When you drive a car, it becomes important for you to be fully aware of many other things besides driving. This is also important because your small mistake can even result in a challenge for your vehicle. Like- car insurance policy. If your vehicle is not insured, a huge challan may be issued to you. Apart from this, this insurance policy can be very useful for you in case the vehicle gets stolen or damaged. However, in the case of making an insurance claim, you are helped only as per the rules of the company. So let us know about insurance claims. You can know about this in detail further…
Actually, in case of damage to the vehicle, the insurance company compensates it. In case the vehicle is stolen or damaged, the insurance company also pays the full price of the vehicle.
When will I get the full money?
If you want full money in case of car damage, then according to the rules, the car should be completely damaged i.e. this can happen if the car is stolen. Here also understand that if the damage to the vehicle exceeds the insured declared value i.e. IDV, then the insurance company will pay the full amount to the policyholder. Therefore you have to keep this in mind.
Every vehicle has an IDV value, which the company gives you in case the vehicle is stolen or damaged. This is the maximum amount that the insurance company gives to the customer. You can understand it like this if the IDV value of your vehicle is Rs 4 lakh. In such a situation, if your vehicle suffers a loss of 75 percent or more of this value, then it is considered a total loss. In such a situation, the insurance company gives you money as per IDV.
Be sure to keep this in mind
If there is a total loss of your vehicle, then under the Motor Vehicle Act, 1988, you have to inform the concerned Regional Transport Office i.e. RTO within 14 days of the total loss of the vehicle.
​(PC: iStock)
