Your Auto Insurance Claim Can Be Rejected If This Happens

By | 04/12/2018

Your Auto Insurance Claim Can Be Rejected If This Happens

India’s First Free Online/On-call Financial Advisory Portal – MoneyMindz

     You have realized the value of Auto Insurance and have bought one. Some months later, you are involved in a car accident and need to file an insurance claim. Best Financial Adviser Kuber Mindz gives you the scenario in which you go to the Insurance Company to claim the Insurance amount but the person adds insult to injury by rejecting your claim!! Why did they add fuel to fire?

Before giving them the opportunity to rub salt on your wounds by rejecting your claim, it is better to find out the possibilities of your claim getting rejected.

1. Procrastination of claim filing

Procrastination has always been wrong. Even in this regard, one must never procrastinate. The policy holder should notify the insurance company of the accident instantaneously unless he/she is injured or in a state of shock (where a slight delay is fine). Smart Financial Adviser Kuber Mindz says that in the aftermath of the accident, the Insurance Company ought to be informed about the same instantly so that they can get the vehicle towed free of cost or get it picked up to the garage without any risk.

2. First Information Report (FIR) hasn’t been filed

First Information Report (FIR) has to be present for claiming Insurance in case of theft or third party losses. FIR acts as an official description of the accident and is a must. It proves as a witness to the claims team of the insurance company and assists them in discovering the faulty party.

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3. Lacking proof of the incident

Claims get rejected if there is vague information of the incident. There has to be photos of the damaged parts at least. Inaccurate information on anything would result in claim rejection. If investigated information doesn’t match with what the claimant has given or is unclear, claims get rejected.

4. Getting the vehicle repaired without intimating them

When they receive a claim, the claims team investigates the area. The claim assessor inspects the extent of damage caused to the insured car and proceeds to either get the damaged vehicle repaired at one of the company’s garages (cashless claim) or get the damaged vehicle repaired at any garage and send the bill to the insured company (reimbursement claim). This claim would be considered void if you get the vehicle repaired before assessment.

5. No license with you during the accident

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Accidents, major or minor, cause injury and damage to those who are insured as well as third parties. The individuals who drive the involved vehicles (and collided with each other) would be interrogated. So it is important to carry your driving license or may be fined.

For more information visit www.moneymindz.com or give a missed call to 022-62116588.

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