|
|
|
| |
FAQ On Auto
Insurance |
|
|
|
|
|
|
|
| |
How a damage insurance claim can be filed
in the event of an accident?
How an insurance claim be filed incase the
insured vehicle is stolen?
What are the rules about insurance
transfer when transferring vehicle from one person to another. Is old policy
transfers to the buyer or he has to take new policy. Is there any time limit
about it?
For what value the car is to be insured -
Depreciated value or reinstatement value?
What factors influence the premium for a
car insurance?
How much would the insurance company pay
in the event of an accident?
|
|
|
How a
damage insurance claim can be filed in the event of an accident?
|
|
|
|
|
|
|
|
|
In the event of an accident, which involves damage to the vehicle, one makes an
‘accident claim’ to the insurance company. An ‘accident claim’ covers the cost
of repair to the car and the cost of replacing damaged parts to the extent
covered by the insurance policy.
Typically, the procedure to claim ‘accident insurance’ is as follows:
|
|
|
 |
Inform the insurance company about
the accident, the time, date and place of the accident. Insurance companies
have forms for filling these details and one can obtain these forms from any
branch of the insurance company.
|
|
|
|
File a First Information Report
(FIR) at the police station closest to the place of mishap. Documents related
to the vehicle like registration book, tax paid receipt, insurance papers,
driving licence, etc. are needed while lodging the FIR.
|
|
|
|
Take the vehicle to a reputed workshop for repair and
get a repair estimate from the workshop.
|
|
|
|
Submit the estimate to the insurance company.
|
|
|
|
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.
|
|
|
|
Based upon the surveyor’s report,
the insurance company will make a final settlement of the estimate and the deal
is closed.
|
|
|
|
Inform the insurance company the time, date and place of the accident. You can
get a standard form for filling in these details from any insurance company
branch.
|
|
|
‘Accident claims’ are normally processed quickly enough. To enable the process
go smoothly, it is advised to keep all documents related to the vehicle handy.
However, vehicle surveyors are a moody lot, and one may have to bargain a bit
to increase the claim amount from the insurance company.
|
|
|
How an
insurance claim be filed incase the insured vehicle is stolen |
|
|
|
|
|
|
|
|
Thefts insurance claims take longer to settle as the RTO and police are
required to submit their report stating that vehicle has not been recovered.
Now this report gets done only after an investigation by both the authorities,
which could take a long time. Six months is the conservative estimate.
Typically, one can claim ‘theft insurance’ by following these steps:
|
|
|
|
Inform the nearest police station
about the theft and file a FIR .
|
|
|
|
Inform the insurance company.
|
|
|
|
Inform about the stolen car and documents to the
concerned registration authority and get duplicate document issued.
|
|
|
|
Make the claim for insurance in the prescribed claim
form of the insurance company.
|
|
|
What are
the rules about insurance transfer when transferring vehicle from one person to
another. Is old policy transfers to the buyer or he has to take new policy. Is
there any time limit about it? |
|
|
|
|
|
|
|
|
Yes, the old policy can be transferred in the name of buyer by submitting the
copy of Form 29/30 and copy of Registration book/Owner book. The above process
preferably should be done within 30 days.
|
|
|
For what
value the car is to be insured - Depreciated value or reinstatement value?
|
|
|
|
|
|
|
|
|
The car is neither to be insured for reinstatement value nor for depreciated
value. It is to be insured for second-hand value in the local market for a
similar type of car for a similar model. In the event of loss, the liability of
insurance company is the maximum compared to the market value or the amount of
insurance whichever is less.
|
|
|
What
factors influence the premium for a car insurance? |
|
|
|
|
|
|
|
|
The cubic capacity, use of car, normal area of operation and the value of car
proposed for insurance decide the premium payable and also various extensions
opted for.
|
|
|
How much would the insurance company pay in the event of an accident?
|
|
|
|
|
|
|
|
|
In case of an accident, the insurance company pays for cost of damaged parts
which are replace and the labour cost to repair the vehicle. As per the revised
regulations, depreciation is not deducted from the cost of the parts except for
the tyres and tubes for which 50 percent depreciation is deducted.
|
|
|
|
|