Cashless Auto Insurance: Here’s All You Need To Know

Similar to cashless claims for health insurance plans, cashless auto insurance policies are also offered by most insurers outside of reimbursement options.

Due to technological changes and the “Internet” era, purchasing auto insurance has become easier than before. In addition, nowadays there are many options for comparing and purchasing auto insurance plans.

Rakesh Goyal, Director of Probus Insurance, said: “Auto insurance plays a major role in providing financial support to the insured in the event of an accident or unfortunate situation. The buying and complaints process has also become important.

He further adds: “Similar to cashless claims for health insurance plans (which have gained a lot in popularity), cashless auto insurance policies are also offered by most insurers, in addition to insurance policies. repayment options. ”

Cashless auto insurance has gained popularity among people as they can now avail the services without having to pay out of pocket. Cashless auto insurance claims, similar to cashless health insurance claims, are hassle-free as the insurer directly manages the expense of damage to the car.

How does this policy work?

There are specific garages related to auto insurers, also known as Network Garages. These garages are approved by the insurer and are able to process claims for the insured’s vehicle. An insured can have his car repaired in these garages without paying out of pocket.

“The repair costs are the responsibility of the insurer and the claims process is extremely simple and hassle-free. A list of these network garages is often provided by the insurer. In case someone does not have this list handy, he or she can contact the insurer’s toll-free number or other customer service to get details of those garages near the accident site. », Explains Goyal.

If the insured’s car encounters an accident which results in damage or loss of parts, says Goyal, “then the details of the accident must be shared with the insurance company, then the policyholder must surrender. to the network garage for the inspection of the damaged car ”.

How do these garages help you?

These garages repair the insured’s car according to the terms and policy coverages mentioned in the policy document and then send the invoice for the cost of the repair to the auto policy insurer. The payment is then released from the auto insurer to these network garages after a certain level of verification. Goyal adds: “However, it should be noted that there would be certain damages or repairs that would not be covered by this plan. Make sure that the policy cover document is read well in advance to understand the coverage of these policies.

Here is how the cashless car claim works;

Step 1: Notify your insurer in the event of damage to the car

Step 2: tow and take the car to the nearest network garage or you can ask the insurer’s help to arrange the same

Step 3: Complete the necessary policy related documents and share them for cashless repair approvals

Step 4: Post the repair, the invoice is shared with the insurer with other documents

Step 5: Once these documents are verified, the insurer will release the payment

Benefits of cashless car policies

Industry experts say this process helps policyholders get their cars repaired without having to pay out of pocket and at the same time makes the process quick and easy. In addition, “the garages in the network often offer priority in terms of service to policyholders and the payment process is also convenient for garages. The settlement of the claim is much faster than the reimbursement process (which takes around 7 to 10 days), ”adds Goyal.

Additionally, experts say to ensure their policyholders receive the best possible service, insurers partner with the best garage networks that meet their top quality criteria.

Experts say there is no likely risk of fraud during this whole process, which makes it all the more reliable since the insurer’s expert is directly involved in the claims process from the start and invoicing is done according to the estimates shared at the start of the repair.

Goyal points out: “During the claims process, the expert can inspect the car and assess the damage. That said, in major accidents, the expert may also want to inspect the area where the accident occurred.

He further adds: “Note that the coverage of the damages mentioned in the policy document would be the responsibility of the insurer, all other additional repair costs must be paid by the insured, i.e. one might have to pay the agreed deductibles and the cost of depreciation. “

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Justin D. O'Neill