Cashless Facility in Commercial Vehicle Insurance

Purchasing a commercial vehicle insurance policy online is not a difficult task now thanks to the super speed of the internet and the simple online purchase process of insurance providers. Nowadays, commercial vehicle insurance plans come with a lot of features that make sure the smooth vehicle insurance claim process and as a policyholder, you avail cashless facility under your commercial vehicle insurance policy as easy as possible.

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However, if you are new to vehicle insurance or do not know about the cashless facility to feature provided in a commercial vehicle insurance policy, you should read this article to know more about it.

What is Cashless Commercial Vehicle Insurance Policy?

To make the complete commercial vehicle claim process simple and hassle-free, the vehicle insurance providers offer a cashless claim settlement facility for its policyholders against repairs. This process is done by the insurance providers who have tie-ups with some garages (basically vehicle repair workshops). At its partner garage, the insurance provider settles the commercial vehicle insurance claim directly. This means, a policyholder does not have to pay the repair cost by him/herself, instead the insurance company settles the claim directly with the network garage. Therefore, in a cashless claim settlement facility, you do not have to pay anything to the network workshop for the repairs of your commercial vehicle except your liabilities.

In addition to this, in case of a commercial vehicle mishap, you can inform your commercial vehicle insurance company and get your commercial vehicle transported to any of its cashless garages directly. Here, the commercial vehicle is repaired after its full inspection and repair cost is communicated to the insurer and this whole thing is done even without bothering you about the same. Therefore, at the time of commercial vehicle insurance policy purchase, you must look into the number of cashless garages of the insurer. This is because, the wider its network, the better it is to get the cashless service.

Advantages of Cashless Commercial Vehicle Insurance Policy

Opting for a cashless commercial vehicle insurance policy provides you the following benefits:

  • Service Priority: The cashless garages of the insurance providers give priority in service to the policyholders of its partner insurance companies. Therefore, at these network garages, you can expect speedy repairs of your damaged commercial vehicle. Moreover, the payment process as well gets completed without hassle because the garage gets in touch with the insurance company directly.
  • To Get a Hassle-Free Service Experience: As it is a cashless workshop of the insurance company's network, you can ensure the hassle-free process of the claim as the insurer handles everything by itself. As a policyholder, you do not have to pay for the replacement of your commercial vehicle's parts or its repairs at a network garage of the insurer.
  • Faster Claim Settlement Process: The cashless claim settlement happens in a faster manner as compared to the reimbursement facility which takes approximately seven to 10 days in a settlement. As the insurer refers to the report of its surveyor for claim approval and the repair work starts only after that, so the insurance claim settlement process is bound to be fast.
  • You Get Quality Service: Almost all insurance companies try to provide quality service to their customers or policyholders. So to ensure such service, the insurance companies tie-up with the best vehicle workshops or garages that fulfill their repair quality criteria. With this approach, as a policyholder, you tend to get better repair service for your commercial vehicle.
  • Transparency: As the surveyor of the insurance company gets involved in the cashless claim settlement process directly, the complete claim settlement process becomes highly transparent.

Steps to Make Cashless Commercial Vehicle Insurance Claim at Network Garage:

You must follow the below steps to make a cashless claim in any of the network garages of your commercial vehicle insurance provider:

  • Step 1: In case of damage to your commercial vehicle, inform your insurance provider as soon as possible. Make sure that you inform about the vehicle's most damaged parts. Later drive or tow your commercial vehicle to the nearest network garage of the insurer.
  • Step 2:Complete all the documents of the policy and get approval for cashless repair. Additionally, you may be needed to pay for the depreciation of a few parts of your vehicles and you may have to pay the deductibles (if any).
  • Step 3: After completion of the repair work, an invoice for the same will be raised for the insurance provider on behalf of the network garage with all the necessary documents. After verifying and assessing all the documents, the insurance provider would release the repair cost.
  • Step 4:The insurance company pays for the damages that are covered under your insurance policy and any type of extra repair cost has to be settled by the policyholder only.

The Final Words!

Overall, it can easily be summarized that cashless commercial vehicle insurance can make the claim settlement process quick and easy. It is one of the convenient ways to get the claim settlement of your commercial vehicle. Moreover, the quality of service and repair quality offered by the network workshops for sure increases the level of customer satisfaction.

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