Buying a car is an experience, and protecting it from unexpected damages is the responsibility of any four-wheeler owner. Car insurance protects you from any financial burden due to unforeseen contingencies. Additionally, according to the Motor Vehicles Act, 1988, having third-party car insurance is mandatory before getting your vehicle on the road.
Since car insurance policies are only valid for a limited period, renewing them before their expiry date is important. This is because a comprehensive car insurance policy financially protects you from the loss or damage caused during events like natural disasters, fire and theft, among others.
Read on to learn about the significance of car insurance renewal and the options that may suit your requirement.
Importance of renewing your car insurance policy
Here are some reasons why car insurance policy renewal is important:
● Non-renewal is a violation of law: According to the Motor Vehicle Act of 1988, failure to renew car insurance can lead to the owners paying hefty fines. Thus, it is mandatory to have at least a third-party insurance cover for your car.
● Lapse of No-Claim Bonus (NCB): No-claim bonus helps reduce one’s premium during the policy renewal every year. If the policyholder has maintained a claim-free year, they can benefit from the bonus. It offers a discount on the premium for not filing a claim on the insured automobile during the policy period.
● Add-on benefits: While renewing your car insurance policy, you can enhance your coverage by modifying the plan and getting some add-on services.
● Natural disasters/incidents: Natural disasters can strike without any prior notice. Thus, car insurance becomes highly essential in times like cyclones, floods, etc., when the probability of your four-wheeler getting damaged increases.
● Switch your insurer and plan: If your experience with the insurance policy or the insurer has not been pleasant during the tenor, you can opt for a different insurer and a modified plan when renewing the car insurance policy.
It is advisable to evaluate requirements for insurance by comparing different policies before switching to another insurer. This helps you make an informed choice and choose the insurer that provides high coverage at an affordable premium.
Bajaj Finance Limited offers a reliable solution while buying a comprehensive car insurance policy. It also comes with the advantage of renewing car insurance online. Bajaj Finance offers a variety of policies that perfectly suits the needs of car owners.
Benefits of choosing car insurance from Bajaj Finance Ltd.
With easy claim settlement and consistent service across all sectors, Bajaj Finance gives maximum value for the money paid through premiums.
● Hassle-free claim settlement: Bajaj Finance offers 24×7 support and assistance for seamless claim settlement.
● Easy policy renewal online: With Bajaj Finance, you can renew your car insurance policy online instantly with minimal paperwork.
● Convenient procedure: The premium amount for insurance is decided based on the Insured Declared Value (IDV of the vehicle), model, and past claim history, after which the insured value is quoted. With the help of an online premium calculator, one can easily evaluate the IDV of your vehicle and purchase a policy instantly online.
● Wide range of network garages: In collaboration with its partner agencies, Bajaj Finance offers a nationwide network of service centres and garages for immediate assistance.
Bajaj Finance offers car insurance for financial, medical, and personal protection and covers expenses for third-party liabilities. Furthermore, having an insurance policy will prevent you from the burden of bearing any financial loss that may occur in the future to your four-wheeler or a third party.