Car Insurance Claim TAT: Complete Settlement Guide

When you have a car insurance policy, you must know the claim TAT (Turnaround time) to understand how quickly your insurer will process and settle your claim. This knowledge will help you set realistic expectations about the time you will receive compensation in case of theft, loss or damage to your vehicle. It allows you to plan for alternative transportation or repairs while waiting for the settlement. Also, being aware of the TAT can help you choose an insurer that offers faster claim services.

What is TAT in vehicle insurance?

TAT is the total time an insurance company takes to process a claim when the policyholder has filed to get a settlement or repair approval.

What affects the claim TAT?

The factor that affects the claim TAT include the following:

1. The complexity of the claim. This depends on the extent of the accident and damage, loss of the car or whether a person is injured because of your vehicle.
2. Time taken for the survey and inspection of the vehicle by the insurer
3. Completeness of submitted documents
4. The insurer’s internal processes
5. Police verification

Types of vehicle insurance claims

The different types of vehicle insurance claims are:

1. Own damage claim

This claim is made when an accident, natural disaster, or fire causes damage or total loss of your vehicle.

1. Third-party claim

If your vehicle causes any injuries to others or damages their property, the affected party can file a third-party claim against your insurance.

1. Cashless claim

This claim is made when you want to repair your vehicle in a garage that falls under the insurance company’s network, with the bill settlement handled directly by the insurer.

1. Reimbursement claim

If you repair your car in a workshop that is not part of the insurer’s network garage, you can later submit the bill to your insurance company to get the reimbursement.

1. Theft claim

If your car is stolen, you can file a theft claim. Once the insurer completes their investigation and receives a non-traceable certificate from the police, they will pay you the insurer-declared value (IDV) of the vehicle.

Step-by-step vehicle insurance claims process

If you want to claim car insurance, you should follow the process below:

• First, inform your insurer about what happened to the vehicle (Theft or own damage) within the stipulated time.
• Then, take pictures of the damage, the accident spot and where it was stolen, as proof during the claim.
• You must file a police FIR about the incident and keep a copy for claim submission.
• You can choose a cashless claim or a reimbursement claim.
• Provide the necessary documents.
• The vehicle will be inspected by the insurer for damages, and later, an estimated amount will be approved.
• In case of total loss or theft, the insurer will compensate you by paying the IDV of the vehicle.

Documents required for vehicle insurance claims

When you file an insurance claim, you have to submit a few documents to the insurer. These usually include a copy of your RC, your valid driving licence, a filled-out claim form, and pictures of your damaged vehicle. If the car is stolen or there is a third-party claim, your insurer will also ask for the FIR copy. For a reimbursement claim, you must also submit the original repair bills and payment receipts. You should give the documents properly for an easy process.

How to track your claim status?

Tracking the claim status is easy nowadays with the insurer’s website or app. Go to the insurance company’s official website or mobile application, click on the claim status option and enter your claim reference number, policy number or registered mobile number. You will be able to view the current status of the claim. In case of any delay, you can directly connect to their customer support team and ask for details.

Tips to ensure faster claim settlements

Follow these tips to speed up the claim settlement process:

• Inform your insurance company immediately after an accident, theft, or natural disaster.
• Submit all the documents correctly without missing any.
• Choose a cashless claim (repair where your insurer tells you).
• Cooperate with the survey and verification team.
• Track your claim online.
• Follow the conditions of the insurer.

Conclusion

Filing a vehicle insurance claim will be quick and easy if you follow all the steps correctly. Understanding the settlement process and TAT can help you know when to expect the compensation. Always have good communication with your insurer and track your claim regularly.

If you are looking for a comprehensive car insurance policy from a reliable insurer, fill out the form on this page, and get expert help in choosing a good plan for your needs.

FAQs

• Should I file an FIR for the claim?

If your car was stolen or a major accident happened, you have to file an FIR for the claim.

• How many days does it take for claim settlement?

The claim process depends on various factors; however, usually an insurance company takes 7-10 working days for the settlement.

• How many times can I claim the insurance?

You can claim the insurance amount any number of times according to IRDAI.

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.