In India, as per Motor Vehicles Act, all car owners must compulsorily have at least third-party insurance. Driving without valid car insurance is a punishable offence, and if you are guilty, you may have to pay a heavy fine or face imprisonment. Apart from being on the right side of the law, car insurance is necessary to get financial protection against the financial losses you may suffer due to your involvement in an accident.
While it is not necessary to purchase a comprehensive car insurance policy, experts suggest it is better to buy one as it helps you get broader coverage. With comprehensive car insurance, you get protection against third-party liabilities and own damages. Also, it enables you to get coverage against natural calamities, like earthquakes, landslides, hurricanes, snowfall, etc.
Whether you have a third-party or comprehensive car insurance policy, you must raise a claim on time to get compensation from your insurer. The time limit to file a claim varies from one insurance company to another. In this write-up, we discuss the time limit for car insurance claims.
What is the time limit for claiming car insurance claim?
Generally, most insurance companies allow car insurance holders to file a claim within a few days, with a maximum period of seven days from the day of the accident. Other insurers require the policyholders to raise a claim or at least intimate the insurer about the accident within 48 to 72 hours from the time of the accident.
However, this time limit is not a hard and fast rule you must abide by to get your claim approved. It is the ideal time frame that the insurance companies highlight to the policyholders so that they can inspect the damages and get it repaired accordingly.
For instance, if your car was damaged in the floods, allowing it to stay as it is for many days can worsen the damages. If the claim is made within a few hours or a couple of days, the insurance companies can inspect the damage on time and send it for repairs at the earliest.
What happens if you delay filing the claim?
If, for some reason, you are unable to raise a car insurance claim on time, there are chances that your claim may get rejected, although such instances happen only rarely.
The insurance companies understand that after a tragic event like an accident or a natural disaster like an earthquake or cyclone is not easy, as it may take a mental toll. Also, the policyholders may have to take care of various things in the aftermath of the accident, like ensuring the safety and security of the loved ones and getting them immediate medical help (if needed) before taking further steps.
In such a situation, you may not be able to file a claim immediately, especially if you get hospitalised in the accident. You may not have the necessary resources to assess the damages and raise a claim.
However, if you delay raising the claim, you must provide a valid reason to the insurance company. And if you cannot justify the delay, the insurer may reject your claim application.
Now that you know of the implication of not filing the insurance claim on time make sure to file your claim on time to avoid the risk of your claim being rejected.