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Cashless Car Insurance—Here’s All You Need to Know

Cashless car insurance refers to the facility where the policyholder can get their car repaired at the insurer’s network garage without paying anything out of pocket. This feature comes in extremely handy when the car demands major repair work due to an accident or damage caused by some natural or manmade event. Sounds convenient? Does it not? Here’s all you need to know about cashless motor insurance. 

How does cashless car insurance work?

Nowadays, most motor insurance providers offer cashless car insurance. The key thing to consider when purchasing this policy is the insurer’s network garage list. This is because, in the face of an accident, when your car suffers major loss or damage, the insurer’s network garages provide repairs without needing you to pay anything upfront.

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Here are the steps you need to follow to make the most of the cashless car insurance policy:

  • Purchase car insurance from an insurer who offers a wide range of network garages.
  • If your car suffers loss or is damaged in an accident, natural calamity, fire etc., take it to one of the insurer’s network garages for repair.
  • Inform your insurer about the same within the stipulated period.
  • Once your car is repaired, the insurer will settle the bills directly with the garage.
  • As a policyholder, you are required to pay the deductible amount and the depreciation value of the replaced car parts. 

Difference between cashless and reimbursement car insurance 

Refer to the following table if you have concerns or queries about the key distinctions between a cashless and reimbursement claim in your car insurance. 

Parameters  Cashless Car Insurance  Reimbursement Car Insurance 
Upfront payment  Under cashless claims, you don’t need to pay anything out of your pocket for repairs. If you choose a reimbursement claim under your car insurance, you will be responsible for paying upfront for repairs.
Claim process You only need to inform your insurer about the incident and the network garage at which you are taking your car for repairs. You first need to raise the repair bill with the insurer. The motor insurance provider will evaluate your bill and settle the claim only after successfully verifying the same.
Network garages You can take benefit of the cashless car insurance only at the network garage of the insurer.  Under reimbursement claim motor insurance, you can get your car repaired at any garage across India and raise your bills without any hassle. 

Benefits of cashless car insurance 

When buying car insurance, don’t just use the car insurance calculator to figure out how much your policy will cost but also go through the list of network garages and learn about the advantages of cashless motor insurance.

  • Hassle-free experience: When you choose a cashless claim service under your car insurance, you will not be troubled by the tedious claims process of having to pay upfront and then waiting for your reimbursement to be settled. Under this type of claim, the motor insurance company is in direct touch with the garage while providing you with a hassle-free claim experience. 
  • Priority in service: Under cashless claim motor insurance, when you take your car to the network garage for repairs, the partner garage prioritises you over other customers. Therefore, you can expect quick and fluid service.
  • Quick claim settlement: When compared to reimbursement claims that take 7 to 10 days for bills’ settlement, cashless claims are settled much faster. Under the cashless services, the repair work starts soon after the damage assessment report is submitted. As a result, the claim is likely to be settled quickly.
  • Assurance of quality service: When partnering with the garage, the motor insurance provider reviews the quality of service provided by the particular garage. The insurer agrees to empanelment with the garage only if they are satisfied with the garage service. Therefore, under cashless car insurance, you don’t have to worry about the service quality. 
  • Transparency: Under cashless claim service, the insurer is in direct touch with the garage, and the insurer’s surveying officer is directly involved throughout the claim settlement process. Under this process, the repair estimate is sent even before the repair work begins. So, the chance of fraud billing is completely eliminated, and the policyholder enjoys complete transparency in the claim settlement process.

To conclude

With the availability of cashless car insurance, policyholders can access best-in-class repairs services without spending a rupee from their pocket upfront. The cashless claim process is not only transparent, but you also get speedy service while saving both your time and money.

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