Motor Insurance claims for Flood affected vehicles!

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flood insurance

Motor insurance plans are getting improvised and new custom plans are introduced according to the customer’s needs. Also, it becomes very helpful and protective in this era of uncertainty.

Here’s few valuable information about different insurance protection for your car:

There are two types of insurance cover for motor vehicles: Third party and Comprehensive covers.

Third party insurance cover is compulsory while comprehensive insurance cover is optional. Third party insurance cover protects the liability towards the third party while comprehensive insurance plan protects own damages that occur while using our vehicles. While opting comprehensive insurance plans, the premium will be higher compared to a third-party insurance premium.

We can be wiser by choosing some add-ons while opting for a comprehensive insurance plan. Here’s the most important one,

Engine Protection Cover (EP)

Engine Protection Cover insurance plan will keep you safe financially on the occurrence of any repair or damage of engine and also its parts as well. It protects damage to the engine due to:

  • Leakage of lubricant
  • Gearbox damage
  • Water entry

It is really helpful especially when water enters into the engine of your car due to flood or other natural calamities. Remember; never try to start the vehicle if your car was submerged in the water. In that case, the policy will not protect you.

There is more important information that every car owner should know while opting for Motor Insurance:

What is RTI and what are its benefits?

Return to Invoice (RTI) is a new concept in motor insurance. In the conventional comprehensive plans, Insured Declared Value (IDV) is taken as the value of the vehicle in which depreciation is taken into consideration.

Hence, compensation is limited by the IDV of the vehicle. As your vehicle gets old, the insurer will pay a smaller amount as compensation since depreciation is applied in the IDV.

Return to Invoice plans bridges the gap between the IDV and original invoice value of the vehicle.

RTI is very helpful during total loss cases or vehicle repair costs are higher than replacing the car. On such occasions, RTI pays the policyholder the full amount that was paid by the owner while purchasing the car. But it will not be help you if your car is more than 3 years old!

Flood in Kerala left the vehicle owners in the midst of total chaos and troubles. The owners are facing the risk of more damages and issues to the vehicles due to the delay in getting proper technical support in time.

The situation in service centers post flood is also not different. Most of the service centres are crowded with flood affected vehicles. They’re putting the best efforts according to the capacity to repair those vehicles. Most of the vehicles are on the waiting list of insurance claim procedures, which is also a reason for the delay in getting maintenance.

The compensation is based on the category in which the vehicle is listed. There are 3 categories,

  1. Category A: Vehicle submerged up to floor level
  2. Category B: Vehicle submerged up to seat level
  3. Category C: Water level above dashboard.

Vehicle will be classified in any of these categories according to the damages affected to the parts.

While applying for insurance claim, ensure to attach R.C. Book, Insurance etc to avoid delay in process and approval.

Choosing befitting insurance plans and following proper maintenance are two important factors to save a lot of money and time. Always consult an expert before selecting a plan and add ons.

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