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How Exactly do Cashless Car Insurance Claims Work?

By Finserv MARKETS - Aug 20,2019
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Cashless car insurance claims

As we all know, having a car insurance policy is mandatory by law. But what most people forget is that this policy comes in handy in case of accidents and loss.

Many a times, to avoid the hassle of making an insurance claim, most people avoid either renewing the car insurance policy or buying one altogether. However, you need not have to worry about it any longer.

Nowadays, a lot of insurance providers offers cashless claims to their customers. In simple words, with cashless car insurance claims, you do not have to pay upfront for any repair works at the network car garages of your insurance provider.

In this article, we will be discussing in detail about cashless claims. So, let us begin.

What Is Cashless Car Insurance Claim?

It is mandatory to inform your insurance provider if you are involved in a road accident. Your insurer will make sure to direct you towards one of the authorized garages. Now, if you do not have money to pay for the incurred damage/loss, then your insurance provider will make the necessary payments to the garage directly.

This entire process is termed as cashless car insurance claim. It is different from other claim processes because it is hassle-free and does not consume a lot of time.

The authorized garages will efficiently take care of your vehicle, from its repairing to the replacing of the damaged components. Your insurance provider will handle the expenses, so you do not have to pay a single penny.

What Is Insured under Cashless Claims?

When it comes to cashless claims, your four-wheeler insurance policy will cover all the metal component of your vehicle. Expenses incurred on the damage of any plastic parts or accessories need to be borne by you. Whether you buy the policy online or in-person, the majority of the expenses are taken care of by your insurer. Hence, it is easy to get your car back from the authorized garage after the cashless claims are settled.

What Are the Exclusions?

Individual situations can lead you to lose the cashless claim. While most of these mistakes are usually because of you (the policyholder), some of them can be honest mistakes too.

One of the most prominent mistakes that people make is customizing the car after it has been insured. Many insurance providers would argue that the vehicle that you are claiming for is different from the vehicle that was insured.

Another common mistake that people make is to take their car to the garage before informing the insurance provider and the police station. As a matter of fact, this is the main reason why most people lose the cashless claim.

Another exclusion that insurance companies follow is where you unintentionally cause the damage. Some car insurance policies only cover damages caused by natural tragedies and unfortunate incidents like accidents. So, if the damage is caused by you (unintentionally), then you are liable to pay for the expenses incurred.

The Bottom Line

Before you make a cashless claim, it is vital that you clearly understand the terms and conditions involved. Having said that, understanding the underlying terms and conditions will only help you take advantage of the car insurance policy in case of emergencies.

Along with the benefit of making cashless claims, a policyholder can also avail car roadside assistance in case of emergencies.

Are you looking to buy a car insurance policy?

In that case, you should consider the plans available on Bajaj Finserv MARKETS. They provide not only cash-free servicing and 24×7 assistance, but also have exclusive tools that help you determine your premium rates. The car insurance calculator will help you figure out the premiums that you can afford to pay.

So, apply for Bajaj Allianz Car Insurance with Finserv MARKETS, today!

To know more on Car Insurance and related topics in depth, you can check out these blogs:

Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and exclusive EMI store, all under one roof- anytime, anywhere!

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522