What are the exact steps to be followed to make a cashless claim?
When making a cashless claim, the following are the steps the policyholder must perform for ease of claim settlement:
- Immediately after the vehicle is involved in an accident, the insured must contact the insurance company and report the incident. The insured is also required to inform the police and file an FIR if there are serious injuries or death following the accident.
- The insurance company will get the vehicle towed to a network garage where the vehicle will undergo a physical inspection. The policy holder must not attempt to move the vehicle by himself without informing the insurance company.
- The network garage will make estimation for the repair work, and this will be examined by the insurer. Following this, with the approval of insurer, the repair work will start.
- The service station then repairs the vehicle and submits the relevant bills to the insurance company. The insurer will examine the bills and other documents submitted.
- Once all the evaluation and verification is done, the claim pay-out process will start. The insured will have to pay the amount equivalent to deductibles and depreciation. The insurance company will pay the remaining amount directly to the network garage.
- In a total loss situation, if the car was damaged beyond economical repair, the insurance provider will make a payment to the customer that is equal to the market value of the car after accounting for depreciation.