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Contributor
Phalguni
Posts: 28
Registered: ‎09-06-2016

Costs that I have to bear during a claim?

Costs that I have to bear during a claim?

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Accepted Solutions
Frequent Contributor
Arti
Posts: 163
Registered: ‎30-08-2021
Solution

Re: Costs that I have to bear during a claim?

Dear Sir , 

 

The deductible is the amount of expenses that must be borne by customer before an insurer will pay any expenses or claim. There are 2 types of deductible approved by the regulatory. 

 

•Compulsory Deductible:

The compulsory deductible amount is fixed by the regulatory and has to be paid compulsorily by the policyholder whenever any claim arises

 

•Voluntary deductible:

The Voluntary deductible is an optional cover wherein the customer selects the amount (as defined by regulatory) as how much he is ready to bear the cost on every claim.

 

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Occasional Contributor
Noor Shaikh
Posts: 6
Registered: ‎21-09-2017

Re: Costs that I have to bear during a claim?

There are some costs which car owner will have to bear over and above the claim amount.

Generally customers are made aware of these costs initially only. 

Costs like:

Compulsory Deductible : This cost depends on the cubic capacity of the vehicle.

Depreciation : The age of the vehicle is taken into consideration. As with time the value of vehicle decreases. That is why depreciation is applied during the replacement of the parts.

Consumables : When parts of the vehicle which are totally ruined or are unfit to use after accident, there cost are bear by customers if specific add on not taken for eg. Cost of Consumables.  

Towing Charges : Insurer put limit on the amount of Towing Charges, after that limit Customer have to bear the cost.

Claim for existing damages : When some of the parts of vehicle are already damages before the loss, then repair cost of those parts are borne by Customer.  

Frequent Contributor
Arti
Posts: 163
Registered: ‎30-08-2021
Solution

Re: Costs that I have to bear during a claim?

Dear Sir , 

 

The deductible is the amount of expenses that must be borne by customer before an insurer will pay any expenses or claim. There are 2 types of deductible approved by the regulatory. 

 

•Compulsory Deductible:

The compulsory deductible amount is fixed by the regulatory and has to be paid compulsorily by the policyholder whenever any claim arises

 

•Voluntary deductible:

The Voluntary deductible is an optional cover wherein the customer selects the amount (as defined by regulatory) as how much he is ready to bear the cost on every claim.

 

View solution in original post