Types of Vehicle Insurance & Their Claim Processes

People are more comfortable driving their personal vehicles rather than commuting in public transport. However, the number of accidents taking place on Indian roads are increasing with each passing day, making it imperative for us to take some strict measures. The best solution to safeguard yourself from such unforeseen events is to purchase a vehicle insurance policy.

Vehicle, or motor, insurance is broadly categorized in three types, namely: two-wheeler policy, commercial vehicle policy, and private car insurance policy.

Two-wheeler policy is purchased by people who use motorcycles, mopeds, scooters, etc.

A commercial vehicle insurancepolicy is bought to safeguard the vehicles carrying/ferrying goods and/orpeople, etc.

Private car policy is for people who own a car for personal purposes.

The process of raising claims

One purchases a motor insurancepolicy so that they can raise claims during accidents. It is the insurer who compensates for the repair costs of the damaged vehicle. But for that to happen, you will first need to file a claim and follow a certain procedure. Let us take a detailed look at this.

In the case of third-party claim:

1. Go to the police station and file an FIR (if required) regarding the incident
2. Notify your insurerof the same
3. Submit the claim form which has your signature and attach copies of the registration certificate (RC), driving license (DL), and FIR (if required)
4. Your insurance provider could ask for certain other documents, submit them as well

Own-damage claim:

1. You need to contact the insurerand file the claim
2. Provide them with a duly-filled claim form that has your signature and attach copies of your DL andRC, and the FIR, if requested
3. Get your vehicle inspected by the insurer before starting with repairs
4. Take your vehicle to a network garage and get it repaired
5. If you’re going for a cashless claim, you don’t have to pay anything from your pocket. If not, you can make the payment from your pocket and request the motor insurance company for reimbursement. You will have to provide them with the original repair bills in order to avail the compensation.

Theft claim:

1. The policeand yourinsurer must be notified about the theft
2. You will have to file an FIR with the police, submit a letter to the RTO and receive a transfer certificate from them, and complete any other documentation formalities as requested by the insurer
3. Your insurance provider will ask you to submit these documents along with the claim form; make sure you do so
4. Allow the insurance company’s representative to inspect your claim
5. Once they approve your claim, provide them with the remaining documents as well, including the ‘non-traceable’ report from the police that attests that your stolen vehicle could not be recovered.

When you file a claim, keep the following things in mind:

1. If the accident has caused death/injury to a third-party or damaged their property, filing an FIR is necessary
2. You must file a claim at theearliest
3. Sign the duly-filled claim form and submit it to your insurer. Along with that, do provide them with your driving license, original vehicle registration certificate, as well as photocopies of the same
4. If any more documents are required, your insurer will ask you for the same; ensure that you submit them without fail

Exclusions of a motor insurance policy

Here are a few things that your motor insurance policy won’t cover for you:

• Electrical as well as mechanical breakdown
• If someone who does not have a valid driving license takes responsibility of your steering wheel
• Minor damages caused to the vehicle
• Claims arising as a result of contractual liability

Driving a car without a car insurancepolicy is illegal as per the Motor Vehicles Act, 1988. To stay financially secured as well as on the right side of the law, purchase an insurance policy for your vehicle online by visiting the insurance company’s website. Safe driving!