What is Cashless Car Insurance Policy
The concept of cashless treatment was first introduced in the health insurance sector. Gradually, it gained popularity as one does not have to pay any cash to avail instant medical help. Most of us are pretty over confident about the external situations and therefore we do not save for emergencies. In this case, a cashless insurance policy acts as a saviour. If the insurance company has a tie-up with a nearby health centre or a hospital, you can easily avail cashless hospitalization. This system was a huge success and it got initiated in the car insurance realm as well. Today, most insurance companies offer cashless car maintenance services as they have tie-ups with select car care centres. You may be wondering how a
cashless car insurance
policy is different from a regular car insurance policy. Is it really as convenient as it sounds or just a new promotional gimmick? Read on to know more.
What is a cashless motor insurance policy all about?
The person who has a cashless car insurance policy can get their vehicle repaired at any of the car garages as listed by the car insurance provider without paying a single rupee. The invoice of repairs is sent to the insurance company and the reimbursement is made according to the policy. It is really fast, easy and hassle free. In order to claim a cashless motor insurance policy, you just have to follow a few steps –
If your car is damaged or meets with an accident, make sure that you inform the insurance company about the incident in detail. The format of informing the insurance provider differs from company to company. Secondly, you must visit the garage for the inspection of your damaged car. Besides handing over your car keys, you must also inform the garage about your insurance policy in order to take things forward in a proper way.
How does it work?
Most insurance companies in India have tie-ups with select garages. As per the policy, the garage repairs your vehicle depending on your cover and sends the bill to the insurance company. After thorough verification, the insurance company makes the payment to the garage for repairing your car. However, there are certain parts which are not covered under the cashless policy. You must check which parts are covered and if some parts which are not covered get damaged, then you are liable to pay for their repairs.