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Can I Make Changes in My Existing car insurance Policy?

By Finserv MARKETS - Mar 23,2019
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Can I make changes in my existing car insurance policy?

Life is always in a constant state of flux and we understand that your car insurance policy needs to keep up with your ever-changing needs. With Finserv MARKETS, you can enjoy the utmost flexibility when it comes to policy modifications. If required, you can make changes to your policy at any time. Whether you want to change minor details like your name, address, phone number etc. or enhance your policy coverage, visiting our website is all it takes.

Importance of Updating car insurance Plans

It’s important to update your policy if there are any changes to the information that you provided initially. Having outdated information in your car insurance will cause unnecessary delays at the time of claim settlement process. Hence, it’s advisable to inform your insurer immediately about any changes so that your policy information can be updated. If you don’t, your policy could become invalid and you may lose out on insurance benefits. However, it’s important to bear in mind that you can’t backdate any changes once your policy is live, so remember to make the changes carefully as they will be effective immediately.

What are the type of changes you can make to your car insurance Policy?

Here are some examples of the types of changes you can make to your car insurance policy:-

  • Updating new vehicle details if you bought a new car
  • If you have made any vehicle modifications, including changes to the engine, suspension, brakes, body, exhaust or wheels, you’ll need to inform your insurer
  • Change of address
  • Change in marital status
  • Change of occupation
  • If you are involved in a motor accident or are involved in any third party motor claims
  • If you develop a medical or physical condition that affects their driving ability
  • You want to enhance or reduce your policy coverage
  • You want to change the class of use for your car

How to make the changes to your car insurance policy?

With Finserv MARKETS, you can easily make changes to your car insurance policy online. Please visit the customer portal on the Finserv MARKETS website and submit the request for the changes to be made.

What will happen if my policy details change?

Once you have intimated your insurer about the changes, they will update your car insurance policy, and if necessary, will make any adjustments to your insurance premium. You will then be sent your new insurance policy documents to confirm the updated changes. If you have upgraded your coverage, you will also be issued an updated Policy Payment Arrangement Document to confirm the new payment details.

To know more on car insurance in depth, you can check out these blogs:

Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment, and exclusive EMI store, all under one roof- anytime, anywhere!

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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