Amidst the emerging digital adaptation, cashless claims have become the need of the hour. A prospective policyholder does not need to wait in the long queue any longer only to claim reimbursement from an insurance company for costs incurred on vehicle damage covered under the policy.
Cashless claims are hassle-free, quick, and on the-spot claims that ensure reduced financial stress. But how to check whether car insurance is cashless or not? Welcome to this all-encompassing post that explains the best method to claim cashless vehicle insurance in India.
If you have any confusion related to cashless car insurance, check out Kotak car insurance. Visit the official website and discover insurance services offered by the company.
A Brief on the Cashless Car Insurance Policy
A cashless claim allows the insured to claim the cover and reap financial advantages without spending anything while paying the bills. With an insurance company, it is assured that it will settle the amount directly with the respective service provider.
With cashless claims gaining predominance, insurance companies have also started introducing them in bike insurance. Under this car policy, the policyholder can enjoy all the benefits pertaining to the car insurance without paying additional expenses related to medical injuries and car repairs involved in an unfortunate car collision. The selected insurance company directly bears bills and expenses.
Want to Make a Cashless Claim? Read the Following Steps:
If you are planning to make a cashless claim, there are some steps to undertake Stated below are the steps you must follow to avoid confusion & delays in the claim settlement:
- Soon after the vehicle is involved in a car collision, it is time to consult the insurance company. You should file an FIR and inform the police in case of severe injuries or fatal conditions occurring because of the accident.
- The insurer gets the car towed to the garage, where professionals will inspect the condition of the vehicle thoroughly. It is pointless to move the car without your insurance company’s permission.
- The network garage offers an estimate for repair, and the insurer first examines the condition. After this, your insurance company offers approval for the work to begin.
- Now, the service station repairs your car and submits any relevant bill to your selected insurance company. The insurer then examines bills alongside other documents.
- After the verification and evaluation are done, the claim payment procedure then begins.
- In this step, the policyholder has to pay the total amount corresponding to depreciation and deductibles.
- The insurance company pays the rest of the amount to the network garage directly.
Suppose the vehicle was damaged in such a way that you either need to opt for costly repair or buy a new car. These conditions are known as total loss situations, where the insurance provider makes a payment to customers. The amount is equal to the car’s market value after accounting for depreciation.
What Are the Benefits of Cashless Car Insurance?
Cashless car insurance is beneficial in numerous ways. Some of the advantages are:
Quick and Hassle-free Claim Process:
Cashless claims allow policyholders to reap financial benefits without any additional expenditure from their pocket. It is suitable for people who do not have sufficient funds to finance out-of-pocket expenses related to repairing a damaged vehicle or treating medical injuries after an accident.
Saves Time and Effort:
Under cashless car insurance, you don’t need to wait for reimbursement from your insurance carrier, as they pay directly to the garage or network service provider. This saves you the time and effort that goes into filing claim papers and paperwork with the insurance company.
No Financial Risk:
Since cashless claims are hassle-free and require no out-of-pocket expenses, policyholders can enjoy full coverage without any additional financial risk. The insurer takes care of all hospitalization and repair costs associated with the accident or damage covered under the policy.
No Need to Visit the Insurance Office:
With cashless claims, you don’t have to visit your insurer’s office for claim settlement. All information and documents can be provided remotely through online channels or phone calls.
Wider Network of Garages:
Cashless car insurance policy allows you to access a larger network of garages that are associated with your chosen insurer. This ensures that you get the best repair services from certified professionals without the added hassle of looking for service providers on your own.
What Should You Look for When Choosing a Cashless Car Insurance Policy?
When you are looking to select the right cashless car insurance policy, it is important to consider certain factors such as:
The Coverage Offered by the Policy
Make sure that your chosen insurer offers coverage for all kinds of risks and damages associated with your vehicle. Check out whether they provide protection against liabilities like bodily injuries, property damage, natural calamities, theft, etc., before purchasing the policy.
Network of Garages
Select an insurance provider that has a wide network of garages associated with them. This will ensure that you get access to quality repair services at reliable rates without having to search for service providers on your own.
Claim Settlement Ratio
Before investing in any cashless car insurance policy, make sure to check the insurer’s claim settlement ratio. This will help you understand how often they fulfill their obligations in terms of paying for claims and damages related to a cashless policy.
Opt for a cashless car insurance policy that offers additional benefits like personal accident coverages, zero depreciation cover, roadside assistance packages, etc., apart from the basic coverage offered by most insurers.
Make sure that the premium rates offered by your chosen insurer are affordable and competitive when compared to other insurers. It is important to thoroughly research all of these factors before investing in a cashless car insurance policy, as it will help you select the best plan for your vehicle.
With the right information, you can ensure that you get maximum coverage with minimal financial burden. By opting for cashless car insurance, you can enjoy greater convenience and peace of mind without having to worry about any out-of-pocket expenses related to repairing or treating injuries resulting from an accident. So make sure to check out all of the above points before selecting your ideal policy today!