Cashless Claims: Understanding the Convenience of Online Car Insurance Services!
Time and money both have a significant importance in our world because we live in a capitalist society! Technology has always been helpful in changing the way things work in the insurance industry, and the cashless car insurance claim is one of the best pieces of evidence of that.
When one buys car insurance online, one expects convenience and efficiency, too! Having bumper-to-bumper car insurance isn’t enough; one must receive the utmost comfortable and effective service from the insurance providers. This is to say that the best-of-the-best car insurance policy won’t be beneficial if the services are far behind.
As a concept, cashless claims have been a standout in the insurance industry. It has changed the way policyholders need to raise a claim. The other way was calling the company or your agent and filling out some forms, doing paperwork, and getting the claim.
Until then, your car remains in the same state, or you would have to collect cash in order to get the repairs or replacements done. With the uncertainty of the claim being rejected, it was too much work. But cashless claims have revolutionised the way the industry works, and it is a huge evolution.
You must understand how it works and how it benefits the policyholder in order to fully comprehend its significance in the insurance world!
Cashless Claims: The Functioning
Suppose you are a policyholder with a reputed insurance company (e.g. TATA AIG), and you experience a road accident. If you have an option of raising a cashless claim through your cashless car insurance policy, you must follow the given steps. This will help you get the claim effortlessly.
- First things first, inform your insurance providers. How? You can call the insurance company, email them, or visit their website. Most of the insurance companies have a section on their website where you can raise a claim for the accident.
- Provide all the necessary information they ask for. It might be photographs of the car, some witnesses, any video you have of the incident (CCTV footage), the model, policy number, etc. You need to let the company know about everything.
- Once that is done, the insurer will guide you to a network garage. Network garages are places registered with the insurance company; they have a tie-up. A reputed insurance company will usually have a huge network of such garages.
- Once the complaint is registered with the company, the company allocates a surveyor on the case. This person will inspect, verify, and forward your case to the main authorities. In case of an accident, this surveyor visits the location of the incident, and in case of theft, the surveyor will wait for the police verification.
- The surveyor will verify whether the information provided is valid and authentic or not. This is the primary job of that person. Her decision will determine the story of your case. After checking the authenticity, if the surveyor finds it false, your claim is rejected.
- In case of authentic claims, the surveyor inspects further to calculate the estimated amount required for repairs or replacement. The surveyor talks with the person in charge of the network garage and asks for the estimated repair charges.
- After this, the surveyor settles the bill with the garage. If voluntary deductibles are applicable, you must pay the remaining amount to the garage.
Cashless Claims: Benefits
- Increased Efficiency
The nature of raising a claim has changed, and with it, the efficiency of the process has increased. You can see how seamless the process has become because of technology and the internet. You don’t have to go to the company’s doorsteps and follow a long procedure. It is time-efficient and cost-effective, too!
- No Cash Hunt Needed
The biggest relief in this process is that you don’t need to go looking for and collecting cash immediately for your repairs or replacements. That is an outdated concept now. You don’t need to liquidate your savings or investment until the company pays you back for the expenses. Also, doing all of that at the risk of your claim getting rejected was a huge task, too.
- Increased Accessibility
It is such a relief that the companies have become more accessible and better able to connect. In cases of emergency, you need someone to lean on. Who better to do that than the company you are paying for the same reason? Quick contact, rapid solutions, and an easy claiming process have made it better. It gives the policyholders peace of mind and ease in times of crisis.
The evident shift of all businesses and enterprises to online and technical platforms shows the demand and change in customer habits. With the change in procedures and speed, customer’s patience changes, too.
With cashless claims, the insurance industry has spotted just that. With many other changes like online car insurance, online renewal of your four wheeler insurance policies, and online verification, raising a claim had to change, too.
Hence, this rather physical procedure became half physical, half online. We found the mean, and the formula became better and easier.