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Things to check after taking the car insurance policy

Car is still considered as a luxury item in the Indian market even after the entry of affordable cars. A lot of research is done before purchasing a car regarding the features, cost, EMI etc. If not the same amount at least a small amount of research is not made while deciding the insurance company for your car insurance. This may lead to a lot of problems at the time of claim settlement by the insurance company. It is the responsibility of the insured customer to verify the car insurance policy copy after the premium payment and any discrepancies in the car insurance policy copy are to be notified to the insurance company immediately and rectified. Here is the list of things to check after taking the car insurance policy from the car insurance company.

  1. Policy start date end date: The most important thing to check in a car insurance policy is the risk start date or the policy start date and the end date. The risk start and end dates are the time period for which your car is covered by the insurance company. The risk start date should be typically after the end date of your previous car insurance policy. Any discrepancies in the risk start and end date should be immediately corrected by informing the car insurance company.
  2. Insured Declared Value: The Insured Declared Value is the value of the car mutually agreed by the insured customer and the car insurance company. The IDV presented in the car insurance quotation should be same as the one in the car insurance policy copy. You should verify the IDV shown at the time of quotation is also present in the policy copy. Remember, any change in IDV alters the premium to be paid by you.
  3. Coverage as promised: Coverage as promised in the quotation should be present in the car insurance policy copy. The add-ons and the other sections which are agreed at the time of quotation should be present in the policy copy. The coverage promised by the insurance company should be reflecting in the policy copy and this has to be verified immediately after receiving the car insurance policy copy.
  4. List of cashless garages: List of cashless garages or tie-up garages in your area of operation should be collected from the insurance company along with the car insurance policy copy. The main intention of taking car insurance is to avail cashless facility at the time of claim instead of spending the repair amount from your pocket. The more the number of cashless garages in your area or city the more it is beneficial at the time of claim.
  5. Toll free claim number: Every insurance company has a toll free number mentioned in the policy copy to report in case of any claims. This number should be compulsorily present in the car insurance policy copy. If the toll free number is not printed in the policy copy it is advisable for the customer to collect the same from the insurance company. The car insurance policy copy should also contain the details of the agent who has sold the car insurance policy copy to you. The contact number of the agent will be printed in the car insurance policy copy to enable you to contact the agent in the event of an accident or theft claim.
  6. Other details: Other details such as Name of the Insured customer, Vehicle number, chassis number, engine number, make and model of the car should be verified after the car insurance policy copy is issued. If the name of the insured or any other details is not matching with the RC copy, then the same should be intimated to the insurance company and endorsement should be passed with immediate effect. These kinds of errors might lead to claim rejection by the insurance company. So it is of utmost importance to check the basic details after receiving the car insurance policy copy.

Car insurance policy copy has all the information relating to the insurance coverage provided by the insurance company and any errors or discrepancies in the policy copy should be rectified immediately so that any future claims are settled hassle free.

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