Way to file your commercial vehicle insurance claim process

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Way to file your commercial vehicle insurance claim process

Insurance protects against the risks that can cause damage to any of your property, be it property, house, or vehicle.

Car insurance is a type of commercial vehicle insurance policy and helps the policyholder to cover various risks, such as car accidents, theft, or loss of the car.

Way to file your commercial vehicle insurance claim process

Table of content

  1. What is car insurance
  2. What does car insurance cover?
  3. commercial vehicle insurance claim process
  4. How does car insurance work?
  5. Terms and conditions
  6. Important Documents
  7. Exception
  8. vehicle insurance renewal process
  9. leading car insurance company in India
  10. FAQ/ Frequently Asked Question

1- What is car insurance?

Car insurance, which comes under a vehicle insurance policy, is a compulsory vehicle insurance policy in India under the Motor Vehicles Act, 1988.

It provides financial assistance to the car owner to compensate for the expenses like repair costs due to accidents, theft, or loss of the car.

A car insurance plan includes mandatory third-party coverage to cover any injury or damage to another person, vehicle, or property caused by the car.

2- What does car insurance cover?

The coverage provided by car insurance usually varies from company to company. Some of the major causes are as follows.

  • A car insurance policy protects the driver/owner of the car in case an accident occurs while driving.
  • It includes any legal or pecuniary assistance arising out of injury to a person or damage to any other vehicle or property caused by the insured car.
  • The policy also covers damage to the car due to the following reasons:
  • accident and external damage
  • fire and explosion
  • riot and strike
  • illegal work
  • theft, robbery
  • Natural calamities like earthquakes, landslides, hurricanes, and floods
  • terrorist attack

3- 3 steps Commercial vehicle insurance claim process

In case of any incident, you have to claim the insurance company compensation for the loss. The claim process is as follows:

  • While applying for a claim, first inform the insurance company immediately after an accident or loss, or theft. Then, and you can claim along with the relevant documents like the claim form, vehicle registration copy (RC), and other documents.
  • If one repairs his vehicle in a garage under the insurance company’s network, he can get a cashless claim.
  • The policyholder takes his vehicle to an out-of-network garage, and you will have to pay for the claim, which will be paid by the insurance company later.

4- How does car insurance work?

  • First of all, you have to choose the cover required for your vehicle. Since third-party insurance is mandatory, an option to choose between comprehensive car insurance and personal accident cover.
  • The insurance company inspects the car to calculate the Insured Declared Value (IDV) considering various factors, such as the car brand, model number, year of manufacture, claim history, etc.
  • In case of any accident, damage, or loss to the car, first inform the insurance company by calling the toll-free number.
  • For the claim, you need to submit the required documents.
  • In the case reimbursement claim mode, you will have to pay after the repair, and the company will pay the amount later.

5- Terms and conditions in commercial vehicle insurance claim process

Third-party insurance is mandatory for all types of cars, old or new.

To be eligible to get car insurance, a person must be 18 years of age or above, who is a citizen of India, must have a driving license, and must have RC of the car.

6- Important Documents

Way to file your commercial vehicle insurance claim process

Following are the required documents which are required to be submitted for claim on time:

7- Exception in commercial vehicle insurance claim process

Way to file your commercial vehicle insurance claim process

A car insurance provides protection to the individual after purchasing the car.

However, insurance does not cover all types of cases. Some situations are not covered, also known as exceptions:

8- vehicle insurance renewal process

Renew your policy through online mode after necessary inspection by you or by a surveyor; whose process is as follows

  • Visit the Insurance Company page and click on the Car Insurance Renewal tab under Car Insurance.
  • Proceed by entering your car policy, registration, or engine number and click on Renew My Policy.
  • After entering the required information, you will be able to view your current policy. If required, you can purchase add-ons or optional coverage or complete the process by paying a premium.

9- leading car insurance company in India

10- FAQ/ Frequently Asked Question

Q.1. What is Nil-depreciation?
Answer: Generally, the insurance policy provides only 50% IDV for those parts, which are likely to be impacted due to continuous use (Wear And Tear) (rubber and plastic parts).

However, the individual can opt for Nil-depreciation, under which he can claim the full amount on these parts as well.

Q.2. What happens to my policy if I move out of town?
Answer: there is no significant impact on the insurance policy.
The policyholder will have to update the address by logging on to the website of the insurance company. Also, the premium may vary by zone.

Q.3.What documents should I always keep in my car?
Answer: you should always carry your valid driving license, insurance copy, pollution control certificate of your car along with the RC of your car.

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