Page 37 - Insurance Times March 2022

is evolving to suit consumers' changing preferences and
provides them the ease of access and processes. Irrespective
of the distribution channels deployed to sell an insurance
cover, the onus to create consumer-friendly motor insurance
policies and offer them to consumers in the easiest possible
way still lies on India's motor insurance companies. Realizing
the latent consumer need and potential of technology,
companies are designing risk based solutions for motor
insurance different from the conventional motor insurance
so far.

Claim Turn-Around-Time (TAT):
The general insurance industry in India is changing after its
digitization. Insurance providers are becoming more informed personnel ensure that there are minimal delays in
transparent and claim-friendly. The claim process is continuously the repair work. Most network garages offer a 6-month
upgraded to make it trouble-free. Motor insurance protection
quality assurance certificate for all repairs done there. Some
is essentially the safety net that safeguards you and your vehicle insurers offer free pick-up, towing assistance, and car wash
from all unpleasant eventualities. So, as the policyholder, you facility when you opt for cashless claim settlement. When
are expected to be well aware of what is covered under the
submitting a claim, customers also want a seamless, rapid
plan and what is not.
and individualized process.
Reading through the policy documentation is the best way
in which you can get first-hand information about the plan Pay claim even if vehicle sold to 3rd
coverage. Insurance is not an 'over the counter' physical party:
product or an instant service. It is a promise. And the insured The state consumer court has upheld a district consumer
people expect the company to fulfill the promise at a time forum direction to an insurer to clear a Bengaluru woman's
when they need it the most, which is during troubled times Rs 1.4 lakh insurance claim towards her stolen motorcycle.
such as an accident. The most common instances of claim The insurer had turned down her claim, saying the vehicle's
of the vehicles are as follow: insurance policy was still in the name of the first owner and
1. Loss or damage to the insured vehicle. hadn't been transferred to her. Liberty Videocon General
2. Theft of the insured vehicle or parts of the vehicle. Insurance Ltd had appealed against a Bengaluru district
consumer forum's June 30, 2020 verdict ordering that the
3. Personal accident to owner-cum-driver
insured value of the vehicle - Rs 1,37,824 - be paid with
4. Third party property damage
interest to Sheela Shantharaj, 57, of Kuvempunagar, apart
5. Third party injury, disability or deaths in an accident from Rs 10,000 towards damages and Rs 5,000 towards
litigation cost. Sheela purchased a Bajaj KTM Duke 200
First three kinds of losses are settled by the insurers motorcycle on April 27, 2017 from its original owner Mahesh
themselves while 4th & 5th are finalized by courts (MACT/ P by paying Rs 1.5 lakh. On June 2, 2017, the motorcycle
WC). In own damage claims, it is important to consider the was stolen from her residence and she lodged a complaint
claim turn-around-time of claim settlement. When the with Chandra Layout police.
insured raises a vehicle insurance claim, he expects the
insurance company to settle it at the earliest. It is better to With the vehicle carrying an active insurance policy in the
choose from insurance companies that settle the claims at name of the original owner till September 26, 2017, Sheela
the earliest. Companies that take the minimum time to approached the insurer, Liberty Videocon General Insurance
settle claims offer the peace of mind. Getting the vehicle Ltd, for a claim for the stolen bike. But despite an active
repaired at a cashless garage is the most optimum way in policy in place, the insurance firm turned down her claim,
which insured can proceed after a devastating accident. stating that the vehicle was yet to be transferred in her
name and she had failed to apply for an insurance transfer
The services offered at cashless garages are of the best till the time of theft. Next, the woman approached a local
quality. The use of latest equipments and the presence of consumer court, which ruled in her favour.

The Insurance Times, March 2022 37