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How to Renew Your Car Insurance Policy in 5 Easy Steps?

By Finserv MARKETS - Feb 1,2019
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renew your car insurance policy

In the age of the internet, everything has become more convenient and the same goes for car insurance online renewal. Gone are the days, when you had to visit your insurance provider’s branch or schedule an appointment with your insurance agent.

Now you can renew your car insurance online in a few simple steps. Here’s how to do it: –

STEP 1

Choose an insurance provider – When renewing your insurance policy, you have the freedom to opt for the same or different car insurance provider in India. Hence, insurance renewal can be a great opportunity for you to switch policies offering better / enhanced features and wider coverage. Look around and compare car insurance plans from different providers based on factors such as coverage and premium charged. With Finserv MARKETS you can renew your policy within a few minutes without any hassles.

STEP 2

Choose your plan – If you have a third party car insurance, you can consider opting for a comprehensive policy that provides you with a better coverage against accidents, calamities, and theft. If needed, you can also strengthen your insurance coverage by opting for Add-on Covers such as Zero Depreciation, NCB Protection, On-Road Assistance, Engine and Electronic Circuit Cover, Key Replacement, Accident Cover and more. However, you must choose Add-on Covers judiciously as they directly affect your car insurance premium. The more add-on covers you buy, the higher will be your premium.

STEP 3

Fill the car insurance renewal form – Once you have chosen an insurance provider, you need to visit the respective website and fill up the online car insurance renewal form. Fill in your name and contact details along with your car details such as the make-model-variant, registration number, age, claims history, and your location. If you are renewing your policy from the same provider, these details may be auto-populated after logging onto the website.

STEP 4

Make the payment – After filling the car insurance form, your application will be assessed by the insurer. Once the assessment is complete, you can proceed with the payment via different options such as Debit Card, Net Banking, Credit Cards, and Digital Wallets etc. On successful payment, you will receive your policy on your registered email ID within a span of minutes.

STEP 5

Review the policy documents – Once you receive the soft copy of your car insurance policy, verify and validate its contents to ensure that all the details are in place. If you notice any discrepancies regarding your car details or the policy’s coverage, talk to your insurance provider immediately to get the necessary modifications made.

This is absolutely critical as the policy terms and conditions are the basis on which the claim settlement will be carried out.

When it comes to car insurance renewal, timing is everything. If you fail to renew your policy on time you will not only lose the insurance protection but may also end up losing your NCB (No Claim Bonus) which, is nothing but the bonus/discount on the premium that you get in the subsequent policy renewal in case no claim was made during the policy period. Also, it is a lengthy process, the vehicle has to undergo inspection, documentation etc.

Finserv MARKETS offers a simple 5 step car insurance renewal which can be completed in a matter of minutes. If you want to renew your insurance with us, you can do it in a matter of minutes with great ease.

“Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and an 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