What is cashless car insurance policy?
Initially launched in the Car sector, the cashless insurance policy enables policyholders to make claim settlements with the requirement of any lump sum cash. Claims can be done in a cashless manner instantly at authorised network garages. The car manufacturer or dealer will have a tie-up with specific garages across the country. Car insurance policy holders can make use of these network garages or care centres to settle claims with paying any money. Currently, with a plethora of insurance companies offering cashless car repair services, customers can avail any kind of car insurance policy that comes loaded with benefits. The cashless insurance facility will not be available along with roadside assistance benefits for policyholders.
How does cashless motor insurance policy work?
As all insurance companies have tie-ups with garages, it is easier for the customer to get repairs done during emergency situations. When a cashless claim is made the garage makes all the required repairs as per the insurance cover opted by the customer. The repair cost and bills will be sent to the insurer for settlement by the garage. Then the insurer will inspect the repaired vehicle after which the required payment will be made to the network garage. A cashless insurance policy does not cover all types of damages. The customer must definitely verify the coverage available while availing the car insurance policy or will have to bear the repair cost from his own pocket. Once the insurance company has received the bills from the network garage, the reimbursement for the repairs will be done as per the policy and the coverage selected by the policyholder.
Steps to be followed to make a cashless insurance claim
- As soon as an accident occurs or the car is damaged due to various reasons, the policyholder must intimate the insurer with detailed information on the incident. This can be done via email, SMS, company website, through the customer care, etc., as stipulated by the insurance company. While reporting the incident, the customer has to ensure that all the relevant details pertaining to the occurrence have been provided to the insurance company.
- The damaged car must be taken to the nearest network garage for initiating the repairs.
- The network garage should be informed about the cashless settlement and also the policy details for the repairs to go ahead.
- The policyholder must handover the keys of the vehicle while the inspection is being done and ensure that the repairs and the cashless claims settlement are being done without any hassles.
The Following are The Top Insurance Companies That Provide Customers with The Option of Cashless Settlements
|Insurance Companies||Cashless Insurance Options|
|ICICI Lombard General Insurance Co. Ltd.||Cashless Settlement available at over 3500 network garages.|
|Tata AIG General Insurance Co. Ltd.||Cashless Settlement available at over 2000 network garages.|
|Bharti AXA Car plan||Cashless Settlement available at over 2500 network garages.|
|Universal Sompo Car Insurance||Cashless Settlement available at over 1100 network garages.|
|Bajaj Allianz General Insurance Company Ltd||Cashless Settlement available at over 4000 network garages.|
|HDFC ERGO General Insurance Co. Ltd||Cashless Settlement available at over 3400 network garages.|
|Future Generali Car Insurance policy||Cashless Settlement available at over 2500 network garages.|
|Reliance General Car Insurance||Cashless Settlement available at over 3800 network garages.|
|IFFCO Tokio Car Insurance||Cashless Settlement available at over 2300 network garages.|
|Liberty Videocon Car Insurance||Cashless Settlement available at over 1900 network garages.|
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GST Update: GST of 18% is applicable on car insurance effective from the 1st of July, 2017