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Cashless Car Insurance
Allows Hassle-Free Claim Process
Allows Smooth and fast Claim Settlement
Allows Assured Quality Services
Allows Quick and Prioritized Services
Cashless Car Insurance is the hassle-free way of settling a claim and it plays an important role in the process of claim settlement of a car insurance. If you want to get your car repaired without paying any money from your pocket, in that case you can make a cashless car insurance claim. Under such claims, the car insurance company allows policyholders to get the repairs done for the damages caused to your car for free. Thus, the policyholder can get the repairs done without paying any money from his/her pocket. This way, the process of car repair gets accelerated, while it also eases the process of claim settlement.
What is a Cashless Car Insurance Policy?
To make the process of car repairs hassle-free, insurance providers of car insurance offer the facility of cashless repairs. For this, the insurance providers create tie-ups with different cashless garages or repair shops where the policyholder can get their car repaired without paying any money from their pocket.
Thus, with the help of such partner garages it becomes easy for insurance companies to settle claims of car insurance in a cashless way by directly paying the bills to the garages. And policyholders are not required to make any payment on their own for the repairs other than any liabilities.
Further, these cashless garages allow the facility of towing damaged cars from the spot of accident or mishap to the garages. This also makes it beneficial for the policyholder to stay away from the worries of towing your damaged car to the repair shop. Once the car reaches the repair shop, it gets repaired and the bill is settled by the insurance company.
So, it is important for policyholders to check how many cashless garages are available in their network at the time of buying the policy so that they can avail better facilities of cashless garages.
Benefits of Cashless Car Insurance Policy
Following are the benefits of availing cashless garage facilities:
Hassle-free
With cashless garage facility, you can get the repair of your car done at the network garages of the insurer to enjoy a claim process that is smooth and efficient. Here, the insurer handles everything related to paying for the repairs to the garage, thereby making it hassle-free for the policyholder. Thus, the policyholder does not have to worry about the repairs done to their car as it is taken care of by the insurance company.
You get quick and prioritized service
With cashless garages, you can get the repairs of your car done quickly and on a priority basis. This is because the cashless garages with whom the insurance company partners provide you service on priority. So, you can get your repair work done quickly in these network garages. Further, since the network garage stays directly in touch with the insurer, the payment for the repairs is also done without any hassle.
Smooth and fast Claim Settlement
Along with a quick and hassle-free process, the settlement of claims at network hospitals is done in a quick and smooth way. As compared to the reimbursement process, where the payment for car repairs is compensated within 7-10 days, in case of cashless it is done immediately by the insurer. Thus, it becomes smooth and quick for policyholders.
Assured Quality Service
When you avail the cashless garage services, you can be certain about receiving good quality services for repairs of your vehicle. As such, all insurance companies make sure to provide good facilities and services to their policyholders. And to ensure that they tie-up with the best partner garages offering quality services. Thus, they allow policyholders to receive better and superior services.
Transparency
In case of cashless garages the surveyor of the insurer stays in touch with the garages directly for the settlement of the claim from the initial stage of the claim. So, this makes the settlement process transparent. Thus, the policyholder as well as the insurer are sure of no fraudulent cases in billing as the estimate of the repair is stated prior to the repair process.
Process to Claim Cashless Car Insurance Policy Online
Below are the steps to follow to make a claim for a cashless car insurance policy:
Step 1
Inform insurance providers about any damages done to your car immediately after a mishap. Brief them about the damaged parts of the car before towing your car to the nearest partner garage within the network of the insurer.
Step 2
Once you reach the network garage, fill out the required documents and get them approved to initiate the process of cashless repairs.
Step 3
However, you might have to pay for depreciation (if needed) and the deductibles.
Step 4
Once your car is repaired at the network garage, the partner garage would raise an invoice and submit it to the insurer together with other documents. After the insurer reviews the documents, they make the payment to the network garage.
Step 5
It is to be noted that only the damages that are specified under the terms and conditions of your plan are paid by the insurer and no extra repair charges are paid.
Step 1
Inform insurance providers about any damages done to your car immediately after a mishap. Brief them about the damaged parts of the car before towing your car to the nearest partner garage within the network of the insurer.
Step 2
Once you reach the network garage, fill out the required documents and get them approved to initiate the process of cashless repairs.
