May 20, 2024

Parties involved in car insurance claim process | Chola MS

Parties involved in car insurance claim process

Car insurance is a contract between the policyholder and the insurance company, where the latter agrees to pay for financial losses incurred due to car accidents or theft. Car insurance is a must-have for all vehicle owners in India as it protects them financially.

In case of an unfortunate event, the policyholder can file a claim with the insurance company. A claim can be filed by calling the customer care number or by filling out a claim form on the insurance company’s website.
Make sure you have all the necessary information handy, such as the policy number, date and time of the incident, and the details of the damage caused to the vehicle. All these steps involved are what go into the car insurance claim process.

At Chola MS car insurance, you can file claims online and even track them in real-time thus saving you plenty of time.

The claim process involves various parties, who work together to determine the liability and settle the claim.

In this blog, we will discuss the parties involved in the car insurance claim process so that you know what to expect and can get your claim settled smoothly and efficiently.

The policyholder:

The policyholder is the owner of the car who has purchased the insurance policy. The policyholder is responsible for filing the claim and providing all the necessary information to the insurance company. The policyholder is also responsible for providing details about the accident, the extent of damage to the vehicle, and any other relevant information.

The insurance company: 

The insurance company is the party responsible for assessing the claim, determining the liability, and settling the claim. The insurance company will assign an adjuster/surveyor who will be in charge of investigating the claim and negotiating a settlement. The insurance company will also have a claims department that will be responsible for handling the claim.

The adjuster:

The adjuster/surveyor is an employee of the insurance company who is responsible for investigating the claim. The adjuster will assess the extent of the damage, determine the liability, and negotiate a settlement with the policyholder. If the damage is minor, the adjustor may ask you to send photos of the damage instead of conducting a physical inspection. The adjuster will also be responsible for determining the value of the claim, based on the policy terms and conditions.

After the adjuster has assessed the damage, you will need to fill out a claim form and submit it along with the necessary documentation. This includes the policy document, driving license, registration certificate of the vehicle, and a copy of the FIR (First Information Report) in case of an accident.

The repair shop or garage:

The repair shop or garage is the party responsible for repairing the damaged vehicle. The repair shop will provide an estimate of the cost of repairs to the adjuster, who will then negotiate a settlement with the policyholder. The repair shop will also be responsible for carrying out the repairs and ensuring that the vehicle is returned to its pre-accident condition.

You can choose to have the repairs done at a workshop of your choice, or at one of the network garages of the insurance company. Once the repairs have been completed, the insurance company will settle the claim by either paying the repair bill directly to the workshop or by reimbursing the expenses to you.

The third party:

In case of a third-party accident, the third party is the party responsible for causing the accident. The insurance company will assess the claim, determine the liability, and negotiate a settlement with the third party. In some cases, the third party may have its own insurance company, and the two insurance companies will work together to settle the claim.

After the claim has been settled, it’s a good idea to follow up with the insurance company to ensure that the process has been completed smoothly. You can also ask for a final settlement statement to keep as a record.

In conclusion, the car insurance claim process involves several parties who work together to determine the liability and settle the claim. Understanding the role of each party involved in the car insurance claim process is crucial for ensuring a smooth and efficient claims process.

Accidents can be stressful and they can happen at any time, the claim process shouldn’t cause additional stress to the policyholder. At Chola MS, Car insurance is made simple and hassle-free! Stay cool while we settle your claims in no time.

It’s crucial that you don’t overlook or neglect the importance of familiarizing yourself with the car insurance claim procedure before agreeing to a policy. Ensure that you understand what the procedure will entail in the event of an unfortunate occurrence by either asking your advisor or researching it in advance.

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