According to India’s Road Accident Report, 449,002 road accidents occurred in 2019. The statistics help you understand the need for a car insurance policy in India. While only third-party insurance is mandatory, a comprehensive plan will help you deal with cases where your car gets damaged beyond repair.
What Does Damaged Beyond Repair Mean?
An accident may cause extensive damage to your vehicle. Your car insurance company may deem that your four-wheeler is beyond repair. There are three situations in which this may occur:
Constructive Total Loss
Repairing your vehicle after an accident may cost a lot. Car insurance companies consider it a total loss if the repairs cost over 75% of your Insured Declared Value (IDV). Assume you have a car insurance policy where the sum assured or IDV is INR 6,00,000. After a terrible accident, the cost of repairs totals INR 4,75,000. Since the amount is more than 75% of INR 6,00,000, your insurance company will provide you with the total IDV amount minus the compulsory deductible.
Total Loss from Theft
Your car insurance cover also provides financial protection if somebody steals your car. In cases where the authorities cannot track your vehicle or find it, you can file a claim against your insurance policy. You need to provide copies of the First Information Report (FIR) and a letter from the authorities stating they cannot track the vehicle. Your insurance company will then settle a claim for complete total loss due to theft.
Total Loss After an Accident
It may be a horrifying thought to entertain, but some accidents leave your vehicle beyond the state of repair. If there’s no way to repair the car or the cost of repairs is higher than the IDV, it’s considered a complete total loss by accident. Your insurance company will provide the entire IDV minus the compulsory deductible.
Filing a Claim Against Your Car Policy
When filing a claim for damages beyond repair, you need to be thorough with your paperwork. Let’s look at the steps involved when you file a claim against your car policy online or offline:
Step 1: Get to Safety
After a major accident, your priority should be getting yourself and other passengers to safety. In cases where you need to leave the vehicle due to smoke or a fire hazard, do so carefully. Assist others, if possible.
Step 2: Inform the Authorities
Once you are safe, you can call the authorities. Notify the police and your insurance company. Your insurance company may ask you to record evidence of the damaged vehicle by taking pictures or a video of the accident site. You can inform Edelweiss General Insurance about a claim on our toll-free number 1800 12000.
Step 3: File a Claim Against Your Car Insurance Policy
You can file a claim against your car insurance online or offline. Along with the claim form, you need to share:
- A copy of the FIR
- Pictures or videos of the accident site as requested by the insurance company
- A copy of the driver’s license
- The insurance policy number
- Engine details and the number
- Chassis number
Make sure you file the claim as soon as possible.
Step 4: Follow Up with the Insurance Company
Once you file your claim, follow up with the company to check the status. If you need to furnish additional documents, do so at the earliest. The quicker you get the paperwork in order, the faster your claim will get settled.
To ensure your claim gets accepted, you must complete your car policy renewal on time. Today, you can complete the car insurance policy renewal online in just a few moments. You can visit your insurance company’s website and fill in your car details to renew the insurance plan. If you miss renewing your policy, you could end up with car insurance without the no claim bonus. Losing your NCB could impact your premiums in the long run. It could also affect your ability to have your claim accepted. You can visit the Edelweiss General Insurance website to buy a comprehensive policy or renew your existing plan.