Step 3
However, you might have to pay for depreciation (if needed) and the deductibles.
Step 4
Once your car is repaired at the network garage, the partner garage would raise an invoice and submit it to the insurer together with other documents. After the insurer reviews the documents, they make the payment to the network garage.
Step 5
It is to be noted that only the damages that are specified under the terms and conditions of your plan are paid by the insurer and no extra repair charges are paid.
Best Car Insurance Companies with Best Cashless Claim Settlement Facility in India
Below is the list of the top motor insurance companies in India offering cashless car insurance in India for vehicles.
| Motor Insurance Company | Claim Settlement Ratio | Cashless Network Garages |
|---|---|---|
| Bajaj Allianz Car Insurance | 91.23% | 4,000+ |
| Royal Sundaram Car Insurance | 94.07% | 4,600+ |
| IFFCO Tokio Car Insurance | 96.44% | 4,300+ |
| SBI Car Insurance | 91.74% | 16,000+ |
| Tata AIG Car Insurance | 91.80% | 5,000+ |
| Universal Sompo Car Insurance | 92.45% | 3,500+ |
| HDFC ERGO Car Insurance | 89.48% | 6,800+ |
| Bharti AXA Car Insurance | 88.49% | 5,200+ |
| Acko Car Insurance | 72.68% | 2,000+ |
| ICICI Lombard Car Insurance | 87.84% | 5,600+ |
| Future Generali Car Insurance | 88.56% | 2,500+ |
| Chola MS Car Insurance | 85.86% | 7,100+ |
| Edelweiss Car Insurance | 70.59% | 1,000+ |
| Digit Car Insurance | 85.76% | 1,400+ |
| Oriental Car Insurance | 93.16% | 3,100+ |
| New India Car Insurance | 92.23% | 3,000+ |
| Kotak Car Insurance | 81.70% | 1,300+ |
| Liberty Car Insurance | 87.48% | 4,300+ |
| National Car Insurance | 80.50% | 3,100+ |
| United India Car Insurance | 84.17% | 3,100+ |
| Magma HDI Car Insurance | 75.66% | 4,000+ |
| Reliance Car Insurance | 83.81% | 3,800+ |
| Shriram Car Insurance | 62.84% | 2,000+ |
| Navi Car Insurance | 53.10% | 900+ |
(Data from IBAI's General Insurance Claim Insights Handbook - 4th Edition) For FY 2018-2019.
Frequently Asked Question
To make the process of car repairs hassle-free, insurance providers of car insurance offer the facility of cashless repairs, where the repair for damages of your car is paid by the insurance company directly to the partner garage, thereby making it stress-free for the policyholder.
Bajaj Allianz Car Insurance with 91.23% claim settlement ratio and 4,000+ Cashless Network Garages is one of the best cashless car insurances in India. IFFCO Tokio Car Insurance, Royal Sundaram Car Insurance, SBI Car Insurance and Oriental Car Insurance are some of the other best car insurance companies in India.
Below are the steps to claim cashless insurance for a car:
- Inform insurance providers about any damages done to your car immediately after a mishap.
- Submit required documents and get them approved to initiate the process of cashless repairs.
- Once the repair is done, the partner garage raises an invoice and submits it to the insurer.
- After the insurer reviews the documents, they make the payment to the network garage.
- It is to be noted that only the damages that are specified under the terms and conditions of your plan are paid by the insurer and no extra repair charges are paid.
Cashless garages are the ones who have tie-ups with the insurance companies. So, if you repair your vehicle at a network garage, your insurance provider will make the direct payment of the costs incurred in the repairs and the policyholder This means that the policyholder doesn't have to worry about any costs upfront.
Cashless car insurance for cars is a way of making a car insurance claim after a mishap, where the insured doesn't have to pay for the damages to the garage, rather the insurance company makes the payment directly and settles the bills.
To find the best car insurance companies who offer cashless claims at network garages, you have to compare different car insurance policies offered by different companies and choose the best suited company as per your needs and the best cashless claims settlement ratio.
Below are some of the benefits received by cashless garages in car insurance:
- Hassle-free process
- You get quick and prioritized service
- Smooth and fast Claim Settlement process
- Assured Quality Service by network garages
- Transparency in the process of repair and payment
