Skip to main content

How to avoid rejection of your motor cover claims?

 

Any loss due to wear and tear is not part of the auto policy ANY modifications in the vehicle, which also increases risk, must be brought to notice of the insurer

SIMPLY buying a car insurance policy may not necessarily ensure claim settlement in case of need. A large number of claims are rejected by insurance companies due to common but avoidable mistakes on the part of the customer.

Don't forget to renew your policy on time. Despite being a customer of the insurance company for many years, even if you miss renewal by a single day, and unfortunately, a claim arises on that day, the company will reject your claim. Unlike life insurance policies, there is no grace period for motor insurance.


These insurance contracts are only for a 12-month period. Apart from claims, you may also lose out on a `no claim' bonus if the vehicle is not insured within 90 days of expiry of the policy.

Motor insurance cover risks against accidental damages to the vehicle. Any loss due to wear and tear is not part of the insurance policy. Wear and tear of parts, including tyres and tubes, are not covered. Any claims for such damages will be rejected.

In case you make any alterations in your vehicle, such as fitting of CNG/LPG kit, inform your insurer, failure to do so may lead to claim rejection in the future.

Any modifications done in the vehicle, which also increases risk, must be brought to the notice of the insurance company, or else, the company has a right to reject the claim.

The company can also reject your claim if you are found driving under the influence of alcohol at the time of the accident.

Another common mistake most people make while making a claim after the accident is delay in reporting it to the insurance company. All claims must be made within 10 days of accident. "Ideally, all complaints must be reported within seven days," said an official of a public sector insurer.

If you read the policy documents carefully, you will find that there are some restrictions on auto insurance coverage. The vehicle must be driven for personal use only. If you are found using your vehicle as a cab, using your private car as a goods carriage or for racing and speed testing, your claim will be rejected. A proper driving licence holder must drive the vehicle at all times or risk coverage may lapse. In case, you intend to use your car as a cab, inform your insurer.


The insurance cost for a commercial vehicle is different from that of private vehicles.

In case you are buying a second-hand car, make sure that the insurance policy document has been transferred in your name.


At the time of making a claim, name on insurance document and the registration certification (RC) must match or your insurance company can deny your claim.

In case you feel you have not been treated fairly by the insurance company, you can approach the insurance company and file a complaint. If your insurance company fails to address your problem, you can also approach the insurance ombudsman. Recently, the Insurance Regulatory and Development Authority (Irda) launched an online integrated grievance redressal mechanism for policyholders, where they can make complaints online.

 

Popular posts from this blog

Post Office Deposits Interest Rates

Best SIP Funds to Invest Online   SIPs are Best Investments when Stock Market is high volatile. Invest in Best Mutual Fund SIPs and get good returns over a period of time. Know Top SIP Funds to Invest Save Tax Get Rich For further information on Top SIP Mutual Funds contact  Save Tax Get Rich on 94 8300 8300 OR You can write to us at Invest [at] SaveTaxGetRich [dot] Com

HDFC Capital Protection Oriented Fund – Series II 36M May 2014 NFO

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300     HDFC Capital Protection Oriented Fund – Series II 36M May 2014 NFO will be open for subscription from 16th May 2014 to 30th May 2014. The key features of the scheme are as mentioned below:   Type of Scheme A Close Ended Capital Protection Oriented Income Scheme Benchmark Crisil MIP Blended Index Fund Manager Mr. Anil Bamboli , Mr. Vinay R Kulkarni & Mr. Rakesh Vyas New Fund Offer (NFO) Period 16 th May 2014 to 30 th May 2014. Minimum Application Amount Rs. 5000 and in multiples of Rs.10 thereafter Plans/ Options Offered Growth and Dividend Payout Facility Liquidity To be listed For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

How to PPF Account extension after maturity

A PPF account can be retained after maturity without making any further deposits. The balance will continue to earn interest till it is closed. Public provident fund or PPF remains one of the most popular savings options for the long term despite a gradual decline in interest rates over the years. PPF accounts have a maturity period of 15 years and they can be extended. If there is no fund requirement, financial planners say, PPF account holders should extend the account beyond 15 years. In terms of income tax implications, PPF accounts enjoy the benefit of EEE (exempt-exempt-exempt) status . Under Section 80C, contribution up to Rs 1.5 lakh in a financial year qualifies for income tax deduction. The interest earned and maturity proceeds are also tax free. What are your options when a PPF account matures? 1) A PPF account can be closed after the expiry of 15 financial years from the end of the year in which the account was opened. 2) The subscriber can retain his

SUNDARAM SELECT MIDCAP

Best SIP Funds Online   SUNDARAM SELECT MIDCAP is a mid-cap focused fund has shown remarkable consistency in outperforming both its benchmark index and the category over many years. It takes a sharper tilt towards mid-caps compared to its peers. While the fund manager used to take large positions in his conviction picks, he has moderated exposure to his top bets over the past year. He has also chosen to stay away from capital guzzling businesses instead favouring those with efficient capital allocation practices. SUNDARAM SELECT MIDCAP fund boasts of a superior risk-reward profile compared to many of its peers, and while it has underper formed slightly over the past one year, its proven track record in the hands of a capable fund manager provides comfort. It remains a worthy pick in the midcap basket. SIPs are when Stock Market is high volatile. Invest in Best Mutual Fund SIPs and get good returns over a period of time. Know Top SIP Funds to Invest Save Tax Get Rich For further inform

HDFC Prudence Fund - Invest Online

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300   HDFC Prudence Fund Balanced funds are excellent investment options for investors with moderate risk tolerance, since they give very good risk adjusted returns. It is very surprising why balanced funds are not nearly as popular as diversified equity funds, despite being around in India for nearly two decades. Balanced funds are essentially hybrid funds with both debt and equity in its portfolio mix, to balance the portfolio risk. These portfolios typically hold up to 70% of its portfolio assets in equities and the balance in fixed income. On a risk adjusted basis, balanced funds have delivered excellent returns compared to other equity fund categories, e.g. large cap or diversified equity mutual funds. The chart below shows a comparison of category returns between large
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now