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Calculation and Claim Procedure of Auto Insurance

Nowadays there are so many insurance companies which are providing value added services to its client by offering them instant auto quotes for their Auto Insurance. Auto premium is decided by many factors like the manufacturing year of you automobile,

Current show room price, place of registration, make of the automobile, and the model of the vehicle. It is also considered whether the client is individual or corporate etc. As the price of the vehicle will be increase, the amount of the premium will also increase. Insurance companies renew these policies every year before its expiry date.

 There is a procedure for the claim. The auto insurance claims can be in the accidental condition, theft or third party. Some formalities or conditions are also necessary for the claim. They are like that;

1. File an FIR with the nearest police station.

2. Insured should write the number of the other vehicle in case of an accident or third party claim.

3. An individual might have to pay the repair charges himself and later get it reimbursed.

4. Insured should contact the insurance company and get a claim number.

5. Names of the witness should also be written down.

6. Based on the report of the surveyor, insurance company try to send the amount to the insured within one to three weeks.

7. A surveyor is appointed by the insurance company, who reports the approximate value of loss and damage.

There are some documents which are required for accidental auto insurance claim. They are such as; original estimate, RC copy of the vehicle, claim form duly signed, original repair invoice, payment receipt from the service center, FIR on a case to case basis and driving license copy.

Some documents and formalities are necessary for third party claim. They are such as; claim form duly signed, RC copy of the vehicle, driving license copy, original FIR copy, original policy copy, RTO transfer papers duly signed, mentioning that the vehicle can not be located.

There are many companies which provide auto insurance services. Some of them are; Bajaj  Allianz, ICICI Lombard, United India Insurance Company, The New India Assurance  Company , HSBC IndiaHealth Fitness Articles, National  Insurance company and IFFCO Tokyo etc.

There are a number of sites on the internet today that tend to help you with making the decision regarding the lowest down payment auto insurance plan for you.

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