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Why is Comparing Claim Settlement Ratio Important?

Comparing the claim settlement ratio/history of an insurance company is important to get a basic idea about the possibility of getting your claim accepted. Higher claim settlement ratio implies lower chances of claim rejection. However, it is not the only factor based on which the performance of an insurer should be judged. Other factors like after-sales services, on-road services, financial stability of the company, etc. should also be taken into account.

Car Claim & Claim Settlement Ratio

A car insurance policy protects you from any financial loss due to damages to your vehicle. India has a population of 130 crores. It is no surprise that crores of insurance claims are made in a year. The total amount of motor insurance claims, made during 2015-16, were for Rs 15,428.54 crore, as per IRDAI. This is a sum total of the paid claims and the estimate of unpaid liabilities during the year.

The dictionary defines a claim as an application for compensation under the terms of an insurance policy.

Let us simplify this for you:

You enter into a contract with your insurer. The insurer promises to compensate you for the loss that you might suffer due to an unfortunate incident which involves your car. In return for such a payment/compensation, you pay a certain sum of money in the form of premiums.

Now let us assume that your car gets involved in an accident, and you suffer a huge loss due to the same. As promised by your insurance company, you are expecting to get paid for this loss. Here you need to file a ‘CLAIM’ in order to get paid by your insurer.

Making a claim is the process of informing the insurer about the loss and then expecting the insurer to pay/compensate for it. You, thus, request the insurance company to take necessary actions.

This is why it is important that you opt for an insurer who settles your claims promptly. To help you gauge this, you can look at the company’s Claim Settlement Ratio.
What Is Claim Settlement Ratio?

Claim settlement ratio is the percentage of total claims settled to the total claims received in a financial year.
It thus helps you understand the likelihood of the insurer paying or compensating you for your loss.
Claim settlement ratio is an important yardstick to measure the reliability of an insurance company. However, you must consider various other factors before selecting your insurer.

Important Factors for Choosing an Insurance Company

Here are some of the important factors to consider before you buy your car insurance policy from an particular insurance company:

  •     Claim Settlement Ratio
  •     Financial Stability
  •     After Sales Services

Let’s understand the above factors in detail:

    Claim Settlement Ratio by IRDAI: Taking a look at the claim settlement ratio of an insurance company is an important step while choosing an insurer for your car. By doing this, you will get a basic idea of what are the chances of your claim to be settled with a particular insurance company.
    Financial Stability: Having a basic idea of how financially stable an insurer is, will be helpful in case of claims involving larger amount of money.
    After Sales Services: It is important that your insurer provides a good service after you purchase a car insurance policy.

Difference between 1st Party and 3rd Party Motor Insurnace Cover

How to decide upon the kind of insurance ?

There are a few things you need to consider when deciding what kind of insurance you want.

First :> you need to see the value of a car : If your car’s value is low, you can settle for a third party motor insurance. This is because even if your car is damaged, you can get it repaired easily. You may actually find it cheaper to pay for the damages than pay the high premiums of the comprehensive cover. On the other hand if your car is expensive, you must go for a comprehensive cover. A comprehensive motor insurance is more expensive as it covers a wider number of damages. So if you opt for this kind of insurance, you are bound to shell out more money, but your vehicle will be protected against almost all kinds of damages.

Coverage under first party comprehensive motor insurance
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Coverage under third party motor insurance

coverage under third party motor insurance


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