the claim amount involved and the injuries covered under the car policy. This section includes a table that clarifies the nature of the damage and the corresponding reimbursement scale.
Third-party liability aspect
It is mandatory according to the Motor Vehicles Act, 1988 for all vehicles on Indian roads. This policy protects you against financial problems if your insured vehicle injures someone or their property. You receive a comprehensive view of the exclusions and inclusions of this cover in your policy document.
Comprehensive coverage
Own damage component is essential, and hence many prefer such a car insurance policy. Details concerning own damage are cited in the agreement. Such a section is often titled ‘Loss of or damage to the vehicle insured’. While raising a claim, you must prove if the incident owning which your vehicle was damaged is part of the list of inclusions or not. The insurance company does not approve the claim if they get filed for an incident not mentioned.
Miscellaneous
Besides the three significant covers provided by comprehensive auto insurance, certain things should know. These things include Insured Declared Value (IDV), Deductibles, Depreciation, Additional covers (Add-ons), No Claim Bonus (NCB) etc.
Complaint redressal
What if you raised the correct claim, and it gets declined? What if you have a low claim amount? Such questions need addressing, and you can get them by contacting the insurer.
If your issues are not resolved, you can reach out to the insurance company’s grievance officer. The contact details are stated on the policy wordings, and nowadays, car insurance online has chatbots to address your queries instantly. Even then, if you are not satisfied, you can get in touch with Insurance Ombudsman.
Ensure to compare prices and coverage of the policy before buying the policy. You need not depend on vehicle dealers or agents to get a four-wheeler insured. You can get insurance for your vehicle by going online and buying them within minutes. Ensure to check any clauses and understand them before buying the plan.
