The testing instances of COVID-19 became more regarding for India due to Cyclones Tauktae and Yaas. Both cyclones triggered huge destruction on the infrastructural and agricultural front. Many died, quite a few became homeless. Many are left with more pressure and economic losses to bear as their cars are broken also. Vehicle harm implies a huge economic loss for the owner, but not when they have insurance coverage.
Motor insurance coverage policy purchasers must generally maintain in thoughts that all-natural disasters come beneath the Act of God. Keeping the identical in thoughts, extensive motor insurance coverage is very advisable so that if a all-natural calamity happens and causes harm to the insured car, policyholders stay unaffected by the unexpected economic losses. Own Damage (OD) element of the policy also plays a considerable function as it assists with the settlement of claims in instances of the insured car getting broken due to all-natural calamities like storms, flash floods, earthquakes, and landslides.
Whenever a all-natural calamity requires spot and the motor insurance coverage policyholder finds their vehicle or bike broken, the initially factor they need to do is gather photographic proof of the harm. Multiple images of the broken car must be taken ahead of reaching out to the insurance coverage organization on the toll-absolutely free quantity and registering the claim. Necessary documents like photo proof of the broken car, a copy of the driving license & registration certificate, and other individuals along with a copy of the insurance coverage policy are expected from the policyholder’s finish.
Whether the policyholder has extensive insurance coverage or personal harm insurance coverage, they can quickly get their claims settled. Policyholders can also contact on specific helpline numbers that are obtainable for rapid-track settlements. The Insurance Regulatory and Development Authority of India (IRDAI) has also recommended insurance coverage businesses to market electronic communication for claim intimation and subsequent document verification. So, the policyholder can submit all essential documents electronically with no facing any inconvenience.
Once the expected documents of the insured car are submitted, a surveyor is appointed for physical verification of the car on-spot. Motor insurance coverage policyholders are advised not to move their broken car from the notified spot till the time the official inspection is completed. Moreover, the broken vehicle or bike must not be repaired ahead of reaching out to the insurer. The quantity to be paid by the insurer depends on the age of the car as effectively as it is Insurance Declared Value. Policyholders can quickly verify the claim status on the insurance coverage company’s web page.
A motor claim can quickly be settled, nonetheless, there are possibilities that it may well get denied as effectively. As far as factors are concerned, there are quite a few. n It is crucial to be conscious that industrial use of the vehicle or bike insured may well also lead to the rejection of claims. Damage to plastic elements and tyres in the absence of a zero-depreciation add-on is also one of the causes of claim rejection. However, policyholders can generally avoid claim rejection by getting truthful and on time.
In the uncertain instances, we are living correct now, each person have to have to safeguard themselves, their loved ones, and belongings with insurance coverage. Health and motor insurance coverage are the two prime places of protection that one need to focus on by all implies. Let us not overlook that no matter the challenges we face in the future, we will generally be financially and emotionally secured with insurance coverage.
(By Ankit Agrawal, Co founder and CEO InsuranceDekho)