Motor Insurance : Reasons behind claim rejection?
Motor Insurance : Reasons behind claim rejection?
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Being disappointed after claim rejection for the motor insurance you took for your vehicle is the easy thing and doing what it takes to make sure that it doesn’t is the tougher one.
Insurance companies don’t just hand over the amount of sum assured to anyone who claims it. Simply paying the premium on time isn’t gonna cut it or thinking you are the winner since you bargained a better sum assured from your agent at a lower premium amount.
In order to get what you paid for, one primary thing you need to have is correct and complete information about your documents as well as the motor insurance.
Things to Remember
- Basic thing almost every other person is aware about is the importance of having a driving license but what most of them actually aren't aware about it's importance for the purpose of motor insurance. We know that we need one to get an insurance policy but we also require the right one to get the claim settled. Example : For driving heavy vehicles we need a license that covers the former, a simple four wheeler license is invalid in such cases.
- Pollution certificate should be up to date.
- Registration certificate of the vehicle at the time of the incident should not be expired.
- A police report (FIR) needs to be filed when a accident occurs that causes severe damages or it can be said an FIR just adds more credibility to the case.
- If a minor is driving the vehicle at the time of accident, no claim amount is paid by the insurance company.
- If a person is an alcoholic, he needs to declare the same in the insurance policy before hand in order to avoid claim rejection.
- The insured declared value should be considered keeping in mind the dep cap clause situation since it highly affects the sum assured amount every year by a juicy percentage of a whole 15%. In case of a zero depreciation policy no depreciation is deducted from sum assured but otherwise the depreciation amount is deducted each year say Rs 37500 from sum assured of Rs 2.5 lakhs in the initial year making the sum assured for the second year equal to Rs 212500.
- The claim settlement procedure should be initiated at the earliest keeping aside the fact that an accident occurred and people may be injured. The expected time is 3 days within happening of the unfortunate event. This duration of filing the claim changes from insurer to insurer. The claim filed for after the specified time is known as stale claim.
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