5 min read
Updated on Apr 14, 2023
A car is one of your most valuable assets and considering the substantial amount of money that you invest into buying one, you’d naturally be extra careful while driving it. Yet, accidents happen. They are a part of life. Sometimes, they can happen even for no fault of ours. With an inevitable and unpredictable incident like this, all we can do is be prepared to face its outcome. This is why car insurance is a vital part of purchasing a car and driving it on the roads. It is designed to help you, the owner, to file a monetary claim in case your car gets involved in an accident. However, the insurer would first need to ensure that the claim is genuine. For this reason, it would initiate something called vehicle inspection.
When a car owner files a claim to the insurance company for accident damage, the insurer first needs to verify the authenticity of the claim. In other words, the insurer needs to know that the damage to the vehicle, which the owner has stated in his/her claim, has indeed been done under unforeseen circumstances and has not been “faked” to extract money from the insurance company.
The insurer conducts this verification process via vehicle inspection. The company sends over an official representative to the site of the accident to examine and inspect all damages to the car, as have been stated in the claim. Once the inspector examines all the damages and submits the report, the insurer would process the claim application for approval.
Generally, car inspection is mandatory in case of car insurance renewal, i.e., when the insurance policy has lapsed its validity. In addition to this, a car insurance inspection may be carried out by the insurer under the following circumstances:
We discussed above the circumstances when car insurance is mandatory. However, there are some situations when the insurer would agree to car insurance without the mandate requirement of an external inspection.
Most insurers conduct the car inspection process in two ways:
Let us look at each of them in detail.
Some insurers provide the insured the exclusive benefit of self-inspection to facilitate ease of convenience. It simply means that in case your insurance policy has lapsed, i.e., you failed to renew it by the due date, you can conduct a self-inspection of the vehicle (on your own) using your smartphone. It is also sometimes known as Self Video Inspection. This means that you can take a video of the vehicle and send it to the insurer. This saves the owner time, effort, and cost to get a physical inspection done by the company. It is also one of the simplest and most convenient means to renew a lapsed car insurance policy.
Summing it Up
Car insurance in India is mandatory at the time of buying a new vehicle as per the Indian Motor Vehicles Act. Most insurers initiate a car inspection at this stage which does away with the need to conduct a further investigation until a claim for damage reimbursement is raised. Also, in some cases, if the policy has lapsed, an inspection is carried out for renewal. It is therefore important to ensure the timely renewal of your policy to avoid unnecessary intervention.
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A car inspection helps both parties (the insurer and the insured) to know what parts of the vehicle require repair, servicing, or replacement. This also extends the longevity of the car. Also, car inspection helps in case of transfer of ownership of the car to another person, ensuring that the vehicle is in good condition at the time of transfer.
Based on the circumstances in question, car inspections may sometimes be carried out monthly, bi-annually, or annually.
In case of failure of timely policy renewal, the no-claim bonus expires too and cannot be retained.
At least two years of NCB can be lost during one claim made during the specified insurance period.
A total of 50% of NCB can be availed as part of a car insurance policy in India.
IDV is short for Insured Declared Value. It is essentially the current market value of the car. IDV is the maximum sum insured pre-determined by the insurance company to be provided in case of theft of the vehicle or a total loss of the insured car.
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