| In India Motor Vehicles
Act, 1988 states that every motor vehicle plying on Indian roads has
to be insured, with atleast a "Liability Only" policy. One can be
penalized if found driving vehicle without a valid insurance cover.
However the customer can choose whether he/she would prefer a third
party insurance cover or a comprehensive insurance. |
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| The tariffs in case
of Motor Insurance are governed by Tariff Advisory Committee therefore
there is not much difference in the rates charged by various companies.
You can compare the policies in terms of services provided by the
companies. |
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| Get discounts
in premium |
| A discount
is offered if: |
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The insured is prepared to
bear a fixed amount in respect of every claim for damages to
the vehicle. |
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There are no claims made against the policy
during the relevant previous year. |
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Your vehicle is fitted with anti theft
devices, which is approved by the Automobile Research Association
of India (ARAI), a discount in premium is allowed. |
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| How to file a claim |
| File a claim |
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As soon as your vehicle meets
with an accident or injures a third party or damages the property
of a third party, inform your insurance company. |
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If your vehicle is involved in an accident
which injures a third party or damages a third party's property,
you must report the matter to the police. |
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If your vehicle is stolen and/or has been
damaged by miscreants, terrorists or arsonists report the matter
to the police and obtain a FIR (First Information Report). |
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Take the vehicle to a reputed workshop
for repair and get a repair estimate from the workshop. Submit
the estimate to the insurance company. |
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A surveyor from the insurance company will
come for an inspection of the vehicle, and to assess the cost
of restoring the vehicle to its pre-accident condition. |
|
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| Based upon the surveyor’s
report, the insurance company will make a final settlement of the
estimate and the deal is closed. |
| Tips during Claim
Settlement: |
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Firstly during the time of
any accident you must report to the insurance company within
the maximum 24 hours of accident, followed by filling up the
details about the accident in a claim form & submitting
it. |
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Secondly you must get the vehicle surveyed
by the surveyor wherein he assesses the damage and give an estimate
of the amount of claim. Surveyor also gives out the details
of the repairs, which can be claimed under the policy. |
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You should never try to negotiate about
the settling of the claims with the third parties without informing
the insurer. |
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You should give in the salvage or the scrap
to the insurance companies else they may reduce the claim amount.
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