When To Avoid Raising Car Insurance Claims

Understanding the benefits and drawbacks of making a car insurance claim process is essential. Before submitting your claim, keep the following points in mind.

  1. Deductibles

Deductibles are the sum of the claim you are responsible for paying out of pocket. Most car insurance plans have deductibles and fall under the  compulsory and voluntary categories. You are required to pay a portion of the claim total in both situations. Find out how much of the claim amount you might have to pay before submitting it, and then determine whether it is advantageous to proceed. *

For instance, if your combined voluntary and mandatory deductibles equal Rs. 10,000. Additionally, you must pay this sum if you file a claim for Rs. 9,000. The insurer will not contribute to this claim because the entire amount of Rs. 9,000 falls under deductibles. 

Claims are subject to terms and conditions set forth under motor insurance policy. 

  1. No Claim Bonus

You receive a concession for not making any claims during the policy period if you have a no-claim bonus. Thus, you will forfeit the accumulated bonus if you submit a claim. As mentioned, you forfeit your car insurance renewal concession if you file a claim. So, refrain from filing claims for minor damage and only do so when repair costs are high. * ##

For instance, the cost to repair your car’s broken mirror is Rs. 2,000. Refraining from filing a claim for such minor damages is ideal because doing so will reduce your car insurance NCB. However, consider filing a claim if your car needs significant repairs that cost a large amount such as Rs. . 40,000. *

Claims are subject to terms and conditions set forth under motor insurance policy. 

When Not To Make A Claim On Your Car Insurance

Here are some circumstances with better courses of action than filing a car insurance claim.

  1. In The Event Of Minor Damage

Minor damage, such as scratches, dents, broken mirrors, etc., is frequently possible, particularly in urban areas and locations with higher traffic densities. These minor blemishes can be quickly fixed without costing a lot of money. 

  1. In The Case Of Higher Deductibles

Deductibles are sums you must pay out of pocket when filing claims. According to the policy terms, the insurer covers the remaining repair costs. Car insurance deductibles come in two types: mandatory and optional. 

  1. Consensual Agreement

If a car or other vehicle hits your parked four-wheeler and the owner is willing to cover the damages, you can consider that and decide not to file a claim. 

  1. Your NCB Total Is Higher

If you don’t make any claims against your comprehensive car insurance policy for multiple years, you can receive policy renewal concessions (on your own damage component). Additionally, filing a claim may result in higher (for you) renewal premiums for your car insurance. *##

Claims are subject to terms and conditions set forth under motor insurance policy. 

* Standard T&C Apply

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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