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Wondering Which is the Best Cashless Insurance Provider in India? Here are the Top 5 picks for you!

Ramesh, a self-employed professional, does not like carrying loads of cash. Hence, he always carries a card to pay for all his needs.

But, despite being an ardent fan of the digital India initiative, he never thought about getting cashless insurance. Once, he decided to go for a vacation with his family, and much to his dismay, his car malfunctioned in a village with no ATM in the vicinity. To add to his worries, he did not have much cash with him. This prompted him to wonder that things would have been better if he had access to a cashless garage and motor insurance plan.

This article is for people like Ramesh who want to know more about cashless motor insurance. So, get ready to receive every big and small detail about cashless insurance and learn about the top-5 companies providing such policies.

What is Cashless Insurance?

The cashless insurance plan can be a blessing for those who do not like cash transactions. It is also beneficial when your motor vehicle is driven by a third party, such as a driver.

If you have an active cashless motor insurance plan, you can conveniently park your vehicle at the nearest partner service station and ask them to repair it. You can present them with the cashless insurance card provided by the insurer to care for the bill. The insurer evaluates the service station bill and policy terms and pays the service center directly.

The cashless insurance plan can be a lifesaver since it gives you the liberty to choose the service station and repair your vehicle without spending anything from your pocket.

Who Can Buy a Cashless Insurance Policy?

Generally, you can get cashless insurance for free when you buy a comprehensive motor insurance plan. However, some insurers may charge something extra to provide you with the facility. Not only new car buyers but used car owners can also avail this facility.

Now that you know what cashless insurance is and how to get one, explore the top-5 insurers in the segment in 2021.

The Top-5 Cashless Insurance Providers in India in 2021

Here are the five best cashless motor insurance providers in 2021:

1. HDFC ERGO

HDFC ERGO is one of the biggest insurers in India and is a joint venture between HDFC Ltd. and ERGO International AG. They offer a wide range of insurance products in motor, health, home, travel, and personal accident segments. They also offer property, liability, and marine insurance for corporate entities. HDFC ERGO has more than 200 branches in over 170 cities. 

HDFC ERGO’s comprehensive motor insurance plans start from a lowly INR 2,072 per annum. It has partnered with more than 7,000 cashless garages across India. The company takes pride in announcing that they settle 80% of the claims on the same day.

HDFC ERGO offers incredible discounts of up to 70% on online policies. Moreover, you can also benefit from their overnight repair service facility. Additionally, the 24×7 roadside assistance facility is enough to keep you stress-free.

Hence, HDFC ERGO can be your best choice should you want a one-year or three-year comprehensive cashless insurance policy.

2. ICICI Lombard

ICICI Lombard General Insurance Company provides cashless insurance to all eligible applicants. It is one of the best and most popular general insurance companies in India. Besides motor insurance plans, the company also caters to segments like health, home, travel, etc.

ICICI Lombard’s cashless insurance policies start from INR 2,879 per annum. You can save almost 78% on your premium by buying the policy online. Moreover, they provide an instant no-paperwork e-policy on your email. The company has partnered with more than 9700 cashless garages in India to offer a seamless service to its customers. You can file a claim through their mobile app – the IL Take Care app.

If affordable premiums, fast renewals, and instant claim settlement are all you need, ICICI Lombard can be an excellent choice for you.

3. Bajaj Allianz

Bajaj Allianz General Insurance Company Limited is a collaboration between Allianz SE and Bajaj Finserv Limited. It has an extensive branch network in over 1,100 cities and towns. The company received the coveted ‘Best Insurer in India 2020’ award at the IDC Financial Insights Innovation Awards.

Bajaj Allianz’s cashless motor insurance is unique for several reasons. You can get zero depreciation, 24×7 spot assistance, key and lock replacement cover, engine protector cover, and conveyance benefits. The company has 4000+ network garages and a claim settlement ratio of 88.83%.

Hence, if you want a no-frills insurance purchase process and cashless garage service in prominent Indian cities and towns, Bajaj Allianz can be your go-to insurer.

4. IFFCO Tokio

IFFCO Tokio is a joint venture between the Indian Farmers Fertiliser Co-operative Limited (IFFCO) and Tokio Marine Group. IFFCO has a 51% stake in the company, whereas Tokio has a 49% stake.

IFFCO Tokio has partnered with over 4,300 garages in India to provide cashless insurance to its customers. Their claim settlement ratio is a high 98.35%. They offer 24×7 helpline support for all insurance and claim-related needs. Moreover, you can save up to 70% on premiums by purchasing the policy online. Since the company follows an app-based claim settlement process, they settle most claims within four (4) hours.

Hence, if you want to purchase a motor insurance plan from a company with a fantastic claim settlement ratio, look no further than IFFCO Tokio.

5. Royal Sundaram

Royal Sundaram General Insurance Co. Limited is a name to reckon with in the motor insurance segment. While Sundaram Finance has a 50% stake in the company, Ageas Insurance International N.V. owns 40% of the company. 

Royal Sundaram ensures almost 80% savings on the cashless insurance premium on online purchases. It has an impeccable track record of settling over 98% of all claims filed by policyholders. The company has tied up with over 3,300 cashless garages in India to provide no-frills car repairing to its customers. Royal Sundaram also provides 24×7 emergency assistance and an app-based claim settlement process.

Hence, if you are looking for an ultra-modern insurer with a rich legacy, Royal Sundaram can be your best choice.

Get a Cashless Motor Insurance Plan Before It’s Too Late

Getting the best cashless insurance policy is as easy as 1-2-3. Visit the IIFL Insurance official website now and get the best quotes from top insurers in two minutes.

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