There is no specific answer to this question. Ideally the money will be paid within 14-28 days of settlement.
However, the time taken by the car insurance company to process your claim varies, depends on various factors. These include:
Reputation of The Insurer
- Some insurance companies are faster at settling claims than others.
- This allows them to maintain their reputation of having a quick claim process.
- Sometimes you may be tempted to get your money as soon as possible.
- However, if you were to go for early settlement, it may leave with you with nothing for a later (and possibly greater) requirement.
Type of Claim
- Typically, physical damage claims are settled faster than liability claims.
- This is because liability claims need to be paid in bulk, while for physical damage, settlements are made almost immediately after the car is inspected for damage.
- Additionally, roadside assistance claims can take up to 5-8 business days to settle, while a total loss claim may take up to a month.
Lastly, make sure that you absolutely need the money as filing a claim is a long process. It is also important to have all the required documents ready at hand, before filing for a claim.
Disclaimer - *Conditions apply. This product is offered under the Group Insurance scheme wherein Bajaj Finance Limited is the Master policyholder. The insurance coverage is provided by our partner Insurance Company. Bajaj Finance Limited does not underwrite the risk. IRDAI Corporate Agency Registration Number CA0101. The above mentioned benefits and premium amount are subject to various factors such as age of insured, lifestyle habits, health, etc (if applicable). BFL does NOT hold any responsibility for the issuance, quality, serviceability, maintenance and any claims post sale. This product provides insurance coverage. Purchase of this product is purely voluntary in nature. BFL does not compel any of its customers to mandatorily purchase any third party products.
All you need to know about personal loan from Bajaj Finserv
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