Thursday, May 22, 2014

Cashless Motor Insurance

Download Tax Saving Mutual Fund Application Forms

Invest In Tax Saving Mutual Funds Online

Buy Gold Mutual Funds

Leave a missed Call on

94 8300 8300

 

Cashless Motor Insurance

Hurdles such as approvals for repair and fixed rates can make the process time consuming

 

The pitch ' our insurance company has tied up with 1,600 garages' seems attractive to buy cashless motor insurance. However, this means little if the garages aren't located close when needed.

As is the case in the health segment, insurers offer cashless motor insurance, too, provided you choose to go to a garage that is part of the insurer's network. These schemes are gaining popularity— about 80 per cent of claims are from such policies, say industry players. For cashless motor insurance, most companies have a reasonable number of tie- ups. For instance, Bajaj Allianz has tie- ups with about 1,700 garages, while HDFC Ergo has tie- ups with about 1,600 garages across the country.

Such schemes are convenient:

 

If a network garage is located close to your residence, simply walk in for repairs after you have taken the approval of the company.

Another major advantage is customers need not pay the money upfront, as the insurance company concerned already negotiates and fixes the rates with the garage for tasks such as painting, denting and replacing spare parts.

Typically, if the insurance policy is bought from an authorised agent/ dealer of the manufacturer, the cashless facility is assured across the company's network in India, says Vijay Kumar, chief technical officer at Bajaj Allianz General Insurance. But in this case, the premium might be marginally higher, as it is customised for the manufacturer concerned for assured quality of repair, use of genuine parts and ease in the claim- handling and the repair processes. If you are buying a policy on your own, check for the number of garage tie- ups the insurance company has and whether the garages are authorised or capable of servicing claims for the vehicle- make owned by the customer.

Only in case of the roadside garage is the cashless facility not available, because these tend to be unauthorised and do not conform to certain standards. If you have a luxury car and a preference for a trustworthy garage, don't go for a cashless policy. Remember, if you don't have a cover such as a depreciation cap, you will have to pay the depreciation amount from the admissible claims. Also, the approval for repairs can be time- consuming. If the damage is a minor one and you want to address it quickly, or if the vehicle is old, maybe reimbursements are a better option.

So, while the cashless facility is preferred for private cars, in case of two- wheelers, not too many prefer it. It is also possible the garage might tell you for the rates fixed, you might not get the best possible work done. So, if you want better service you might have to pay additional charges or compromise on the quality

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

Leave a missed Call on 94 8300 8300

Leave your comment with mail ID and we will answer them

OR

You can write back to us at

PrajnaCapital [at] Gmail [dot] Com

---------------------------------------------

Invest Mutual Funds Online

Invest Any Mutual Fund Online

Download Mutual Fund Application Forms from all AMCs

Download Mutual Any Fund Application Forms

---------------------------------------------

Best Performing Mutual Funds

    1. Largecap Funds Invest Online
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Franklin India Bluechip
      4. ICICI Prudential Top 100 Fund

B. Large and Midcap Funds Invest Online

      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
      4. Birla Sun Life Front Line Equity Fund
      5. Franklin India Prima

C. Mid and SmallCap Funds Invest Online

      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
      5. Birla Sun Life Dividend Yield Plus
      6. SBI Emerging Businesses Fund
      7. HDFC Mid-Cap Opportunities Fund
      8. ICICI Prudential Discovery Fund

D. Small and MicroCap Funds Invest Online

      1. DSP BlackRock MicroCap Fund

2.Franklin India Smaller Companies

E. Sector Funds Invest Online

      1. Reliance Banking Fund
      2. Reliance Banking Fund
      3. ICICI Prudential Banking and Financial Services Fund

F. Tax Saver Mutual Funds Invest Online

1. ICICI Prudential Tax Plan

2. HDFC Taxsaver

      1. DSP BlackRock Tax Saver Fund
      2. Reliance Tax Saver (ELSS) Fund

G. Gold Mutual Funds Invest Online

      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund
      4. Birla Sun Life Gold

H. International funds Invest Online

1. Birla Sun Life International Equity Plan A

2. DSP BlackRock US Flexible Equity

3. FT India Feeder Franklin US Opportunities

4. ICICI Prudential US Bluechip Equity

5. Motilal Oswal MOSt Shares NASDAQ-100 ETF

0 comments: