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Home Finance

All You Need To Know About Cashless Car Insurance

by Paul watson
April 30, 2020
in Finance
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All You Need To Know About Cashless Car Insurance
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Protecting one’s car with an insurance policy is not only mandatory but also a wise idea as it provides you with financial security in case your vehicle gets damaged in a road accident. Under a car insurance policy, you have something known as cashless car insurance. The concept was introduced in the health insurance sector first, wherein you do not have to pay any cash to avail of medical help. Many people don’t save money for emergencies assuming that nothing bad will ever happen. For people like these and for emergencies, you also have a similar cashless facility under car insurance. Most of the insurance companies today offer you with cashless car insurance facility. Here, you as a buyer will receive cashless maintenance services if you take your car to one of the insurance company’s tie-up network garages.

Everything about Cashless Car Insurance Policy

The insurance company that you’ve selected will have a list of network garages. In case anything happens to your vehicle, and you take it to any of the mentioned garages, you won’t have to pay the repairing price. The repair bill will be sent to the insurance company and reimbursement will be made as per the cashless motor insurance policy. The entire process is easy, convenient and hassle-free. To claim a cashless policy, the following steps must be followed:

The first thing that you need to do if your car gets involved in an accident and gets damaged, would be to notify your insurance provider about it in detail. Next thing, you will have to take your vehicle to the garage, so inspection of the damage is done. When handing over your car keys to the garage, you will have to inform them about your cashless insurance policy, so they can take the things forward in a proper manner.

What is the process of Cashless Insurance Policy?

In India, many insurance companies have tie-ups with selective garages. According to the insurance policy, your vehicle will be repaired in the garage and the bill will be sent to the insurance company. After all the necessary verification is done, payment will be made by the insurer to the garage for the repairs. However, note that not all car parts are covered under the cashless car insurance policy. You need to check what parts your insurer provides coverage for. In case the part that gets damage isn’t covered under the policy, then the repair bills will be borne by you.

Do not avoid purchasing motor insurance just because the process feels long and tedious. Today, with all the development in technology, everything can be bought online including an insurance policy. Also, when you are opting, make sure to check the list of network garages provided by the insurance company. Check to see if some of the garages are in your vicinity itself.

You can also check reviews online, to know what other people think about the company and the experiences they had. While doing so, check if the claim settlement process is not long and tedious, because that is essential. Make the comparison and go for a well-reputed car insurance company to enjoy the benefit of cashless car insurance.

Paul watson
Paul watson
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