Inform the insurer: It’s always better to call up the insurer immediately and intimate the accidental event. “The accident should be reported within 7 days to your insurance company, failing to do so can get your claim rejected,” says Mathur. But some insurers may have a lesser time-period to report. “Most policy providers have a window of 24 hours to 48 hours from the time of the accident to file a claim. So, call your policy provider as soon as possible,” says Rakesh Goyal, Di ..
Treatment at home
Several insurers cover treatment at home if the insured cannot be admitted to hospital. Domiciliary hospitalisation, it means medical treatment for a period of over three consecutive days for a condition which would otherwise require hospitalisation, but is taken at home. In such cases, the payable expenses are usually capped at 10% of the sum assured. “However, it is completely disallowed in case of some diseases like asthma or bronchitis, even if the pati ..
Rakesh Goyal, Founder & Director, Probus Insurance Broker told EconomicTimes.com that if your IDV for a vehicle is Rs 4 lakh, the insurance company would compensate claims worth Rs 4 lakh in case of theft or accident resulting in total loss. . But, if you have lower your IDV to say Rs 3 lakh while buying your policy then the insurance company would compensate only claims worth Rs 3 lakh. So, one should always insure one’s vehicle for the correct IDV to ensure that one gets the right amount i ..
What you should do
The insurer’s objective will be to make you sign on the dotted line without any objections to the amount of claim. Here is a word of caution: “While insurance companies must treat you fairly, keep in mind that they profit by collecting premiums and minimising claim payments. A quick and inexpensive settlement is ideal for the insurance company, so be wary of accepting the initial offer,” says Rakesh Goyal, Director of Probus Insurance
Rakesh Goyal, Director, Probus Insurance, a Delhi- based online insurance broker, said that one of the major advantages of having an in-house claim settlement process is that the turnaround time (TAT) for resolving a query or claim is faster and hassle-free as the decisions are directly taken between insurers and policyholders since there is no TPA in between. “So, for instance, if you are getting your health insurance claim processed through a TPA you need to submit all the details to the TPA a …