Road accidents have been a major concern cause of concern in India. Few lacs deaths were reported every year because of accidents. Thus, it is very important for a person to have motor insurance to manage the consequences and effects of the accidents.

It acts as a financial protection against any loss or damage to the vehicle. Motor insurance is mandatory for all two-wheeler and four-wheeler vehicles in India.

As per the law, any motor vehicle driven in public places without insurance is a punishable offence.

TYPES OF MOTOR INSURANCE POLICIES-

• It offers financial cover to the policyholder against any legal liability arising due to damage caused to a third person or third party property.
• It includes third-party liability as well as any expense incurred by the policy holder due to theft or accident of the vehicle or in case of death, can claim compensation

BENEFITS OF THIRD-PARTY LIABILITY –

1. Enables you to drive legally - this policy is mandatory to be taken in order to meet the needs of Motor vehicle act.
2. Third-party coverage in case of personal damage – in case of an unfortunate accident where a third-party is either injured or dead, this insurance will cover losses up to unlimited liability.
3. Third-party coverage in case of property damage - In case of an accident where it causes damage to one’s vehicle or property, your third-party car insurance will provide coverage for the losses occurred.
4. Protects you from unexpected financial loss – in India where the accident rate is extremely high, you suffer a risk of getting in an accident all the time. So, in an unfortunate event of an accident, you do not have to worry about the expenses that might incur.

BENEFITS OF COMPREHENSIVE INSURANCE –

1. Legal fees - in case of an accident, this policy covers lawsuits that include legal fees against policyholders due to the accident.
2. Coverage in case of personal or property damage - Comprehensive coverage protects policyholders and vehicles in case of an accident.
3. Financial security - Imagine buying a car with your hard-earned money and then being met with an accident and damaging a few parts of the car, this can cause a person to financial stress a lot. But if you have comprehensive insurance policy than in case of an accident, you do not have to worry about your finances.
4. Other Benefits - Some of the different aspects that are covered by comprehensive insurance include:
   • Damage caused by fire, severe weather, and natural disasters.
   • Damage caused by a third party or animal.
   • Damage caused to the vehicle due to civil disturbances like riots.
   • Theft and vandalism.

PARAMETERS TO CONSIDER WHEN BUYING MOTOR INSURANCE –

1. Coverage – while purchasing a motor insurance, check if the plan is providing the coverage you require
2. Claim settlement ratio - before purchasing a motor insurance, check the claim settlement ratio of your insurance provider.
3. Network garages – check if your insurance provider has good network of garages for cashless claims.
4. No claim bonus - check if your insurance policy provides a good no claim bonus.

CLAIM PROCESS

The claim process is nothing but the request from a policyholder to the insurance company to compensate payment for the motor expenses incurred by the policyholder due to an accident.

• Call on Toll free number to register your claim and kindly keep the policy with you for reference
• Details like engine number, chassis number and registration number will be verified by customer support executive
• The customer support executive will also need the following details to register a claim:
  • Contact number
  • Accident date and time
  • Description of the accident with the location
  • Vehicle inspection address
  • Odometer reading – Kilometer reading
  • Extent of damage
  • Drivers name at a time of accident and valid license.
• Once the claim is registered, the customer support executive will provide you with a claim reference number
• The survey of the vehicle will happen within 24 hours of intimating the claim
• You can call on Toll Free Number and quote the reference to know the status of your claim
• Submit the duly filled claim form along with the driving license, RC copy and an estimate of the loss to the repairer / dealer / nearest insurance office. It is preferable to submit an itemized estimate.
• Insurance company will arrange for inspection of the damaged items to assess the loss. In case of major loss or bodily injury, kindly register a FIR at the nearest police station
• You have to provide the required documents to substantiate the extent of loss
• Excess, as per the policy terms and conditions, will be deducted from the claim payable for every claim / loss

Making a Claim

• If your vehicle is damaged in an accident, take it to the garage (if movable) or get it towed to avoid further damage
• Notify Insurance co. by calling on Toll Free Number
• Make a note of the registration number of the other vehicle involved in the accident, if any
• Make a note of the name and contact details of witnesses, if any
• File an FIR at the nearest police station in case of property damage, bodily injury or other major damages
• The surveyor will survey and assess the damage before submitting his report to the insurance company
• If you have signed up for cashless insurance, all you have to do is take your vehicle to a service center authorized to settle the claim. The service center will follow up with your insurer, and you'll only have to pay the depreciated portion and compulsory excess of the claim and some miscellaneous charges.
• In case of a theft claim, file a police complaint immediately in writing and inform Insurance company on Toll Free Number written on the policy
• If your vehicle isn't found within 90 days, ask the police to issue you a 'non-traceable report' or ‘closer report’. It is basically an undertaking by police that they are not able to find your vehicle;

Documents required while making a claim

• Claim form duly signed by the insured
• RC copy of the vehicle
• Driving license copy
• Policy copy with all the endorsements (subsequent changes in the policy)
• Original FIR
• Original estimate
• Original repair invoice, payment receipt (for cashless garage - only repair invoice)
• Original PUC Certificate with Xerox
• Kindly get Repair Estimate from Garage, do not start repair unless surveyor visit
• In case of Commercial Vehicle following additional documents
• Any other additional papers as and when required by Insurance Company
  • Immediate Spot Survey
  • Local / National Permit Original with Xerox
  • Road Tax paid Receipt Original with Xerox
  • Load Challan Original with Xerox
  • Fitness Certificate Original with Xerox

For Theft Claims

• Claim form duly signed by the insured
• RC copy of the vehicle with all original keys
• Driving license copy
• Original policy copy
• Original FIR copy of the complete theft report
• RTO transfer papers duly signed along with Form numbers 28, 29, 30 and 35 (if hypothecated)
• Final report - A no-trace report from the police saying that the vehicle cannot be located
• All original Keys of the vehicle

For Third Party Claims

• Claim form duly signed by the insured
• Police FIR copy
• Driving license copy
• Policy copy
• RC copy of the vehicle
• Stamp required in case of company registered vehicle’s original documents

Why Buy Vehicle Insurance from SANGHAVI INSURANCE AND FINANCE CONSULTANT?

• We continuously try to fulfil our client’s requirements, by providing and advising them about wide range of plans and riders available in the market.
• We know that a financial crisis or an emergency can arise anytime and thus we are here to help you 24/7.
• We are the one who will go through the internal terms and conditions of the policy and make sure that they are favorable to our clients
• Our insurance claims are settled with utmost ease and transparency.
• We continuously update the client on claim status at every level of claim.

Frequently Asked Questions (FAQ)