How Does Shriram Car Insurance's Claim Settlement Ratio Work?

The Claim Settlement Ratio (CSR) shows the percentage of claims that an insurance provider pays out in a year compared to the total number of claims they receive. It is often used as a standard of marker for an insurer's trustworthiness, higher ratios indicates greater reliability.

Integral Parts of Claim Settlement Ratio

Settlement Percentage

This is a measure of how many claims have been settled by an insurance company in one year compared to the total number of claims filed.

Credibility

The credibility indicator measures the trustworthiness of an insurance company.

Reliability

Insurance companies are more reliable when their claim settlement ratio is higher.

Is It Possible to Make a Cashless Claim with Shriram Car Insurance?

Step 1: Intimate the Claim

To inform Shriram General Insurance about an accident or mishap involving the insured car, you can either call the Shriram General Insurance’s Claims Help Desk at 1800-300-30000/1800-103-3009 or go to their website, click on the 'Claims' tab, select 'Intimate a Claim', download and fill out the claim settlement sheet and click 'Submit.'

Upon completion of this process, a representative from Shriram General Insurance will contact you for additional details and instructions.

Step 2: Register for the Claim

After you notify Shriram General Insurance about the incident with your insured car, they will register your claim and give you a reference number.

Step 3: Loss Assessment

once your claim is registered, the insurance provider will send a loss assessor/surveyor to the place/workshop for the inspection of your vehicle to determine the amount of damage inflicted on your insured vehicle.

You will receive information about the surveyor through SMS or Email.

Step 4: Documents Submission

Submit all the necessary documents to the surveyor to finalize the damages/losses, further required/necessary for the processing of your claim.

Step 5: Final Claim Settlement & Repairs

Shriram General Insurance offers free towing up to 50 kilometres; beyond that, the policy holder pays for the costs based on the terms of the policy.

The insurer will cover the entire repair cost based on the amount of your claim, with the exception of any compulsory and voluntary deductibles you selected at the time of purchasing the policy. You are responsible for paying these deductibles.

How Do I Make a Reimbursement Claim for Shriram Car Insurance?

Intimate a Claim

To report the road accident/mishap to the company, contact their help desk at 1800-300-30000/1800-103-3009 or visit their website to download and fill out the Shriram General Insurance claim intimation sheet under the 'Claims' tab and select the option for 'Intimate a Claim'.

Surveyor Arrangement

After you have told the insurer about your claim, they will give you a reference number and arrange for a loss assessor to inspect and assess the damage done to your insured car. You will get the details of the surveyor through a text/email on the registered phone number.

Car Repairs

If you choose to have the car towed to the garage of your selection, Shriram General Insurance offers a towing service at a cost of Rs. 295 when the policy is issued. If you opt for this, you can receive a complimentary towing service for up to 50 kilometres; anything beyond that, you will have to pay for.

Required Documents Submission

Provide the surveyor with all the necessary documents they require at the time of surveying your car to aid them in processing the claim.

Reimbursement and Payment

Submit the required documents and original receipts of the garage repairs, Shriram General Insurance, will reimburse the claim amount to you within 7 working days after the receipts of last required document.

Claim Rejection Reasons

If a policy holder presents a fraudulent claim with an exaggerated description of damages and the accident was due to the driver's gross negligence/intoxication or the policy has expired or the vehicle was repaired prior to the surveyor's inspection/assessment, the claim may be denied.

Shriram General Insurance No Claim Bonus (NCB)

If policy holders are able to go a full policy year without making any own damage claims, they could be benefitted by No Claim Bonus (NCB). This bonus is provided by the insurance company upon policy renewal and can range anywhere from 20-50%, increasing with each consecutive year of claim-free driving.

The NCB applies to the own-damage premium portion of a car insurance policy. However, making a single own damage claim during the policy year can nullify this bonus, making it important for policy holders to remain responsible while driving and bear smaller claims themselves.

NCB enables policy holders to transfer the bonus to another car insurance policy. Since this benefit is only available upon renewal, it is suggested that policy holders renew their insurance on time.

To maintain the NCB, policy holders can opt for the No Claim Bonus Protection add-on cover, which safeguards the bonus even after making a n own damage claim.

In a Nut Shell

This policy safeguards you from financial losses due to damage or loss of your vehicle. If you or your family have been injured in an accident involving your car or any third-party property or lives have been damaged or lost, this policy will cover the costs. Additionally, you can also purchase unique add-on covers that will increase the level of protection available to you and your family.

Furthermore, it also covers the cost of any accessories for your vehicle such as a CNG kit, electrical and non-electrical add-ons. Buying this policy is quick and easy - it takes only 5 minutes online.

Moreover, a network of special garages allows you the option of direct settlement, as well as a stress-free claims settlement process is an added advantage with Shriram Car Insurance.

Key Highlights

• The Claim Settlement Ratio (CSR) shows the percentage of claims that an insurance provider pays out in a year compared to the total number of claims they receive.
• If policy holders are able to go a full policy year without making any own damage claims, they could be benefit with a No Claim Bonus (NCB).
• Shriram General Insurance provides prompt, ethical and fair settlements of claims. We are committed to responding quickly to the needs of our customers and handling their claims in a speedy and straightforward manner.

The Insurance Regulatory and Development Authority of India has mandated that all insurers must settle death claims within 30 days of receiving the relevant paperwork.

FAQ’s

What is the claim settlement turnaround time of Shriram General Insurance?

The Insurance Regulatory and Development Authority of India has mandated that all insurers must settle claims within 30 days of receiving the relevant paperwork.

What is the process of claiming after an accident?

To start the process of filing a claim for the damages to your vehicle inform your insurance company about the accident. File a First Information Report (FIR) at the local police station. Lastly, submit the necessary documents to the insurance company.