Renew your car insurance before you miss your due date with Bajaj Finance
Buying a car is an experience, and protecting it from unforeseen damage is the responsibility of every four-wheeler owner. Auto insurance protects you from any financial burden due to unforeseen events. Also, under the Motor Vehicles Act 1988, it is compulsory to have third party car insurance before you put your vehicle on the road.
Since car insurance policies are only valid for a limited time, it is important to renew them before their expiry date. Indeed, a comprehensive car insurance policy protects you financially against loss or damage caused during events such as natural disasters, fires and thefts, among others.
Read on to learn more about the importance of auto insurance renewal and the options that may suit your needs.
Importance of renewing your car insurance policy
Here are some reasons why auto insurance policy renewal is important:
● Non-renewal is a violation of the law: According to the Motor Vehicle Act of 1988, non-renewal of auto insurance can result in owners paying hefty fines. Thus, it is mandatory to have at least one civil liability insurance coverage for your car.
● Forfeiture of No Claim Bonus (NCB): The bonus-malus allows you to reduce your premium when renewing the contract each year. If the insured has maintained a claim-free year, he can benefit from the premium. It offers a premium discount for not filing a claim on the insured automobile during the policy period.
● Additional Benefits: When renewing your car insurance policy, you can improve your coverage by modifying the plan and obtaining additional services.
● Disasters/Natural Incidents: Natural disasters can strike without warning. Thus, auto insurance becomes very essential in times like cyclones, floods, etc., when the likelihood of your four-wheeler getting damaged increases.
● Change insurer and plan: If your experience with the insurance policy or the insurer has not been pleasant during the term, you can opt for another insurer and a modified plan when renewing the auto insurance policy.
It is advisable to assess insurance needs by comparing different policies before switching to another insurer. This helps you make an informed choice and choose the insurer that offers high coverage at an affordable premium.
Bajaj Finance Limited offers a reliable solution when purchasing a comprehensive car insurance policy. It also has the advantage of renewing car insurance online. Bajaj Finance offers a variety of policies that perfectly suit the needs of car owners.
Benefits of choosing car insurance from Bajaj Finance Ltd.
With easy claims settlement and consistent service across all industries, Bajaj Finance offers maximum value for money paid through premiums.
● Hassle-free claims settlement: Bajaj Finance offers 24/7 support and assistance for seamless claims settlement.
● Easy online policy renewal: With Bajaj Finance, you can renew your auto insurance policy online instantly with minimal paperwork.
● Practical procedure: The amount of insurance premium is decided based on the Insured Declared Value (IDV of the vehicle), model and past claim history, after which the Insured Value is stated. Using an online premium calculator, one can easily assess your vehicle’s IDV and purchase a policy instantly online.
● Wide range of networked garages: Together with its partner agencies, Bajaj Finance offers a national network of service centers and garages for immediate assistance.
Bajaj Finance offers car insurance for financial, medical and personal protection and covers expenses for public liabilities. In addition, having an insurance policy will prevent you from bearing any financial loss that may occur in the future to your quad or to a third party.