Insurance

What is required to file a commercial vehicle insurance claim?

Commercial vehicles cannot be used to transport people or commodities across India. However, car accidents and theft are frequent and expensive for the owners of the vehicles. Business owners therefore require commercial auto insurance. Commercial vehicle insurance claim will pay the costs as a result of an accident, theft, or third-party legal actions. But what proof is required in India to submit an insurance claim for a business vehicle? Let's explore the query and determine the answer.

Documents Needed In India To File A Commercial Vehicle Insurance Claim

If you lack the necessary papers, filing an insurance claim for a business car in India may be difficult. To submit a claim for business vehicle insurance, the following documentation is needed:

Insurance Policy Copy/Certificate

The first and most important piece of evidence you need to submit a claim is a copy of your commercial auto insurance policy. The paperwork describing your insurance includes information about your insurance premium, policy length, and coverage maximum. You must have a clear copy of your insurance policy on hand before making a claim.

Vehicle Registration Document

The vehicle's registration certificate (RC) is necessary for a commercial vehicle insurance claim in India. The VIN, engine, and chassis numbers of the car are listed along with the owner's name and address in the RC. You must deliver a legible copy of the RC to the insurance provider when filing a claim.

Evidence of Driver's Licence Eligibility

A copy of the driving license of the employee who was driving the company car at the time of the event must be included with the insurance claim. Your driver's license contains information about you, including your name, home address, birthday, and the kinds of vehicles you are allowed to drive. Additionally needed is a copy of any additional passengers' driver's license.

FIR Copy

If a commercial vehicle is involved in an accident, the police must get a First Information Report (FIR). The FIR is a legally enforceable document that contains details about the incident's date, time, location, people involved, and degree of damage. With your submission of a commercial vehicle insurance claim, include a copy of the FIR.

Information about an Event

A surveyor or assessor from the insurance company compiles an accident report after examining the wreckage. The report includes information on the extent of the damage, the anticipated cost of repairs, and the cause of the accident. Include a copy of the accident report when making a claim with your insurer.

Expenses Linked to Repairs

The repair invoices must be given to the insurance company along with the claim following an accident or damage to your commercial vehicle. The cost of labour, related taxes, and replacement part costs must all be included on the bills. You never know when you might need to look back to the original bills, so keep them safe.

Compensation Demand from a Third Party

A commercial vehicle collision may necessitate third-party liability claims. A legal document detailing the incident, the third party's contact details, and the nature of the damage is known as a third-party liability claim form. Your insurance company must receive a Third Party Liability Claim Form in addition to the other necessary documentation.

Records of a No-Claim Bonus

If you didn't submit any claims for commercial vehicle insurance during the previous policy year, you might be qualified for a no-claim bonus (NCB), which lowers your rate. To get the NCB, you must present proof of your eligibility for the NCB under your previous insurance policy.

Supplemental Files

In addition to the data we've already mentioned, we might ask for additional information based on the particulars of your claim. For instance, you must produce a record of the incident and police reports if your company vehicle was stolen.

How do I submit a commercial vehicle insurance claim?

Now that you are aware of the documentation needed to submit a claim on your commercial auto insurance, let's look at the procedure for filing a claim.

Inform Your Insurance Company

It's crucial to notify your insurance provider right away after an incident like a car crash or theft. You can do this by calling the company's customer service line or going to a nearby branch. As soon as you can, report the incident to your insurer by the following business day.

Make Your Claim Known

You must finish a claim form following the relevant information being provided to the insurance provider. Make sure to fully fill out the form and provide accurate information. The insurance provider will then process your claim and provide you a claim number.

Wait for Inspection Patiently

Once you submit a claim, the insurance company will send a surveyor to assess the business vehicle's damage. The surveyor's responsibility is to estimate the cost of repairs and the extent of the damage. Make sure all pertinent documents and invoices are available to the surveyor.

Repair your work truck.

Your company car can be taken to any repair facility after a surveyor inspects it, not simply those in the network. When you take your automobile to a network garage for repairs, the insurance company will pay the mechanic directly. Use a store that is not a part of the accepted network of your insurance company. Prior to filing a claim with your commercial vehicle insurance, you will be liable for covering the charges out of pocket.

Payment of the Deductible Amount

You are required to pay the deductible fee if you submit a claim. The amount of the claim that you must pay out of pocket before the insurance company starts to pay the remaining total is known as the deductible. Verify that you have enough money to pay the deductible amount.

Upload all required documents.

You must give the insurance company all required papers as soon as your commercial vehicle is fixed. Make sure to submit the necessary paperwork by the deadline.

Get the claim's dollar amount.

The insurance provider will pay the claim sum following verification that all supporting documentation is in order. You can choose to receive a cheque or have the claim money put into your bank account.

Conclusion

If you are unprepared, filing a commercial automobile insurance claim might be difficult. Planning ahead and organizing your documentation are crucial because of this. After an occurrence, get in touch with your insurance company very away and complete all the necessary steps to submit a claim.

A web-based service called Shiphighway makes it simple to reserve trucks for distribution and transportation. They are familiar with all laws and rules pertaining to commercial vehicles. If you have any inquiries about the India commercial car insurance claim procedure, get in touch with Shiphighway right away.

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