Car Insurance Claim Settlement for Total Loss

How is Total Loss in Car Insurance Calculated? 

The insurance provider does the car insurance total loss calculation by taking into consideration the IDV and the total repair cost of the car when the car owner has raised a claim of total loss vehicle insurance. If the cost of damage repair is more than 75% of the IDV then your car insurance is considered as a whole. 

The following table highlights the car insurance total loss calculation as per age of vehicle: 

Given below are the details of car insurance total loss calculation according to the vehicle parts: 

What is Claim Process for Total Process? 

Cashless Claim:

Given below are the steps to opt for cashless claim: 

1. Firstly, you need to start by informing your insurer about the claim. The policyholder can inform it online or by getting in touch with their support team. 

1. One of the officials from the insurance company will go through the damages and make a report. 
2. Once the assessment is done by the insurer, they will sanction repairs in the network garages. 
3. After you have submitted the insurance claim form, the insurer will settle your bill with the network garage. 

Reimbursement Car Insurance Claim:

Given below are the steps to file a reimbursement car insurance claim: 

1. Firstly, you need to inform your insurer about the claim by visiting their official website or calling their support team. 
2. Ensure you file an FIR in case of an accident. 
3. Your car will be taken to the closest garage, where a mechanic will evaluate the damage. 
4. Once your car is repaired, you need to retain all the bills. 
5. After submission of claim form, you also submit all the pertinent bills. The insurance company will reimburse all the expenses after you have made the payment for the associated deductibles. 

Documents Needed for Car Insurance Claims: 

A hassle-free experience depends on your ability to record claims under your auto insurance. Getting the necessary documentation is one of the key stages to a more seamless claim procedure. These records must be stored in a secure location. 

1. Driving license of the driver 
2. Scanned copy of insurance policy certificate 
3. Proof of identity 

1. Registration Certificate of the policyholder 
2. Fire Brigade Report 
3. First Information Report (FIR) if lodged 
4. Cancelled cheque 
5. Original purchase invoice 

Documents Needed for Accident Claims:

The process of raising car insurance claims can different for different situations as well as reasons. Each of these scenario needs you to furnish one or more documents needed for car insurance claim. The following are different types of claims and documents required: 

1. Driving license 
2. Duly filled car insurance claim form 

1. Insurance policy certificate copy 
2. FIR 
3. Registration Certificate if the insured vehicle 
4. Cancelled cheque 
5. Fire Brigade Report 

1. Pictures highlighting the vehicle damage 
2. Original repair bills 
3. Original payment receipts 
4. Original purchase invoice 

Documents Needed for Third Party Claims:

1. Driving license 
2. Insurance policy certificate 
3. FIR 
4. Duly filled car insurance claim form 
5. Photos showing the damages of the car 

Documents Needed for Theft Claims:

1. FIR 
2. Duly filled insurance claim form 
3. Registration certificate of the insured vehicle 
4. Driving license 

1. Insurance policy certificate 
2. Original purchase invoice 
3. Non Traceable Certificate (NTC) from the local police 
4. Cancelled cheque 

Documents Needed for Own Damage Claims:

1. Driving license 
2. Duly filled car insurance claim form 
3. Registration Certificate of the insured car 
4. Pictures showing the damaged caused to the vehicle 
5. Insurance policy certificate 

1. Original repair bills 
2. Original payment receipts 
3. Original purchase invoice 

What is Actual Cash Value of the Car? 

The market value of an insured vehicle and the sum that an auto insurance will pay in the event that the vehicle is wrecked are known as actual cash value. 

Different insurance companies determine a totaled car's worth in different ways. However, insurance often take into account the price the owner paid for the car less depreciation. This indicates that your car's ACV is less than what you paid for it.