Shriram Goods Carrying Vehicle Insurance Terminologies

The insured submits a claim to the insurer, requesting compensation for expenses incurred due to an unfortunate accident. It depends on the vehicle's Insured Declared Value (IDV) and the type of insurance policy purchased - Third-Party or Comprehensive. There are two ways to settle a claim: Cashless Claim and Reimbursement

Deductible is a payment that the insured has to make before the insurer covers the claim. There are two types of deductibles: compulsory and voluntary deductibles