Cashless Car Insurance came into existence as insurance companies in India tasted massive success in offering cashless treatment in the health insurance segment. The concept of providing cashless claim service became immensely popular among the customers as well as the insurers. Customers were able to get an instant cashless claim facility without paying anything from their own pockets. Insurers were able to sell more policies and offer better services to their customers.
Today, almost all car insurance companies are offering cashless car insurance policies to their customers. Insurance companies have tie-ups with selected car garages which are ready to provide cashless repairs to their customers. The insurance company pays the repair bill to the garage based on the car insurance plan's terms and conditions. The applicable deductibles and depreciation value have to be paid by the customer, which is very nominal against the actual bill.
Cashless car insurance policy means an individual who has a cashless comprehensive car insurance policy can quickly get their vehicle repaired. These repairs can be done at any car garage listed in the car insurance company’s network. The bill is sent to the insurer, and the reimbursement is made as per the cashless car insurance policy.
The process is quick and hassle-free. Suppose the customer has attached additional add-ons like Zero Depreciation, Consumables Cover, etc. In that case, he does not have to pay for the depreciation value of the parts replaced and consumable items used like nuts, bolts, oil, grease, etc.
There are several benefits of a cashless car insurance policy, such as:
• Hassle-free Experience
Since it is a cashless garage, meaning a garage that is part of the insurer’s garage network list. You can enjoy a hassle-free and quick claim process as everything will be handled by the insurance company itself.
• Priority in Service
The garages empanelled by an insurance company on its network give priority service to the insurer’s policyholders. Therefore, at these network garages, you can expect to get your car repaired soon.
• Quick Claim Settlement
A cashless claim is settled at a much faster pace by the insurance company than a reimbursement claim. Under a reimbursement claim, the insurer takes 7 to 10 working days to settle the claim. Insurer checks billed items against the items covered under the policy. A cashless claim is settled at a network garage only. The repair work begins only after receiving approval from the insurer; hence it becomes much faster.
• Guaranteed Quality Service
Every insurance company ensures that high-quality service is given to its policyholders.
Now, if you are wondering how to make a cashless claim on your comprehensive car insurance policy. You need not worry, have a look at simple steps for performing a cashless car insurance claim:
In order to make your work easy we have listed down top 5 car insurance companies you consider buying your cashless car insurance plan from.
| Car Insurance Company | No. of Cashless Network Garages | Incurred Claim Ratio |
|---|---|---|
| ICICI Lombard Car Insurance | ||
| Cholamandalam Car insurance | ||
| HDFC ERGO Car Insurance | ||
| Bajaj Allianz Car insurance | ||
| IFFCO Tokio Car Insurance |
Disclaimer: *The above details are collected from the website of the insurance companies listed above. The incurred claim ratio data is sourced from the IRDAI Annual Report 2019 - 20. Last updated on 12-03-2021.
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It is a part of the claim amount that the insured vehicle’s owner is supposed to pay during cashless claim settlement. There are two types of deductibles: compulsory and voluntary.
HDFC ERGO, ICICI Lombard, IFFCO-TOKIO are among the best insurance companies that offer cashless claim settlement facilities.
The insurance companies provide a list of authorised network garages on their official website. When you first buy an insurance policy, this information is given to you at the time of purchasing.
Yes, you receive a guarantee on the repair work done. The insurer offers a guarantee for the repair work done. The guarantee usually lasts from three months to three years or as per the terms in your policy document.
Yes, there is a compulsory deductible that you have to pay for every cashless car insurance claim that you make.
NO, it is the other way around. Cashless Car Insurance Claims are settled at a faster pace that a reimbursement claim as the surveyor has already investigated and authorised the claim.
Yes, if you want to make a cashless car insurance claim, you have to visit a cashless network garage; there is no other way by which you can make a cashless car insurance claim.
Reimbursement claims are more time consuming than cashless claims. In reimbursement claims, you first have to get the vehicle repaired and then file a claim with the insurance company. The insurer then verifies the claim and approves the amount payable as per the policy terms and conditions. On the other hand, on receiving a cashless claim intimation, the insurer appoints a surveyor. The surveyor approves the repairs and helps you move the damaged vehicle to the nearest cashless network garage. The car is repaired on a priority basis at a network garage. The repair cost is paid to
No, only standard accessories, if mentioned under the policy document, are covered. If you have an accessories add-on cover attached to your base comprehensive cashless car insurance plan, additional accessories fitted and approved by the insurer are covered.
When the car repairs are completed, the cashless network garage submits a bill to the insurance company along with all the required supporting documents, bills, etc. On receiving the bill, the insurance company makes payment to the network garage.
Cashless claims, Priority Repair and Guaranteed Quality Repairs are the major benefits of visiting a cashless network garage.
You can visit the website of the insurance company to find out the address and contact details of the nearest cashless network garage in your locality.
A cashless garage in car insurance means a car garage that is empanelled by the insurance company on its network for providing cashless claim service to the customers of the car insurance company. When you take your car to any cashless network garage, the repair cost is directly by the insurance company with the garage.
When your vehicle gets damaged due to an accident, you have to inform the insurance company about it. On getting the claim intimation, the insurance company sends a surveyor to the accident spot. The surveyor examines the extent of damage and moves the vehicle to the nearest cashless network garage. The surveyor submits the report to the insurance company, which provides the requisite approval to the network to start the repair work. Once the car is repaired, you can take it back home by paying the applicable deductible and depreciation value of the parts replaced. The network garage submits its bill to the insurance company and attaches the necessary bills and documents. The insurance company assesses the bills and makes payment to the cashless network garage.
We at Coverfox have already created the list of top 5 car insurance companies with their cashless network garages number for your reference.
Disclaimer - Above mentioned prices are for a 2 years old Maruti Wagon R, 1.2 VXI AMT OPT (1197 CC) registered in Mumbai & previous policy has expired.
