One of the central tenets of getting a car insurance policy is to feel comfortable in the knowledge that, when faced with damage or loss of your car, a simple claim on your insurance policy can potentially make the problem go away. Car insurance claim is supposed to be your first and most formidable defense against probable financial liabilities arising from any damage endured by your car, or the total loss of your cherished vehicle through theft or natural/man-made causes.
However, sometimes, raising a claim on your insurance policy might not be the best or most sensible thing to do. Whilst avoiding the ‘designated back-up plan’ could cost you some money, the long term benefits definitely weigh in the favor of not hitting the claim button at the very first instance. Relax, understand the situation and decide if the current problem deserves the involvement of your car insurance company. In essence, you must avoid raising a claim on your insurance policy for the following situations-
When Repairs are Minute and Can be Sorted out Quickly
A scratch, a broken headlight, mirror damage, minor paintjob, etc. are simple issues that can be effectively sorted out quickly and with little monetary inputs. These must be sorted personally without involving the insurer. Your insurance company attaches great significance to the number of claims you raise- the lesser the claims, the easier it is for the insurer to brand you a responsible driver and all the associated metrics will work in your favor. Plus, the policy premium amounts will not fluctuate and remain steady and predictable.
...Save the No Claim Bonus (NCB)
Your car insurance company rewards you with a No Claim Bonus (NCB) when you don’t raise a claim through a specified duration of time. If the cost of repairs involving your vehicle is substantially less than the applicable NCB amount, it makes sense to avoid registering a claim and lose a larger chunk of money in the form of the NCB at a later date.
Let the Third Party Pay for Everything…
If your vehicle was involved in an accident and suffered substantial damage, there are definitely only three succeeding options before you-
- Raise a claim on your insurance policy
- Pay for the damages from your own pocket
- File a third party insurance claim. Whilst the first two options will cost you money or perks from your insurer, they are essentially inevitable if the accident was caused by you. However, if the accident was caused by the other driver, option (3) makes the best sense. Third party insurance claim will avoid the financial liability from falling on your own shoulders, while keeping your unblemished track record with the insurance company intact and paying for the vehicle’s repairs.
Concluding , as the popular adage goes, 'with great power comes great responsibility’. A well equipped and professionally managed is definitely a great power that calls for immense responsibility. When the simple car insurance claim is your first line of defense against a costly bill, and a definite cause for complete peace of mind, it pays to use this option wisely.
- All You Need To Know Before Insuring Your Car In India
- Looking To Switch Insurance Companies? Read This
- Keep These Points In Mind Before Renewing Your Auto Insurance Policy
- Why Your Car Insurance Claim Was Denied
- Consumables Cover In Car Insurance - Coverage And Claim Process
- The Engine Protect Add-on Cover In Car Insurance Demystified
- Incorporate Changes In Your Car Insurance Policy Through Endorsements
- Why Should You Insure Your Car?
- Saving Money On Car Insurance Is This Easy
- When Should You Get Your Car Inspected?
- How Engine Capacity Of Your Car Is Important In Determining Its Insurance Rate
- When Should You Not Claim Under Your Car Insurance?
- Online Or Offline Purchase Of Motor Insurance - Which One Would You Choose?
- How To Detect Fraudulent Car Insurance Policies
- All You Need To Know While Insuring Your CNG Vehicle
- Points To Note Before Cancelling Your Car Insurance
- What You Should Know About IDV In Car Insurance
- How Insurers Calculate Premiums In India
- Get Adequate Protection Through Car Insurance Add-on Covers
- Bajaj Allianz Car Insurance Customer Care
- Bharti Axa Car Insurance Customer Care
- Chola Ms Car Insurance Customer Care
- Future Generali Car Insurance Customer Care
- HDFC ERGO Car Insurance Customer Care
- IFFCO Tokio Car Insurance Customer Care
- Liberty Car Insurance Customer Care
- Magma Hdi Car Insurance Customer Care
- National Car Insurance Customer Care
- New India Car Insurance Customer Care
- Oriental Car Insurance Customer Care
- Reliance Car Insurance Customer Care
- Royal Sundaram Car Insurance Customer Care
- SBI Car Insurance Customer Care
- Tata AIG Car Insurance Customer Care
- United India Car Insurance Customer Care
- Universal Sompo Car Insurance Customer Care
GST Update: GST of 18% is applicable on car insurance effective from the 1st of July, 2017