The concept of cashless claims has become a huge priority among insurance buyers and sellers. However, the most common example you see about cashless claims is health insurance policies. In case of emergency, you can go to the hospital immediately and seek medical care. For that, you only need to cover the deductible amount and the rest of the medical treatment cost will be borne by the insurance company.
However, health insurance is not the only type of insurance that offers cashless claims. The introduction of cashless claim services in car insurance is gradually gaining popularity. Leading companies in this segment are offering a ‘Network Garage’ facility to their four wheeler insurance buyers. Read on to find out more.
What are network garages?
According to the Indian Motor Vehicles Act, all motor vehicles must be insured in the event of an accident. The minimum coverage you need is injury to a third party or damage to their property. However, it is advisable to get coverage for own losses through comprehensive car insurance. In addition to the total coverage covered by the policy, insurance companies these days also offer a cashless facility for claims settlement.
Under the cashless claim facility, the car owner can repair the insured vehicle in any garage that has a tie-up with the insurance company. Such garages are known as network garages. The good thing is that the car owner does not have to pay the cost in advance. The insurance company will pay the bills after the repairs are done. You should know that a cashless garage facility is only available to comprehensive policy buyers. So, if you only buy third-party car insurance online, while you might enjoy lower car insurance prices you will not have the benefit of network garages. * Standard T&C Apply
How does claiming at network garages work?
Most insurance companies provide policyholders with a list of authorized garages within their network. The list is also available on the official websites of insurance companies. Of course, your car insurance agent can also help you with this. Alternatively, every insurance company these days has a toll-free number from which you can get all the details of cashless service centers.
If you have any damage to your vehicle due to an accident, you should make sure to notify your insurance company immediately about any repairs you may need to make. Make an official insurance claim and submit all important documents in the authorized garage. After inspecting the car and getting approval for a cashless settlement, the service center will repair the car and forward the bill and other necessary documents to the insurance company for final settlement. The insurance company thoroughly assesses the bill by verifying and checking every detail before paying the bill amount to the garage. * Standard T&C Apply
Then, all you have to do is wait for your car to return to you. As a policyholder, you only have to pay for mandatory deductions as per the terms of the policy. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.