Cashless Car Insurance Policy Usefulness

Published On 27 Apr 2020 By Gunjan

Cashless Car Insurance Usefulness

People buy car insurance to secure themselves against any financial liability which may incur due to an accident or a mishap. In such cases, the insurer is liable to give compensation for your expenses. However, with technological advancement, several insurance providers have been coming up with an option to claim cashless car insurance. This ensures a smooth and fast claim settlement process.

However, let’s get into the details of this feature of cashless car insurance.

What is Cashless Car Insurance?

When your car meets with an accident or an unfortunate event like an accident, theft, etc., you request an insurance claim with the insurance provider. The claim amount can be settled in two ways - in a cashless manner or via the reimbursement process. In the case of a cashless claim, the garage, where your car is repaired, is paid directly by your insurer. A cashless car insurance claim provides you with an instant aid after an accident or any unfortunate incident and spares you from paying for any repair cost.

However, the cashless claim can be availed only if your car is sent to a garage part of the garage network of your insurance provider. You should remember that these claims may not be 100% cashless and you may have to pay for the default depreciation and deductibles.

Step By Step Cashless Car Insurance Claim Process

Here are the steps you need to follow to get a successful cashless claim:

  • Inform your insurer about the accident, mishap or any unfortunate event, as soon as your car gets involved in any of these. File an FIR, in case serious injuries or death has happened.
  • Your car will be towed to the nearest network garage by a surveyor sent by the insurance company. An in-depth inspection of your car will be done. Do not move your car from the accident spot without the permission of the insurance provider.
  • An estimated cost of repair work will be issued by the garage, which is shared with the insurer for approval. After this only, the repair work starts.
  • After the repair, invoice and bills are sent to the insurer for payments from the garage. The insurance provider will examine the submitted bills.
  • Once all the verifications and evaluations are completed, the claim amount excluding the depreciation cost and deductibles, is transferred to the network garage. You will have to make the payment of deductibles and depreciation.

Nowadays, in comparison to reimbursement claims, a cashless claim process is no doubt a better option. Therefore, keep the basics of the procedure in mind to get your claim settled easily and swiftly.

Also Read:

Types of Car Insurance Policies in India

Know What is NCB in Car Insurance Online India

Disclaimer: This article is issued in general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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