Accidental emergencies are uninvited and comes suddenly without knocking the doors. Everyone should prepare themselves to face such situations like paying car repair bills, damage cost of third-party person or property, bills for medical aids, etc. This takes lots of money to pay for such bills in case of emergency. Is buying a Car Insurance policy is the best solution to come save your pocket from sudden expensive expenses? Do you need something extra should be there to protect you from spending money at the time of exigencies? The simple answer to such questions is that the smart way to deal with such kind of emergency expenses is having a Cashless Car Insurance Policy which takes care all of your expenses without letting you pay a single penny from your own pocket at the time of accident.
Earlier, it was health insurance sector which introduced the concept of Cashless Treatment and slowly it picked up the market. The companies observed that insurance policies with cashless facility have started ruling the insurance sector, so the companies introduced it in motor sector as well. While opting for cashless facility, one does not have to pay a single penny from his/her own pocket to avail instant financial aid and made this option much popular in less time.
You may have questions in your mind like which one is better: cashless car insurance policy or a regular car insurance policy? Or Is it actually as convenient as it sounds like or it’s just a promotional trick? Let us know more about the Cashless Car Insurance Policy.
What is Cashless Car Insurance?
Cashless car insurance policy gives you an option of repairing your vehicle at any of the network garages associated with your insurer without paying any money from your own pocket. The insurance company will bear all the expenses incurred on the repair of the damaged vehicle and are reimbursed directly to the network garages by the insurer. This way you can save yourself from being into an unwanted situation where you lose your own money to repair the damaged car.
All the insurance companies have tie-ups with select garages where the damaged vehicles get repaired. According to the cashless car insurance policy, depending on the vehicle’s policy cover, the network garage repairs your vehicle and gets a reimbursement from the insurance company. Though, there are some parts of the vehicle which are not covered under the cashless car insurance policy, so it is good to check with the insurance company or the network garage that which parts are covered, and which part is not covered. In case if some part is not covered and get damaged, then you have to pay for its repair.
Steps to be Followed to Make Claim Against Cashless Car Insurance Policy:
Always follow the below mentioned steps to avoid delays while making a cashless car insurance policy claim:
- Contact your insurer to report the incident, the moment your vehicle meets with an accident. Along with the insurance company, inform the police also and file a FIR in case of any serious injuries or death in an accident.
- Your vehicle will be towed than by your insurer to the nearest network garage for a thorough inspection. The vehicle should not be moved without the consent of the insurance company.
- A surveyor will examine the estimated value for repair work given by the network garage. The insurance company will than provide an approval to the network garage to start the repair work.
- The vehicle will be repaired at the service station and submits the bills to the insurance company. The submitted bills will be examined by the insurer along with the documents.
- The company will start the payout process once all the evaluation and verification work is done.
- The amount for depreciation and deductibles will be paid by the policyholder, whereas the rest of the amount will be paid by the insurance company directly to the network garage.
- In case the damage to the car is beyond the economical repair, this will be considered as a total loss situation in which the insurance provider will make a payment to the customer directly.
There are so many insurers offering Cashless car insurance policy to its customers like IFFCO Tokio, ICICI Lombard, HDFC ERGO, Bharti Axa, etc. All you need to do is, check some online portal like RenewBuy where you can find all the insurers at one place and you can compare the premium and features of different insurance companies.