Cashless Car Insurance

When your car faces severe damages during accidents, you can avoid paying for these costs with a cashless car insurance plan. This type of insurance plan allows you to repair the vehicle at any network garage that is partnered with your insurance provider. 

This type of insurance provides financial protection against unforeseen losses. On Bajaj Markets, you can explore various car insurance plans from reputed companies with premiums starting from just ₹2,094 per year.

Getting this type of insurance policy enables you to get your car repaired without paying expenses from your pocket. Here is a quick snapshot of a few crucial facts:

• There is no need to pay upfront repair costs, as the insurance provider settles the bill directly with the garage

• You can get your vehicle repaired from any of the garages that have tie-ups with the insurance company, known as network garages

• Note that there are some exclusions in the policy, and you need to address repair expenses for such exclusions

• You can choose to have add-on covers to enhance the overall coverage

• The claim-settlement is more efficient and faster 

• Filing a claim is also hassle-free and streamlined, as you simply need to inform the insurance provider and choose a network garage

In case of an accident where your car sustains damages, only included damages are repaired without any charges. Here are some exclusions that you need to be aware of:

Depreciation

Over time, the value of the vehicle and its included parts keeps decreasing. With continuous usage, the quality and power of the vehicle may not be as efficient as it was earlier. When filing an insurance claim for your car, the insurance company calculates this depreciation value. 

 

They deduct this depreciation cost before issuing the final payment. Unless you have a zero-depreciation add-on cover, the insurer will only cover the repair expenses and not the depreciation cost.

Consumables

These refer to some tools or materials that are used while repairing your car. The cost of consumables is not covered unless you have a specific add-on cover. Some of these include:

• Nuts, screws and bolts

• Fuel filters

• Grease

• Oils

Deductibles

It is a specific amount that you need to pay at the time of claim settlement for your vehicle. Deductibles can be either compulsory or voluntary. Here is what they mean:

• Compulsory deductibles must be paid based on the cubic capacity of the insured car's engine

• With voluntary deductibles, you agree to pay the deductible amount voluntarily to lower your premium amount

 

Since deductibles are not fixed, insurance companies do not cover them during the cashless settlement of claims.

 

Here are some other exclusions:

• Electrical or mechanical breakdown

• Regular wear and tear of your vehicle

• Damage incurred on your car when the policy is inactive

• Loss or damage to your car when driving without a valid driver's licence

• Damage or loss during situations of wars and other similar activities

• Damage while driving under the influence of alcohol or other intoxicants

On Bajaj Markets, you can explore numerous car insurance plans from partners. These include Bajaj Allianz Car Insurance, HDFC ERGO Car Insurance, SBI General Car Insurance and Acko Car Insurance. 

 

Knowing how the settlement process works is essential before you plan to get one:

1. You need to inform the insurance company about the accident or damage to the vehicle as soon as possible

2. Check the list of network garages near you and drive to the nearest one

3. In case the car is not in the condition to be driven, it will be towed to the garage

4. The insurance company may send a surveyor to the accident site, or they will assess the damages at the network garage

5. The surveyor inspects the vehicle at the garage to check the damage and provides an estimate for the repair work

6. The repair work begins once the insurance company approves the estimate

7. The garage provides all relevant invoices to the insurance company for examination

8. You need to pay the deductible and depreciation amount, and the insurance company directly pays the remaining amount

There are multiple ways you can check for network garages. Here are some of them:

• Check the Insurance Documents

The paperwork that you receive after getting the policy includes the list of network garages.

• Contact the Insurance Company

If you do not find the information in the insurance documents, connect with the customer care team of the insurer and get the details directly.

• Search on the Insurer’s Website

Another way is to check for the list of network garages on the official website of the insurance company.