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What is Cashless Claim settlement?
Cashless claim settlement is a facility provided by the two wheeler insurance provider in which the insurer is associated with authorised garages, which are referred to as network garages. If you want to repair your insured vehicle, you can take it to a network garage to avail cashless claim facility. You won’t be liable to pay for the vehicle’s repair, the insurer will cover all the expenses on your behalf.
How does this work?
✓ In the event of an unfortunate accident, you should immediately contact the insurer and if needed you should also contact the police and file an FIR.
✓ The insurer will reach the accident spot and arrange for your vehicle to be towed to the nearest network garage. A thorough inspection of your vehicle will be carried out at the garage.
✓ The network garage will give an estimate for the repair work which will be approved by the insurance company. After which, the repair work will commence.
✓ On completion of repair, the garage will provide all the relevant invoices to the insurance company. Later, the insurer will examine the bills and the vehicle.
✓ Once done, the policyholder will be liable to pay the deductible and depreciation amount.
✓ The rest of the amount will be directly paid by the insurance company.
✓ If in case, your vehicle has been damaged beyond repair, the insurer will provide you the market.
How is it better than reimbursement claim settlement?
When you go to repair your insured vehicle in a garage, you are required to pay the whole amount at first. After which you should send all the relevant invoice and documents to the insurer, failure to produce any invoice will result in rejection of your insurance claim. Moreover, reimbursement claims take time to be settled.
Hence, cashless claim settlement is better as it saves your valuable time and also you are not required to pay the whole amount.
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