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What is meant by a cashless car insurance policy? It offers innumerable benefits to policyholders. Here’s learning more about the same.
Cashless motor insurance is a popular concept that has proliferated throughout the industry in recent years. It is a specific system where car insurers have tie-ups with authorized or network garages throughout the country. Hence, with a cashless car insurance policy, the customer can get a vehicle repaired at any such network garage without having to pay anything for the service. The insurance company will attend to the cashless insurance claim and directly pay the money to the garage.
While buying the best car insurance in India, you should try to understand how the whole cashless procedure works. When you buy car insurance online, check for the availability of this feature above anything else. The best part is that you will not have to pay anything out of your pocket while getting your vehicle repaired at network garages of the insurance company. Here are the steps to be kept in mind:
All vehicles witness depreciation with the passage of time. In fact, simply taking a new car out from the showroom will lead to its value coming down by at least 4-5% as per estimates. Depreciation is considered when claims are filed for thefts/losses of vehicles. Here are the basic guidelines for car components:
If there is an unfortunate accident and the vehicle has been damaged, then depreciation will be taken into account while the claim is filed. The cashless claim will be processed by the insurance company with the policy holder paying the depreciation difference.
Even the best cashless car insurance in India may come with some deductibles. Here’s taking a look at the same:
In some scenarios, when a vehicle is damaged beyond repair and it does not make financial sense to get the same done, then it is a total loss scenario. The insurance company will then pay out a lump sum to the customer, equating to the car’s market value after taking depreciation into account. You should always check all these terms and conditions carefully before buying your car insurance policy.
Also Read: Importance of Cashless Garage Facilities for Cars in India | Car Insurance Rates By Age and Gender in India, 2022-23
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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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