How Long Does Vehicle Claim Settlement Take?
1 Answers
Applying for a claim settlement with an insurance company usually takes less than one month to complete. The claim process includes: 1. Case filing and investigation: Upon receiving the claim notice, the insurer should immediately send personnel to conduct an on-site investigation to understand the loss situation and causes, verify the insurance policy, and file the case. 2. Document review: The insurer reviews the relevant documents and proofs provided by the policyholder, insured, or beneficiary to determine the validity of the insurance contract, whether the insurance period has expired, whether the damaged property is covered by the insurance, whether the claimant is entitled to claim compensation, and whether the accident location falls within the coverage scope. 3. Determination of insurance liability: After receiving the claim request from the insured or beneficiary, the insurer should promptly determine whether and to what extent it is liable for the claim based on the verification of facts and review of documents, and notify the insured or beneficiary of the determination result. 4. Fulfillment of compensation obligation: Based on the liability determination, the insurer should fulfill the obligation to compensate or pay the insurance amount within ten days after reaching an agreement with the insured or beneficiary on the compensation or payment amount. If the insurance contract specifies the insurance amount and the compensation or payment period, the insurer should fulfill the obligation to compensate or pay the insurance amount in accordance with the contract terms.
