Car insurance is a necessity for every driver as it provides a shield against any financial losses arising out of an accident. Out of all the car insurance types, zero depreciation car insurance or zero debt insurance is quite popular for its all-encompassing approach. In this blog post we at Chola MS Car Insurance explain the finer details of zero depreciation car insurance, to enable you to get the most out of it.
What is Zero Depreciation Car Insurance
Zero depreciation car insurance also known as zero debt insurance is a type of car insurance policy that provides the policyholder with the entire claim amount without the factor of depreciation. In normal car insurance policies, the claim amount is cut down according to the depreciation of auto spare parts, which means you are paid less than the cost of the new parts. Hence, when taking zero depreciation car insurance, this factor of depreciation is negated, and you are fully compensated for your car’s damages.
Learning How to Claim Car Insurance for Own Damage
The following are the detailed steps that are followed in this process:
- Inform the Insurance Company: In case of an accident or any form of damage, give your insurance company a word as soon as possible. Many insurance companies have a helpline number or a mobile application to register claims instantly.
- File an FIR: If the loss is a result of theft, vandalism, or a major accident then it is advisable to report the matter to the police and fill out a First Information Report (FIR). This document is critical in the claim process.
- Survey and Assessment: The insurance company will come and take a look at the damage through a surveyor. Make sure that the vehicle is not driven before the surveyor’s examination unless it constitutes a threat to the general public.
- Submit Required Documents: Submit all documents to the insurance company that may be asked by the insurance company such as the claim form, FIR (if any), and any other relevant papers.
- Repair the Vehicle: When you have finished the survey and the insurance company has agreed to the survey, then you can begin to repair the car. If you want to avail cashless claim facility then go for a network garage.
- Claim Settlement: Once the repairs have been made, one should forward the bills and payment receipts to the insurance company. In case you choose not to pay cash then the insurer will pay the garage the amount on your behalf. For reimbursement claims, the amount will be deposited to the account of the client.
Documents Required to Claim Car Insurance for Own Damage
- Claim Form
- Copy of the Insurance Policy
- Vehicle Registration Certificate (RC)
- Driving License
- FIR
- Repair Bills and Payment Receipts
- Surveyor’s Report
Points to Remember While Raising Own Damage Car Insurance Clai
- Immediate Reporting: Inform your insurer as soon as the damage occurs to avoid claim rejection.
- Accurate Information: Provide precise details about the incident and damage.
- Original Documents: Ensure all submitted documents are original and authentic.
- Network Garages: Utilise network garages for cashless claims and hassle-free settlement.
- Policy Terms: Familiarise yourself with your policy’s terms and conditions to avoid misunderstandings during the claim process.
One major advantage of having zero depreciation car insurance is that depreciation deductions are not made and you get to be fully compensated for any loss. Familiarising yourself with the claim process and documents that are expected can make the process easier and get the most out of the compensation. Therefore, by understanding the steps and recalling the key points, one can make his or her own damaged car insurance claims and fully appreciate the benefits of zero debt insurance.
Hope this blog has explained zero depreciation car insurance. If this suits you, go ahead and secure the benefits of zero depreciation car insurance and drive with confidence knowing that you are fully covered in the event of an accident.
