- How to determine a claim as Total Loss or not ?
- Constructive Total Loss – CTL
A vehicle claim is considered as total loss, if cost of repair is higher than 75% from actual cost at the time of incident.
- Actual Total Loss – ATL
A vehicle stolen and can’t be found for 60 days.
- How to calculate the value of compensation for a vehicle as a result of total loss ?
Value of compensation can be calculated by actual price of the vehicle model and year of manufacture which is equal to maximum value of coverage for the vehicle on valid motor vehicle insurance policy.
- What is Actual Price of the Vehicle?
Actual price of vehicle is the market value of the vehicle with same brand, type, modeland year at the time of incident
- Incase of accident, when should I report to insurance?
You should report as soon as possible, either directly or over phone during working days 5X 24 hour within maximum 5 days., failing which the rights of claims stand cancelled
- How to handle a third party claim?
Report as soon as possible the incident to the Insurance Company via your Insurance Broker,. If possible report the incident to nearst police station and get contact details of the concerened parties for further matters.
- What is Partial Loss Claim?
Partial Loss Claim is a claim with repair cost less than 75% of the actual price of the vehicle at the time of incident.
- What is Own Risk?
Own Risk is a certain amount that should be borne by the insured for every incident.
- What is “under price insured”?
It is at the time of the loss or damage as per the policy, the total sum insured is less than the actual value of the vehicle during such period
- Can be a claim submission represented by other person?
Yes, it can be, on Providing any of the following documents :
- Original photo ID of the Insured with the name written in valid policy, or
- Authorisation letter from the insured with photo id of the representative
- Can I change a repair shop, if my first choice of repair shop is already full or in a queue?
Yes, possible by informing the Insurance Company
- Can we use repair shop that non-partner with a certain Insurance Company ?
We recommend using Authorized Service Centres , still if Insured insist non partner can also be used, in such a case the claims will be reimbursed
12.Is there a guarantee for repair at authorized work shop? If so what is the period?
Yes, authorized workshop will give a guarantee of 6 months