Insurance companies settle the claims in 2 ways, 1st is through reimbursement mode, i.e. you need to pay first towards the expenses or liabilities incurred in repair or payable to third party, and then upon submission of these papers, you will be reimbursed the amount (post deductions for depreciation).
The 2nd option is through cashless claim option, wherein the company directly pays to select service centers (authorized by them) for a majority of the expenses, and the rest is paid by you. You need to check the fine prints of your policy document for these details.
Documents required for commercial vehicle claim settlement process.
The driver of your commercial vehicle always needs to carry a mandated set of documents. In case of an accident, these are the following documents need to be presented to the authorized service station or the insurance observer for claiming insurance of your damaged insurance vehicle.
- Completely filled claim form (Can be done at the authorized service centers).
- RC (registration certificate) copy of vehicle.
- Original estimate of loss & repair invoice (Filled by the service centre).
- Payment receipt of payment made to the service center. (in case of non cashless insurance).
- FIR (if required) – assuming that the damage has been done to your vehicle by a third party.
In case of theft, you also need to submit keys/non traceable certificate and the FIR.
If you need any assistance in selecting the best insurance for your vehicle, please fill in the form above and get the best insurance quote.