Taking car insurance is necessary not only legally but also for the safety of your vehicle and yourself. Many times it happens that in car insurance you get less amount than the claimed amount or the claim gets rejected. Do you know the reason for this?
If you own a car, then you would know how important car insurance is. This is important not only for your vehicle but also for personal safety. But it has been seen many times that after damage to the car due to accident or any natural calamity, the amount of car insurance comes less than the claim, or the claim itself gets rejected. Do you know the reason for this…?
Car insurance companies in India settle claims in two ways. One is cashless in which the insurance company directly pays the money to the repairing center. The second is reimbursement ie in which the customer gets money on claiming from the insurance company. By the way, there should not be any problem in making a car insurance claim, so most of the experts speak to take insurance from such a company, whose claim settlement ratio is better.
Money received less than the claim amount?
Now let us understand when you can get less money than the claim amount. Generally, most people get comprehensive car insurance in which overall insurance cover is available for the car. However, for the security of engine damage, you may have to take a separate add-on. Now let's assume that if your car is damaged in the flood, you will get the car insurance claim, but only add-on will be useful for the damage caused to the engine due to water filling. Otherwise, you will not get any insurance cover for the engine.
Hanut Mehta, founder of Bima Pay, says that many times the claim of car insurance also depends on the condition of the car. Means how old is your car and how much has it driven. Your car insurance claim also depends on this. If the repair cost of your car is less than 60 percent of its insured declared value (value calculated at the time of buying insurance or renewal), then your claim settlement will be based on the age of the car and the depreciation value of the parts. Means you can get less amount from the insurance company than your claimed bill.
This can be better understood in such a way that 50 percent depreciation is applied in case of damage to the plastic and rubber parts used in the car. This means that you get only half the amount of the loss in the claim, the rest has to be paid from your pocket.
When can an insurance claim be rejected?
Sometimes your car insurance claim may also get rejected. According to Policy Bazaar, a big company in the finance sector, the reasons for car insurance claim rejection can be as follows.
1. If you do not report the theft or damage to the car within 48 hours or do not initiate the claim process within 7 days after the accident, your claim may get rejected.
2. If your insurance claim is found to be bogus, then it may get rejected.
3. If you are found driving a car under the influence of alcohol, then your insurance claim may get rejected.
4. If you drive the car without a valid driving license, then your claim will not be valid.
5. If you violate the terms of the insurance policy or your policy lapses. Then the insurance claim will not be valid.
6. If damage to your car is not a part of the insurance cover. Or you have done modifications in the car without informing the insurance company. Then your claim will be rejected.
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