Insuring your vehicle? Here's what to keep in mind for smooth claim settlement

Proper motor insurance can save you from financial trouble in the event of an accident. Not only does insurance cover damages caused to your vehicle, but it also covers damages caused to another vehicle or driver. Therefore, it is crucial to take precautions when purchasing or renewing vehicle insurance.

In India, vehicle accidents are prevalent, making third-party motor insurance mandatory. However, it is recommended to opt for comprehensive coverage instead of just third-party motor insurance as it offers better protection. Comprehensive insurance covers both the insured and the third party in case of an accident or any damage to the vehicle. It also includes personal accident cover, own damage cover, 24-hour road assistant, theft protection, and other facilities. On the other hand, third-party insurance only covers the liabilities of the third party.

To make a successful claim, it is essential to understand your policy and the correct procedure for making a claim. In some cases, insurance companies reject insurance claims. By paying attention to certain things, such as comparing insurance plans before buying, understanding the claim process, not delaying in claiming after an accident, being honest while claiming, and checking the claim settlement ratio of the insurance company, you can avoid claim rejection.

Comparing insurance plans before buying is crucial. Consider the features, benefits, and premium as per your requirements. Understand the process of making an insurance claim properly while buying insurance, as this is the most significant reason for claim rejection. Do not delay in claiming after an accident, as the longer you delay, the higher the risk of rejection. Never make false claims. If you are honest while claiming and work with transparency, then the chances of rejection will be less. Lastly, check the claim settlement ratio of the concerned insurance company before purchasing insurance.

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