• Cashless Car Insurance Policy

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    By Muktha | 03 Jun 2023

    India is going big on digital money and cashless transactions. Nowadays from auto drivers, vegetable vendors to supermarkets, everybody prefers cashless payment method. So why not in insurance services! Cashless mode of transaction was first introduced in Health Insurance sector. Customers were initially a little resentful towards the facility, but eventually it gained popularity after experiencing its benefits. Many hospitals in the country prefer cashless mode of transaction in case of emergencies or otherwise.

    Not everyone can afford luxury medical treatments or best car services in case of accidents or mishaps. Many of us are not equipped with emergency financial backups, because all of us like to believe that everything is going to okay. But in few unfortunate times, this may not be true. In such situations, cashless insurance policy is a savior. After the successful application in Health Insurance sector, cashless insurance service was implied in every other sector including car insurance.

    What is Cashless Car insurance policy?

    Most companies today offer cashless transactions with the insurance policy. As the name suggests, if the policyholder needs emergency car service or he/she has been in an accident, they do not have to pay money either in the hospital or in the garage to avail the facility. Every insurance company will have a network with garages and hospitals across the country in various locations, where they can send help to policyholder’s location. These officials will take care of all the repair work or medical facilities without the policyholder having to pay a penny.

    How does cashless car insurance work?

    • If the car is damaged or has been in an accident, the first thing you should do is, inform the insurance company and mention about the incident in detail.
    • Few companies prefer the policyholder to reach the nearest location of garage, with whom the insurance company has a tie-up for car inspection, others will send an official to the location to inspect the vehicle.
    • Once he/she completes the inspection, you will hand-over the keys of the vehicle along with insurance policy details. As per policy cover chosen by you, the cost of the repair will be covered.
    • Once the repair is done, the garage will send invoice and bills to the insurance company for payments.
    • In case of accidents caused by you to the third-party or self, on informing the insurance company, they will send help immediately to the location for further medical assistance.
    • On reaching the hospital, the policyholder has to provide details of the insurance policy and rest will be communicated to the insurance provider by the hospital office.

    Companies that provide cashless insurance service to their customers:

    • ICICI Lombard General Insurance Co.Ltd.
    • TATA AIG
    • Universal Sompo Car Insurance
    • Bharti AXA Car Plan
    • Future Generali
    • Bajaj Allianz
    • IFFCO Tokio Reliance General
    • Liberty Videocon

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