The claim settlement process is one of the key factors one must consider while buying a car insurance policy. These policies act as a financial backup during emergencies. It ensures you do not have to worry about funds when you need them the most. Therefore, it is important to check if the claims process for receiving the compensation is hassle-free.
Is there a time limit for insurance claim settlements?
The time limit set for the claim settlement process by the IRDAI is within 30 days of raising the claim. Most insurance companies settle the claims within 10 days.
Read on to know everything about the claim settlement process. Know the different ways of raising a claim request and how long an insurance company take to settle the claim. You must also note that the insurance claim process varies from insurer to insurer.
Two ways to process car insurance claims
You can choose to raise your claim in either of the following ways:
Cashless claim settlement process
You can avail of the cashless facility at any of the network garages. Simply contact the insurer to raise the claim request. Then take your vehicle to the nearest network garage or request towing services to do the repair services. Thereon, your insurer will take care of the expenses. The insurance company will directly clear the bills with the network garages.
Reimbursem*nt claim settlement process
If you choose to get your vehicle repaired at any of your preferred garages, you can then utilise this facility. You can contact the insurer through their website or toll-free number or SMS to raise a request. Fill out the claim form and submit the necessary documents stated on the policy document. After verifying the facts and documents, the insurance company will reimburse the expenses incurred up to the sum insured. You will receive the amount in your registered bank account.
How to avoid delays in receiving my claim settlement?
To avoid delays in receiving your claim settlement, follow these steps:
- Provide accurate and complete information when filing your claim.
- Submit all required documents promptly.
- Communicate promptly with your insurance company and respond to their requests.
- Keep records of all interactions and document any damage with photos or videos.
- Understand your policy terms and coverage to prevent misunderstandings.
- Follow up regularly with your insurer to track the progress of your claim.
- Be patient but persistent in pursuing your settlement.
Can a delay in filing claims lead to claim rejection?
Yes, a delay in filing insurance claims can indeed lead to claim rejection. Most insurance policies specify timeframes within which claims must be reported. Failing to file a claim within these deadlines may give the insurance company reason to deny it.
Timely reporting is vital because it allows for proper investigation, prevents the loss of crucial evidence, and ensures compliance with policy terms. To avoid potential claim rejection, it's essential to report and file your claims promptly in accordance with your policy's requirements.
