Buying a vehicle car insurance policy is legally important for every person, though people buy insurance but face thousand of problems while making a claim. So while buying a car insurance policy, you should go through the claim process of some of the selected insurers. Only after that you should choose the company. Failure to do so may cause major problems for you.
For example, if you buy a car insurance policy regardless of the insurer’s claim process, it is not necessary that your car gets full support after a serious road accident. At the same time, your claim is also rejected by the company at times. For now, we are going to tell you, how you can avoid Insurance Claim Rejection.
Do not claim if the repair cost is less than the claim bonus
If you have not made an insurance claim last year, then you can get a discount of about 20% on the next year’s rate. It is also called ‘No Claim Bonus’ or NCB. Let us tell you, every automobile insurance premium is divided into two parts: damage premium and third party premium. NCB deduction is available on damage premium, which exceeds 80% of the total auto insurance premium. Let us give you an example to help you understand the matter better.
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Suppose Mr. X owns a car, and has to pay a total premium of about 10,000. Out of this, the damage premium is around 8000. Now, the NCB will be 20% of the damage right after the car goes into the second year of insurance cover and will be around 1600. You need to compare this amount. Whereas if the repair cost is more than 1600, Mr.X should claim that insurance and if it doesn’t go up, he should not claim for it. Paying for vehicle repairs will keep the premium cost down. And it will help you save money for the future.
Third party if ready to cover repair cost
Let’s say your vehicle is in the sixth year of insurance coverage, and you are expecting significant NCB benefits, and in the meantime your vehicle gets involved in an accident. In this, you have to pay the entire repair cost yourself, make an insurance claim or submit the claim with a third party company. That is, if the collision happened due to the negligence of another driver, then you can opt for the third party option. It is important to note, however, that the process of claiming third-party insurance can take time.
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