Own damage claims: From the procedural viewpoint, claims settlement involves three phases: preliminary scrutiny, assessment of the loss and settlement.
Claim Form: The format and the contents of the claim form differ from Company to Company but the Claim form contains questions relating to the following particulars: i. Insured; ii. Vehicle; iii. Use of the vehicle; iv. Driver; v. Witnesses; vi. Injury to driver / occupant; vii. Damage to the vehicle; viii. Sketch
The survey report would amplify the information obtained in the claim form and also incorporate additional information. There is no standardised form for survey report, but the following information is expected in a survey report i. Accident; ii. Assessment of loss; iii. Net liability of insurer; iv. General observations
Whenever a surveyor finds that a vehicle is either beyond repairs or the cost of loss repair exceeds 75% of the IDV; he assesses the claim on a Constructive Total Loss basis (CTL).
Total loss can also arise due to the theft of the vehicle remaining untraced by the police authorities.
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