Did you know that you could settle your Car Insurance claims or renew the same in less than an hour? Well, you can!
Good news for Car Insurance owners across the country!
Gone are the days when making a Car Insurance claim required a great deal of patience. You no longer have to wait for ages to receive your reimbursement after applying for it, or wait for the claim manager to assess the damage to your car and prepare his report, or wait an eternity for the cheque to arrive.
With the increase in car accidents these days like the fire outbreak incident that happened at the Aero India 2019 held in Bengaluru, Karnataka, it has become even more important to know about the Car Insurance claim-settlement process.
Now you can settle your car accident claims in less than an hour with video proof. Thank God for automation and technology! Consider this a new add-on to your Car Insurance policy. And don’t worry, the process is approved by the Insurance Regulatory and Development Authority of India (IRDAI) too.
Don’t believe us? Here’s the story of Karen Lama, a resident of Bengaluru. Two weeks ago while Karen was on her way to her parents’ house, a biker bumped into her car’s rear bumper somewhere on Mysore Road. She decided to get it fixed as soon as possible and drove to the nearest garage.
At the garage, Karen decided to file her insurance claim on her smartphone. So, she took a video of the damage, filled in her details and submitted her claim. To her surprise, her claim was processed quickly and the claim amount was credited to her account within an hour while she was still at the garage getting her car fixed.
Additional Reading: 7 Amazing Tips For A Better Car Insurance Claim-Settlement Process
With the claim process made super easy for customers, thanks to the video-proof method, there has been a significant increase in the number of claims (according to a few insurance aggregators). IRDAI has permitted policyholders to do self-assessment for accident damages up to Rs. 50,000. However, this is solely at the discretion of the insurance company. For instance, ICICI Lombard Insurance allows policyholders to use the video facility for damages up to Rs. 50,000 while Bajaj Allianz Insurance allows it only for damages up to Rs. 20,000.
A few key insurance players are going a step forward and integrating this feature into their mobile apps to make it even more convenient for policyholders.
The self-inspection video method is being used for policy renewals as well and this has led to an increase in the number of renewals as compared to before. The policy renewal process wasn’t an easy one. Earlier policyholders had to wait for the insurer to physically inspect the vehicle and documents, which would ideally take anywhere between two to five working days.
This was a hassle especially for rural and semi-urban residents since getting hold of an agent was a time-consuming task. But self-inspection via videos has made policy renewals and claim settlements faster and convenient. And customers are totally loving this new insurance add-on. Let’s learn more about how to go about making claims via self-shot videos, shall we?
Additional Reading: How Does Car Insurance Work In India?
How To Make A Claim Via Video
It’s pretty simple. All you need is a smartphone (which we’re sure most people own these days!) with a 4 megapixel or higher camera (The higher, the better!). Before filing your claim, here are a few points to keep in mind:
- The video needs to be shot during the day. In case the accident happens at night, you’ll have to wait until the next day to shoot the video for the claim.
- The claim processing time for insurers who have fully automated apps that support this facility is within an hour.
- For insurers with semi-automated apps, the claim processing time will be a little longer- around one to three hours.
- The video clip should provide a 360-degree view of your vehicle.
- The video clip should have your policy details as well as your RC book copy.
Once you upload the video and submit other details (whatever is required by your insurer), your insurer will send you a quote. You can choose to either accept the quote or reject it. If it’s the former, you’ll get an immediate settlement. In case of the latter, your insurer will get in touch with you for further details.
Have you ever settled your accident claim using the video-proof method? How was the experience? Let us know in the comments section below. And if you haven’t yet insured your car or need to renew your policy, then you better do it as soon as possible.