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Monthly Car Insurance Plan

By Finserv MARKETS - Sep 15,2020
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Short Term Car Insurance

Driving on Indian roads requires you to compulsorily carry documents such as your driving license and insurance. Third party insurance is mandated by the government as a required document that every driver has to carry every time they are driving a car on Indian roads.

When you opt for a car insurance policy, make sure you opt for the comprehensive plan that offers extensive coverage. The premiums you pay will be reasonable, compared to the significant number of benefits you get. You can settle claims in a cashless manner at more than 4,000 network garages across the country; and even avail 24×7 roadside assistance which can be extremely useful if your car meets with an accident in a remote area.

But, if you do not use your car daily and can easily manage your regular commute without a car, you may find the annual insurance plan inappropriate. Instead, you can opt for a 1 month car insurance plan that offers you comprehensive benefits of an annual plan for that period of time alone.

Monthly Car Insurance Plan

A 1 month insurance plan will ensure that you avail all the benefits of an annual car insurance plan, but for a flexible duration and at a much cheaper rate. When you only plan to drive the car for a month or lesser, a 1 month car insurance plan is a much more reasonable option.

When Would I Need 1 Month Car Insurance?

A 1 month car insurance policy could come in handy in case of many situations, such as those mentioned below:

  1. When you are planning to hire a temporary driver for a few days, it is best to get an insurance that covers the new driver as well
  2. When you buy a new car in the middle of your existing car insurance policy, and do not wish to change your policy mid-year
  3. If you are planning to take a car trip for a short period of time, and you do not have an existing policy
  4. When you borrow your friend or family member’s car for a short period of time.

Why Choose 1 Month Car Insurance?

A temporary car insurance policy is ideal for a range of situations. Read on to learn about why you should choose a 1 month car insurance policy.

  1. A temporary car insurance policy, such as a 1 or 6 month car insurance policy, will offer all the benefits of a comprehensive car insurance policy.
  2. If you do not use your car frequently, it is best to avail a temporary car insurance plan that offers you coverage for a shorter duration of time at a significantly cheaper rate. It is much more cost-effective to get a 1 month car insurance policy.
  3. Since it is now a relatively simple process to get car insurance online, you can easily avail a policy that fits exactly in line with your requirements and thereby ensure you get the necessary coverage without having to spend a lot of money on it.

How to Calculate 1 Month Car Insurance Premium?

Similar to comprehensive car insurance, premiums for a temporary coverage also is dependent on a range of factors. These include details of both the driver and the car. The premium would be calculated on the basis of the driver’s age and their experience in years of driving; as well as on factors such as the make of the car, its age and its condition as well.

Benefits of Buying 1 Month Car Insurance:

There are several situations where a temporary car insurance policy is more beneficial as compared to an annual plan. Read on to learn more about these benefits.

  1. In case you have two vehicles, of which you do not use one too frequently, a 1 month car insurance is ideal for the times you want to take it for a spin.
  2. A 1 month car insurance is ideal when you are learning to drive in a vehicle that is not frequently used or does not belong to you.
  3. A 1 month car insurance is ideal when you are unsure of the policy you wish to ultimately purchase for protecting your car.

How to Buy 6 Month Car Insurance?

Car insurance policies are usually offered for a period of either 1 month or on an annual basis. If you do require a 6 month car insurance policy, it may be best to reach out to your regular insurer who offers flexible rates and customise your policy according to your precise requirements.

While choosing an insurance cover, it is also very important to take your requirements in consideration. While some opt for a 1 month or a 6 month plan, some find the annual plans very beneficial. If paying for an annual plan seems costly to you at the moment, you can always opt for car insurance on EMI at Finserv MARKETS using your EMI Card. That way, you will be able to protect your vehicle with a customized plan that suits your needs without having to compromise due to insufficient funds. While most car insurance plans available on Finserv MARKETS come at affordable premiums, you also get benefits such as cashless servicing at more than 4,000 network garages across the country and 24×7 roadside assistance.

Conclusion:

While an annual policy is required by regular drivers, a 1 month car insurance policy is ideal for those who only want the coverage for a short duration of time. So make a note of your needs and make an informed decision!

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.

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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