The claim settlement process is one of the key factors one must consider while buying a car insurance policy. These policies act as a financial backup during emergencies. It ensures you do not have to worry about funds when you need them the most. Therefore, it is important to check if the claims process for receiving the compensation is hassle-free.
The time limit set for the claim settlement process by the IRDAI is within 30 days of raising the claim. Most insurance companies settle the claims within 10 days.
Read on to know everything about the claim settlement process. Know the different ways of raising a claim request and how long an insurance company take to settle the claim. You must also note that the insurance claim process varies from insurer to insurer.
Two ways to process car insurance claims
You can choose to raise your claim in either of the following ways:
Cashless claim settlement process
You can avail of the cashless facility at any of the network garages. You simply need to contact the insurer to raise the claim request. You can then take your vehicle to the nearest network garages or request for towing services to do the repairing services. Thereon, your insurer will take care of the expenses. The insurance company will directly clear the bills with the network garages.
Reimbursement claim settlement process
If you choose to get your vehicle repaired at any of your preferred garages, you can then utilise this facility. You can contact the insurer through their website or toll-free number or SMS to raise a request. Fill out the claim form and submit the necessary documents stated on the policy document. After verifying the facts and documents, the insurance company will reimburse the expenses incurred up to the sum insured. You will receive the amount in your registered bank account.
How many days after the accident can we claim for car insurance?
For cashless claims, you need to contact the insurer within 24 hours of getting admitted to the hospital. For reimbursement claims, you should contact the insurer within 48 to 72 hours of hospitalisation.
Who gets the insurance check when a car is totaled?
If opted for a reimbursement claim, the insurance company will transfer the amount to your registered bank account. In case of a cashless claim, the insurer will directly clear the bills with the network garage.
How long does it take for the insurance company to pay out the total loss amount?
Usually, the insurance companies take around 7 to 10 days to complete the claim process. This time is also only possible if you have submitted all the required documents. It may take longer if there are any issues in the claim process or document requirements. In that case, the insurance company will contact you for resolution and settle the claim at the earliest.
