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When NOT To File A Car Insurance Claim?

July 15, 2016
Hasnain

Car insurance is a boon for any driver and a must have according to law. It serves as a shield that protects you from unforeseen expenditures during accidents and keeps you worry free and at peace of mind in the event of your car being a victim of arson or theft. Anyone who cares about their investment should really opt for insurance regardless of their car being new or used/old.

Getting insurance is only half the part. However once you’ve got insurance, you can drive around worry free even in the congested traffic in rush hours because if GOD forbid you run into any accident you can simply call your insurance company up and file a claim with them.  Sounds pretty simple right? But what if we told you that you could benefit by actually not claiming insurance every time? Yes it can really help you save money in the long run if you file your claims smartly. Below we will tell you how you can save up by not filing up a car insurance claim. Mentioned below are some scenarios that can help you understand how this works.

Scenario 1:
You run into an accident and the damage to your car is so minor that it doesn’t affect your daily driving or is cosmetic only and not mechanical fault then it would be sensible enough to let it be until your car accumulates enough damage  or if the cost of getting it fixed is not much then you can get it done yourself instead of getting it claimed. The benefit here is twofold. One being that your no claim bonus will stay intact and you will end up paying lesser annual premiums next year.

Scenario 2:
If you really like to keep your car in top shape and claim your insurance on each and every incident of damage, this could work against you and the insurance provider might decide to increase your annual premium due to your increased claim rate or might end up replacing your damaged parts with pre-owned parts instead of new ones.

Scenario 3:
If you run into an accident, and have minor injuries and think that first aid can be enough for you, then it’s better not to file a claim as again it will hurt your no claims bonus and bring it down to zero. Also if you have Third Party Liability insurance, and you run into an accident and damage the other person’s car due to your mistake but the damage is minor then again it’s better to settle it personally instead of having the insurance company being the mediator.

Scenario 4:
Another thing that’s as important as others is that deductibles also come into play whenever you have an accident and file a claim with the insurance provider. So for e.g. if the damage to your car is minor and the deductible comes out to be lesser than your no claim bonus at the end of the year, then it’s better to get it fixed personally or just leave it as it is because you’d be letting go of your no claim bonus which could’ve saved you more money than getting your damaged car fixed. Hence file your claim wisely.

Following the above tips you can easily save money in the long run and lower your annual insurance premium costs while still having the safety bubble of insurance in case any untoward incident happens. Some reputed car insurance companies in Pakistan include EFU, Adamjee, Jubilee and IGI.

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