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6 Important Benefits of Car Insurance Renewal

By Finserv MARKETS - Jun 3,2019
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6 Important Benefits of Car Insurance Renewal

A car insurance policy can be likened to a guardian. The right policy will help you restore any damages caused to your car. Repairing even a small dent or scratch can cost you a lot of money. And the moment your insurance cover expires, your car, as well as your finances, become vulnerable to damage. Which is why it’s important to renew your car insurance on time. Failing which, you will not only attract fines but will also be vulnerable to huge financial losses. Thus, insurance renewal is something that you must not skip at any cost. Here are some key benefits associated with car insurance renewal:-

Third Party Coverage

Most accidents cause damage to other individuals or property; in such cases, your insurance will ensure financial protection. The third party car insurance will compensate for any expenses arising out of the accident and cover the legal expenses as well. This includes injuries leading to disability or the death of a third party individual or damage to property or building.

Comprehensive Coverage

With comprehensive insurance, you can be assured of coverage against numerous risks such as theft, vandalism, natural calamities, collisions, riots etc. Therefore, by ensuring timely renewal of your car insurance policy, you can secure protection against most risks on the road.

Freedom to Switch Insurer and Cover

If you are not satisfied with your current insurance provider, you have the freedom to opt for a policy from another insurer. That way, you can opt for a policy with better coverage and features during renewal.

No Claim Bonus (NCB)

If you opt for renewal of car insurance without raising a claim during the previous policy period, you will be eligible for the No Claim Bonus. The NCB discount starts from a minimum of 20% for the first year and can go up to 50% for the first consecutive claim free year.

Online Car Insurance

If you don’t have an online insurance policy, renewal is the right time you can switch to one. During renewal, you can switch to an online insurance policy with better features and affordable premium. Moreover, it is simple to renew car insurance online and it can be done with just a few clicks.

Retain Your Policy Benefits

If you let your policy lapse, you could risk losing your no claim bonus. By renewing your policy on time, you can retain your No Claim Bonus even if you switch to another insurance provider. Moreover, if you keep a long gap between renewals, there are high chances that you will receive expensive quotes from car insurance providers.

Clearly, timely insurance renewal is the key to enjoying seamless insurance protection. Car Insurance renewal at Finserv MARKETS is a simple and straightforward process. Moreover, with Bajaj Allianz car insurance renewal, you can enjoy exclusive benefits like cashless claim facility across 4000+ garages, quick claim settlement, round-the-clock assistance and much more. To buy or know more about car insurance renewal visit our platform.

To know more on Car Insurance in depth, you can check out these blogs:

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522