While financial stress will be present in case of any type of loss, the associated risks and mental stress in case of an accident are even higher, especially if a third party is involved. Besides dealing with own damage and loss, third-party liabilities can wreak havoc on your finances. To make matters worse, a delay in reporting the damage to the insurer can lead to a claim refusal. An insurer with a good claim settlement ratio will extend all sorts of support to you, provided you are honest and do the needful.
Types of car insurance claims
To ensure a smooth and hassle-free accident claim settlement process, the Ministry of Road Transport and Highways (MoRTH) has laid down a set of guidelines for all insurance companies.
- On the intimation of a road accident, the insurance company must assign an investigating police officer to the case.
- The investigating officer must inspect the accident site, click photographs of the site and the damaged vehicle, and prepare a site plan.
- The investigating police officer must send all the collected details to the claim tribunal within 48 hours of the accident.
- If there is a third-party liability—be it bodily injury/loss or a loss to the property, the third party, that is the victim of the road accident, should be informed of their rights. They should also be provided with a flowchart elaborating on the settlement scheme. These details have to be forwarded to their legal representatives as well. This intimation has to be done within 10 days of the accident.
- After that, the investigating officer must submit an interim accident report to the claim tribunal and the submission has to be done within 50 days of the accident.
- Post the submission of the interim accident report, the investigating officer must submit a criminal investigation report to the concerned criminal court within 60 days.
- The verification of all the documents and information has to be included in the Detailed Accident Report (DAR) and the same must be submitted to the claim tribunal within 90 days of the accident.
- Once the DAR is submitted to the claim tribunal, the same has to be forwarded to the insurance company as well.
- The insurance company will verify the details at its end and file a report.
Depending on the available information and policy coverage, the insurance company will either accept or reject your road accident claim.
Required documents for car accident insurance claims
To ensure an easy claim process, make sure to have the following documents ready:
- Duly filled claim form: Accurately complete the form provided by your insurer.
- Copy of the insurance policy: Ensure it's valid at the time of the accident.
- FIR or police report: Especially necessary for theft, major accidents or third-party damages.
- Driver's license: A valid copy of the driver's license of the person driving at the time of the accident.
- Vehicle registration certificate (RC): A copy confirming the vehicle's registration details.
- Pollution Under Control (PUC) certificate: A valid PUC certificate is mandatory for processing claims.
- Repair estimates and bills: Obtain detailed estimates and invoices from the garage for the repair work.
- Medical reports and bills: In case of bodily injuries, provide medical documentation and expenses.
Conclusion
While the road accident claim settlement process looks tedious, it is fairly easy and simple. If you were not drunk driving or driving without a licence or insurance at the time of the accident, the claim will be settled smoothly. Just make sure you buy car insurance online from an insurer with a good settlement ratio or bike insurance claim settlement ratio. Do note that while an accident claim settlement is a useful option, it is also important to maintain a good no claim bonus in car insurance for the years that were claim-free so that you can benefit from discounts on premium payments.
By understanding the claim settlement process, the types of claims, keeping the required documents, and knowing how and when to use your four-wheeler insurance, you can decide for your vehicle and financial health.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the topic featured in the article. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.