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Friday, August 10, 2012

Typical Car Insurance Claim Rejection reasons

Facing an insurance claim rejection is never easy. It can put your monthly or even annual budgets into jeopardy, depending on the loss.

In many cases, auto insurance claims are rejected because of mistakes or lack of awareness on the part of the owner.

Following are some of the typical reasons for insurance claim rejection:
1) Post accident, if the driver is found under the influence in alcohol, the claim is liable to be rejected
2) If the driver of the car does not possess a valid license, the claim can be easily rejected
3) If you car remains unattended following an accident and subsequently gets stolen, the insurance company would not honor such a claim
4) Any consequential claims would be rejected, which means when a car gets damaged and the owner does not get it repaired, then any further consequential damage is at owners risk. e.g. if your car hits a road bumper resulting in oil leakage, if you do not get this repaired soon enough, you could damage the car engine. If such a damage is established, it will not be covered under insurance.

There are many other reasons which you may not be aware of. Let us say your car gets stolen because of your negligence like you forgot your keys inside the car itself and the car gets stolen, then the claim would be rejected. The insurance company can find out about this. They would typically ask you to submit both the original keys of your car before they approve your insurance claim. If you cannot produce both the original keys, the assumption would be that you would have forgotten the keys inside the car.

To avoid such a situation, you should apply for a new car key with the dealer if you do not have all the original keys.

Small habits like these can help you save money and can also prevent from your budgets going into jeopardy. The book "From Rat Race to Financial Freedom" guides you through such practices which can help you save and grow your money.

Cheers !!

Manoj Arora

Facebook : http://www.facebook.com/RatRaceToFinancialFreedom
Twitter : @manoj_216
Blog : http://ratrace2freedom.blogspot.in/

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