Know About Small Repair Claim Add-on in Car Insurance
Your car is at risk the moment you push it out of the showroom. Although you may be a careful and seasoned driver, what about the other drivers on the road? Accidents may occur because of your actions, the actions of others, or uncontrollable circumstances. Such confusion highlights the value of a car insurance policy. Also included is a Comprehensive policy of ‘Own Harm' coverage. There are also add-on covers available for additional coverage.
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Rather than filing claims, most car owners repair minor damages themselves. There may be a variety of explanations for this, such as accumulating No Claim Bonus. Small Repair Claim Add-on makes it possible for you to file a claim, even for minor damages, in a cost-effective manner without jeopardising your No Claim Bonus.
Know About Small Repair Claim Add-on in Car Insurance
A comprehensive car insurance policy comes with a slew of features and advantages. The choice to purchase an Add-on is one of its features. Depending on the Add-ons you choose, you will get improved coverage or better support. Common Add-ons include Zero Depreciation, Invoice Security, and Roadside help. Aside from these well-known Add-ons, some insurers often sell Small Repair Claim Coverage.
It's worth noting that this mostly applies to Painting, Balancing, Wheel Alignment, Polishing, Minor Denting (for non-cutting and non-welding work only), Opening-Fitting, Paid service labour (as per the OEM’s recommendation), Brake overhaul, Clutch overhaul, Interior cleaning, etc network garage repair facilities (garages that have a tie-up with the insurance company).
Advantages of Purchasing a Small Repair Claims Add-On for Car Insurance
The following are the main advantages of purchasing the Small Repair Claims Add-on.
- It is easy to buy along with online car insurance.
- And if you file a claim against this Add-on, you will be eligible for a No Claim Bonus.
- For specific repairs, labour charges and battery replacement costs will be reimbursed according to the Amount Insured cap.
Things to Remember When Filing a Claim
It is not mandatory to file a claim for vehicle damage under your Comprehensive car insurance policy. You may repair the losses yourself and still have an advantage in certain cases. If you have a Small Repair Liability Add-on, it might be in your best interests to file a claim even if the damages are minor.
You may also like to read:- Documents Required For Car Insurance Claim Process
Before you file a car insurance claim, read on to learn some vital facts.
- Validity: Before filing a claim, make sure the policy is still valid. If the event for which you are filing a claim happened when the policy was expired, the claim would be denied by the car insurance provider.
- Cover: Read the cover carefully to see if the policy has insurance coverage for the occurrence.
- Paperwork: While filing a claim, keep documentation such as your insurance policy, First Information Report (if required), a copy of your driver's licence, a copy of your registration certificate, and so on, handy.
- Deadline: You must file a claim as quickly as possible. Rising a claim one month after the damage-causing event, for example, would be ineffective.
- Exclusions: Driving without a valid driver's licence or when under the influence of intoxicating drugs are two examples of regulation exclusions. For example, if it is discovered that the driver was under the influence of alcohol at the time of the accident for which the claim was filed, the claim would be denied.
- Deductible & Depreciation: If the vehicle is damaged to the tune of Rs. 5000, you would not be compensated in full. The Compulsory Deductible (the sum charged by the policyholder) and the relevant depreciation rates will be used to measure the claim amount. As a result, think about these numbers before filing a claim.
- No Claim Bonus: Examine the trade-off between the value of the receivable claim and the applicable NCB discount. For example, if you obtain a 20% discount on renewal by not filing a claim, but the claim amount is less than the discount amount, filing a claim would result in you losing money. Before filing a lawsuit, remember to consider the NCB Protect and SCR Add-ons.
Also Read
What is a Car Insurance Claim Process? A Detailed Guide!
Conclusion
The fact that filing a claim for this Add-on has no bearing on the estimation of the No Claim Bonus is a huge plus. And if you file a Small Repair Claim, you will still get the No Claim Bonus discount. To have this cover in your four-Comprehensive wheeler's insurance policy, pay a higher premium, as in any other Add-ons. Before purchasing any Add-ons, carefully read the terms and conditions. Before buying the policy, clear questions with the insurance company's customer service or sales representatives. To avoid an uncomfortable lawsuit settlement experience, familiarise yourself with the inclusions and exclusions.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
