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Should You File Small Car Insurance Claims?

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Should You File Small Car Insurance Claims?

Insurance plans reduce the financial damages brought on by unforeseen, terrifying situations. The main advantage of having automobile insurance is that it protects you against the costs of accidents and damage that could occur to your vehicle. In addition to providing coverage for property damage caused to another party if the insured vehicle is involved in an accident, the firm also pays for medical and related expenses.

As a result, there are many circumstances in which you might feel compelled to make special efforts to submit your insurance claims. This is only sometimes the case, though. The reasons why you shouldn’t present a minor auto insurance claim are discussed in this article.

Why Is It Not Ideal To File An Insurance Claim For A Minor Vehicle Accident?

It is reasonable not to submit a car insurance claim if your automobile only received minor damages due to an accident, such as a long side scrape or a dent from parking.

The challenging element is deciding whether the collision qualifies as a “minor” or a major one. The accident may not be regarded as “minor”. It must be reported to your insurance provider if it caused passing away, serious injuries, or even property damage to a third party. However, tiny dings on the body of your four-wheeled beauty do not require making a vehicle insurance claim. Small insurance claims for car accidents would likely cost you money.

Let’s Look Into The Causes:

  • No-Claim Bonus: You might know the term “No Claim Bonus” if you own a car and have it insured with car insurance for new car policy. It has a fairly clear meaning. People who own cars but have never made a claim under their insurance coverage can be eligible for a concession on the Bajaj Allianz 4-wheeler insurance renewal premium. The amount of this concession varies from insurance provider to insurance provider. On average, policyholders can receive up to 50% in the fifth year without a car insurance claim, starting at roughly 20% in the first year. However, their NCB could be reset if they make any claims during or after this period. 

The question remains: Is this concession worthwhile compared to the claim amount? If the sum is equal to or less than your No-Claim bonus amount, it is often a good idea to refrain from filing a claim. Before making a choice, it is crucial to consider the NCB amount for the following year if the claim amount exceeds the concession.

  • Deductibles: Depending on your vehicle, you may be required to pay a fixed amount when making an insurance claim for a car accident. This is referred to as the deductible needed for auto insurance claims. You can also select a deductible choice at the time of insurance purchase. You must pay the optional deductible amount when making a claim, and your insurance company can pay the balance of the claim after the deductible has been paid.

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