When it comes to car insurance policies, cashless car insurance is very popular in India. In this article, we'll discuss everything you need to know about cashless car insurance policies. This includes what they are and how they work. Also, know the benefits of choosing the best cashless car insurance policy in India.
What is a cashless car insurance policy?
A cashless car insurance policy is a type of car insurance policy that provides coverage for unforeseen circumstances that might cause damage to your car. In the case of an accident, theft, or any other event mentioned in the policy, you can take your car to any network garage authorised by the insurance company, and the repair and settlement will be done without any required payment. One advantage of a cashless policy is that you do not need to worry about arranging finances at the time of repairs, as everything is taken care of by the insurance company.
How a cashless motor insurance policy work?
A cashless car insurance policy offers ease of claims and hassle-free repairs. The entire process of a cashless motor insurance policy works as follows:
Step 1: After your car suffers damage either through accidental or natural calamity, take the car to an authorised network garage affiliated with your insurance provider.
Step 2: Inform your insurance provider immediately and lodge a claim. You should provide all the supporting documents necessary for the claim settlement process.
Step 3: After the claim is approved, your insurer will directly pay for the settlement, which includes repair and labour costs. There will be no out-of-pocket expenses for you.
Step 4: After the repair is completed, the insurance provider will inspect the car to ensure that the repair work is satisfactory.
Key aspects of a cashless car insurance policy
A cashless car insurance policy, as previously mentioned, is a type of motor insurance that offers a hassle-free way to avail of coverage when you need it the most. Let us explore the key aspects of cashless car insurance:
• Network garages
The hallmark of cashless car insurance is the network of authorised garages or service centres. When you choose a cashless policy, you gain access to a wide network of garages across the country. These network garages are known for their quality of service and efficient repair work.
• Convenience
One of the primary advantages of cashless car insurance is the convenience that it offers. In the event of an accident or damage to your car, you do not need to worry about arranging funds for repairs or dealing with the reimbursement process. The insurance company directly settles the repair costs with the garage, and you can focus on getting your car back in top condition.
• Faster claim settlement
Cashless car insurance streamlines the claim settlement process. With a network garage, the inspection, approval, and repair work are expedited. This means that you can get your car back on the road faster, minimising the disruption to your daily life.
• Quality repairs
The network garages associated with cashless car insurance policies are chosen for their quality of service. These garages often use genuine parts and have well-trained technicians, ensuring that your car is repaired to the highest standards.
• No out-of-pocket expenses
When you choose a cashless car insurance policy, you will not need to pay for the repair expenses upfront. The insurance company directly covers the approved repair costs, allowing you to preserve your savings for other needs.
Claim settlement process of cashless car insurance
The claim settlement process of cashless car insurance is simple and straightforward. Here are the steps:
Step 1: Contact your insurance provider and inform them about the damage to your car.
Step 2: File a cashless claim and provide the necessary documents, including the car's registration certificate, driving licence, and a copy of the FIR, if required.
Step 3: Once your claim is approved, take your car to an authorised network garage affiliated with your insurance provider.
Step 4: Your insurer will directly pay the repair and labour costs, and you will not need to pay anything out of your pocket.
Step 5: After the repair is completed, your insurance provider will inspect your car and approve the claim settlement.
Best cashless car insurance in India
Choosing the best car insurance in India can be a daunting task, considering the multitude of options available. To make an informed decision, consider the following factors:
- Network garages: A larger network ensures that you can find a network garage easily, even when travelling. Additionally, garages known for their quality workmanship are preferable.
- Claim settlement ratio: The claim settlement ratio is a critical factor to consider when selecting an insurance provider. It represents the percentage of claims that the company settles successfully.
- Customer service: Good customer service is invaluable, especially when you are in need of assistance during a stressful situation.
- Policy coverage: The coverage offered by the insurance policy is another vital aspect to examine. Ensure that the policy includes the coverage you need, whether it's for own damage, third-party liability, or add-ons such as personal accident cover.
- Premium costs: While cashless car insurance policies provide convenience, it is important to compare the premium costs.
- Online access and mobile apps: Many insurers offer online access and mobile apps that make it easy to renew your policy, track claims, and access other services. Look for insurers that offer user-friendly online platforms. You can opt for Bajaj Finance Insurance Mall, a platform that offers car insurance policies from leading insurance providers.
In conclusion, cashless car insurance policies provide ease of claims and hassle-free repairs to car owners in India. Choosing the best cashless car insurance policy in India offers numerous advantages, including convenience, no out-of-pocket expenses, authorised and reliable service, extensive coverage, and add-ons. The claim settlement process for a cashless policy is straightforward and stress-free.
