New Limits for External Surveyors to Speed up Motor Insurance Claim Settlement
Vehicle owners may see faster motor insurance claim settlement with the Insurance Regulatory and Development Authority planning to set new limits for hiring external insurance surveyors. The modifications to the Insurance Surveyors and Loss Accessories Regulations, set by the IRDA has proposed that the limit for appointing external surveyors be increased to specific limits for car insurance claims and other claims.
It clearly means that settling vehicle insurance claims up to such amounts, general insurers should not hire an external surveyor. This procedure can be completed by in-house surveyors only. Earlier, this limit was too low.
But, the new revision has both benefits and disadvantages. Faster claim settlement is considered as one of the biggest benefits. Now, insurance companies in India will not have to wait for external surveyors to submit insured’s report before settling the motor insurance claim. It is used to be a lengthy and complicated procedure.
Claims have been increasing because more customers prefer high-end vehicles. As per older limit, insurers had to wait for the assessment report submitted by the external surveyor before settling the car insurance claim.
Generally, surveyors are overburdened because they are less in numbers. Therefore, hiring an external surveyor causes delays for settling the claim. Now, insurers will be able to settle more number of claims using in-house surveyors.
Usually, issues involve in vehicle insurance are similar, so it is easy to find an expert who can find it. On the other hands, insurers need to find various kinds of experts based on type of claims when it comes to non-motor claims.
But, insurance companies in India need to make sure that these in-house surveyors are highly qualified to do the survey. Appointed surveyors are competent to negotiate for repair costs with workshops.
If the policyholder is not satisfied with the motor claim settlement, then surveyor can ask the insurer to review its decision. In case of any dispute, he or she is capable to take the legal step by approaching a court of law.
Tags : car insurance renewal online, online car insurance renewal, vehicle insurance, motor insurance
Source from : http://blog.policyboss.com/insurance/motor-insura...