OUR SERVICES

Claim Handling

People who own a vacuole must have faced situations where their vehicles were damaged due to one reason or another. Owners who are familiar with the claim filing procedure know what and how to do. However, those new to such procedures need to know and follow certain steps to file a claim with your car insurance company to get reimbursement. You also need to understand the intricacies of claim handling.

We at Sundar Tyres have a team of experienced professionals who understand the details of car insurance policies and how to handle such claims. You only have to visit our nearby branch in the case of such an event and the rest will be taken care of. Here is some information about the car insurances that will help you better understand your policy and the claim handling the procedure.

Apart from the paperwork and the information, you need to be aware of certain terms that can enhance your understanding of the policy document.

  • Insured Declared Value (IDV): This is one of the most commonly used insurance terms. IDV is the current market value of your vehicle. It refers to the highest sum payable by the insurer for a vehicle insurance policy. This is the maximum amount you can claim in the event of a total loss of your vehicle. This is also applicable for your vehicle being stolen or damaged beyond repair as well.
  • Own Damage Premium (ODP): This is the premium you pay to avail an insurance cover equal to the IDV. This is a major part of your total car insurance premium. ODP insures your vehicle against the losses caused by events beyond your control. This includes acts of God such as natural disasters and man-made calamities like fire and explosions.
  • Zero Depreciation Cover: Standard insurance policies deduct depreciation on replaced parts when you claim the insurance. However, zero depreciation cover does not allow insurance companies to deduct depreciation on replaced parts. This results in a higher claim amount. In addition, this is generally only applicable for the first few motor insurance claims.
  • No Claim Bonus (NCB): This is another commonly used motor insurance terms. NCB is the discount you are eligible for when you have not made a claim in the previous year. This considerably lowers the insurance premium at the time of renewal.
  • Third Party Cover: This is another popular insurance claim term. It protects the vehicle owner against any financial liability as a result of death, physical injury or damage to the property of a third party. The beneficiary in this type of cover is the victim of the accident of damage. The victim can file a third party cover claim against the owner of the vehicle and the insurance company will pay on their behalf.
Claim-Handling