Finance

What is a Cashless Car Insurance Policy?

Getting into an accident and not having financial support for the repairs can be a significant financial burden. For this reason, most people buy comprehensive car insurance beforehand. It helps mitigate financial losses resulting from mishaps on the road.

Thanks to cashless car insurance, you can now get your damaged car repaired cashless, without having to make any upfront payment.

Let us discover what cashless car insurance is and what benefits it offers.

Cashless Car Insurance Meaning?

A cashless car insurance policy is a type of insurance that helps policyholders get their car repaired at a network garage without paying for the repairs from their pocket

Cashless four-wheeler insurance saves the insured from getting entangled in prolonged paperwork and the hassle of paying for repairs upfront and then waiting to receive compensation for the expenses paid.

This is because, in cashless car insurance, the insurer directly settles the repair costs with the empanelled network garage. Therefore, the claim gets settled quickly and easily.

What are Network Garages?

Also known as a cashless garage, a network garage is an authorised vehicle repair garage that has a tie-up with an insurance company. This garage provides cashless repair service to the insurance company’s customers.

So, if you are planning to raise a cashless claim, you are required to take your car to one of the network garages listed in your car insurance policy.

Some Benefits of Cashless Car Insurance Policy

Fast Claim Settlement

In case of an accident, you will only have to notify your insurer, take the car to the garage, submit policy documents and the rest will be done by the garage owner and your insurance company.

Once the insurer does the verification, the repair begins and very soon, your car gets repaired.

No Additional Burden

With the best cashless car insurance, you do not have to touch your savings to pay car repair costs. Your insurer will pay them on your behalf, which saves you from spending personal funds.

 Ease in Accessibility

Renowned insurers maintain tie-ups with several top-notch garages. This broad network accessibility facilitates claim settlements and ensures high-quality car repair.

How to File a Cashless Claim Car Insurance

● After the accident, inform the insurance company and file an FIR as soon as possible.

  • Take your vehicle to a nearby network garage for an in-depth inspection of the damaged car.
  • Submit policy documents and other required documents at the garage.
  • On submission, the network garage will connect with your insurer to get approval for cashless repair.
  • Once the documents get approved and verified, the car repair process will start.
  • After the repair is completed, you will have to pay deductibles and your insurer will cover the remaining amount as per the policy.

Coming to an End

A cashless car insurance policy is a beneficial concept that makes the claim process efficient and faster. Here, the insurance company directly settles the claim with the network garage per the policy terms and you need not pay for the repair and replacements out of your pocket.

So, when buying car insurance, opt for cashless car insurance online to enjoy the perks of cashless claim settlement and settle your car repair bills hassle-free and smoothly without using cash.

Related Articles

Back to top button