A Detailed Guide to Cashless Car Insurance Policy

Published on: 10 November 2020 Last Updated on: 26 October 2023

As a responsible car owner, you must take the utmost care to ensure that you follow all traffic and safety rules. Wearing a seat belt, obeying the traffic laws, maintaining adequate distance between two vehicles, and driving within the speed limit are some of the safety measures. However, even if you follow all rules, there is always a fear of accidents because of numerous vehicles, reckless drivers, and other third-party issues.

An accident can cause significant damage to your vehicle, which may result in huge financial expenses. Hence, in such contingencies, an insurance policy for cars can provide much-needed financial aid. Moreover, it is mandatory to have car insurance in India. If you drive your car without an active car insurance policy, you will be charged a penalty or even imprisoned in certain cases.

Car insurance covers medical expenses, property damage, and even third parties. Compulsory third-party insurance covers the owner or driver of the vehicle against claims for personal injuries caused to other people in a road accident. Car owners can obtain a CTP green slip quote from a reputable insurance provider nearby or online in areas where this insurance is mandatory.

There are different kinds of insurance products available in the market. One of the most popular insurance policies is a cashless car insurance plan. A cashless policy can save you from spending hard cash while extending the requisite financial coverage.

Below is a detailed guide to cashless car insurance:

What is a cashless car insurance policy?

A cashless policy allows you to get your car repaired without making any cash payment. The expense of repairs is borne by the cashless car insurance policy, unlike a general insurance plan where you are liable to pay for expenses and then file for reimbursement. A cashless car insurance plan will include a network of garages where you can get your car fixed without paying any money. This is also inclusive of online 3^rd party car insurance.

What does the cashless car insurance policy cover?

A cashless insurance cover allows you to get your car refurbished without paying any money. The payment is directly settled by the insurer and is included as a part of your insurance contract. However, the policy excludes deductibles and depreciation, which are explained below.

Deductibles: It is the amount that you have to pay while raising a claim. For instance, if you are filing a claim of 20,000 and the deductible is Rs. 2,000. Then, the insurer shall make the payment of Rs. 8,000 subject to other terms and conditions.

There are two types of deductibles, compulsory and voluntary. Both are decided at the time of buying the policy. A compulsory deductible is mandatory, and you are required to pay your component of the final amount at the time of claim. Whereas, a voluntary deductible is what you agree to pay, in addition to the compulsory deductible.

Depreciation: The value of an asset decreases over time due to the use, wear, and tear or obsolesce. Depreciation is the reduction in the value of the car or any of its parts. The insurer deducts the value of depreciation before releasing the payment. Depreciation is calculated according to the life of the asset at the rates listed by the Insurance Regulatory and Development Authority of India (IRDAI).

What is an authorized garage?

An authorized garage forms a part of a network of workshops that have entered into an agreement with the insurance company. Workshops meeting predetermined selection criteria get added to the list of the authorized workshops. They offer cashless repair services for insurance policyholders. The repairs are undertaken by trained mechanics who maintain transparency in the pricing. Moreover, the workshop issues the initial estimate of repair expenses, which is reasonably accurate.

What are the benefits of a cashless policy?

The key advantage of a cashless policy is that the insurance company settles the cost of damages directly with the authorized garage. You need not incur expenses before raising the claim. Hence, there is no financial stress to arrange funds for repair. A good insurance company will have a large network of authorized garages across the country, which further makes the cashless claim process smoother.

How to buy a cashless car insurance policy?

You can purchase a cashless plan by visiting the nearest branch office of your chosen insurance company. The documentation process is simple and quick, but you would need to go to the branch in-person.

Alternatively, you can buy insurance online. Online car insurance India brings in more transparency and convenience in the entire process. Moreover, in the current pandemic situation, the IRDA has abolished the need for submitting the documents or application form in hard copies. The insurer can share the policy document on your registered e-mail ID or mobile number, which shall be treated as a valid physical document.

Overall, given the number of rising accidents today, a comprehensive car insurance policy has become more of a necessity than a choice. If you fear the cumbersome claim process and want an easy way out, buy cashless car insurance online at the convenience of your home. The policy protects your vehicle and also assures your hassle-free settlement at all times.

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Similar to Experian's report, Equifax's business credit report will be correct, but it will give you your true score. Similar to the Experian's report, the Equifax report, and the Experian's annual report, both will be true values and represent the true credit standing of your company, not just the credit standing of the company you work for. And, much like testimonials, Equifax business reports and testimonials will be correct, and both will give you true scores. You don't have access to Equifax's business credit report and Experian's free version of the annual report, but if you do, you'll be doing a lot more than the Experian's report, and even better than the annual report. Is Getting Access to a Business Credit Report Easy? Getting access to a business credit report is not as easy as getting your personal credit reports, but it's worth it nonetheless. Just as you can get personal credit reporting free of charge, so can corporate credit reporting. The corporate credit reports are the data that credit agencies have to work with, not just the annual report and the personal report. Business credit ratings are based on the information in your business credit report and measure the creditworthiness of your company. While most credit bureaus give you a single score of 1a100, the Equifax corporate credit report provides a variety of different scores, such as 1.5, 2, 3, 4, 5, 6, 7, 8, 9, and 10. It has the added advantage of providing more information than what you get from any of the other credit institutions, and it provides more data than most of their personal credit reports. Equifax, like the other credit reporting agencies, uses data from the US Department of Justice and the Federal Reserve Bank of New York to produce its credit report. Like your personal credit score, your business credit report gives you an idea of how your business is, and it can also be created by the same credit institution that offers you a personal credit report score. Equifax provides a website where you can check your credit rating and other information such as income, employment history, tax returns, and other personal information. What are some Important Details you should cross-check on the Credit Report? Before you receive your business credit report, it is important that you review all of this information in detail, including your name, address, telephone number, email address, and other personal information. It gives you a set of tools that will help you learn how to create business loans, as well as access information about your credit history and creditworthiness. The reason you want an Equifax business credit report is the same as the reason you want it: to gain a better understanding of your company's financial health. It will help you understand and improve the credit standing of the company, which is as important to the financial health of a company as it is to its financial performance. Another provider on the market is Reporting Accounts, they offer free and paid reports which is a good way to get some initial free information before deciding if you want to dig deeper into a company’s financial position. Read Also: 5 Smart Ways to Boost your Credit Score 7 TIPS TO REDUCE CREDIT CARD BILLS

A Detailed Guide to Cashless Car Insurance Policy

What is a cashless car insurance policy?

What does the cashless car insurance policy cover?

What is an authorized garage?

What are the benefits of a cashless policy?

How to buy a cashless car insurance policy?

Features To Ensure Success Of Your Money Saving Service

Bankruptcy Means Test: Why It Matters?

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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A Detailed Guide to Cashless Car Insurance Policy

What is a cashless car insurance policy?

What does the cashless car insurance policy cover?

What is an authorized garage?

What are the benefits of a cashless policy?

How to buy a cashless car insurance policy?

Share this Article

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Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

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