Motor Insurance Payment in Easy EMIs

A motor insurance policy can help lower your out of pocket costs in case you need to repair any damages to your vehicle. Since motor insurance can get quite expensive depending on the vehicle that you own, you may find it difficult to pay the annual premium outright. 

Fortunately, you can opt to pay the premiums in easy Equated Monthly Instalments (EMIs). Here, the lump sum annual motor insurance premium is split into several smaller amounts payable over a period of time. This significantly reduces the financial burden of motor insurance policies.  

Opting to pay for insurance through EMI makes it more affordable and ensures that your motor vehicle gets the protection that it deserves.

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Overview 

Car insurance is mandatory for every car on Indian roads. A car insurance will help avoid penalties and also, tide over financial liabilities incurred due to unforeseen events. The penalty amount for driving uninsured vehicles has been hiked recently. It is better to insure our precious cars to protect them from any damage or theft. If you cannot pay the whole amount essential for a car insurance, you have the option to pay car insurance on EMI and not disturb your budget.  You can pay for premiums of car insurance or two-wheeler insurance or commercial car insurance on EMI basis. Bajaj Markets provides car insurance on EMI basis with Bajaj Finserv EMI Network Card. Let us check out the details here.

How to Pay Car Insurance in EMI 

Here is how you can pay car insurance with EMI. Follow the steps mentioned below.

 

Step 1: Visit the Bajaj Markets website and go to the page with ‘Car Insurance Premium Calculator’ 

 

Step 2: Enter your car details and personal information on the form available on the page. 

 

Step 3: A set of car insurance options will appear on the screen. You can also check out the car insurance EMI offers. Choose an appropriate car insurance plan that suits your needs. 

 

Step 4: Select any add-on covers you may wish to buy with your policy and upload the required documents. 

 

Step 5: When you are processing the premium payment for your chosen car plan, select ‘EMI Card’ as the payment method for car insurance EMI option.

 

Once done, your car insurance plan will shortly be activated and the details will be sent to your registered email.

How to Pay Commercial Vehicle Insurance on EMI

Take a look at the ways you can pay commercial vehicle insurance on EMI. Follow the steps mentioned below.

 

Step 1: Visit the Bajaj Markets website and go to the page with ‘Car Insurance Premium Calculator’ 

 

Step 2: Enter your commercial vehicle details and personal information on the form available on the page. 

 

Step 3: A set of commercial vehicle insurance options will appear on the screen. You can also check out the EMI offers. Choose an appropriate commercial vehicle insurance plan that suits your needs. 

 

Step 4: Select any add-on covers you may wish to buy with your policy and upload the required documents. 

 

Step 5: When you are processing the premium payment for your chosen car plan, select ‘EMI Card’ as the payment method for the EMI option. 

 

Once done, your commercial vehicle insurance plan will shortly be activated and the details will be sent to your registered email. 

Pros and Cons of Paying Car Insurance on EMI 

Every plan has some pros and cons which you should consider. When you select the EMI option for car insurance, you have to understand the advantages and disadvantages it offers. 

Advantages

Disadvantages

No need to bear the financial burden of paying a huge amount at once.

No options for discount that you could get from a single payment.

Possible to switch insurance companies midterm.

Inconvenience caused by monthly payments.

Easy on the financial budget

Additional instalment charges or fees

Conclusion

A comprehensive car insurance plan is a must if you wish to protect your precious new car against accidental damages, theft, disasters, and more. However, buying a comprehensive car insurance policy can be expensive, especially if you are buying it for a minimum period of 3 years. But don’t let the cost of comprehensive insurance stop you from buying the right plan for your prized car. 

 

Fortunately, you can choose to buy car insurance on EMI, where your total payment period will be split over many months, thus reducing your financial burden. Check out the different car insurance policies on EMI available at Bajaj Markets and choose a plan that fits your requirements. 

FAQs on Car insurance on EMI

  • ✔️What are the benefits of buying car insurance on EMI?

    The main benefit of using EMI for your car insurance payments is the fact that you will have to make payments monthly instead of one large upfront payment.

  • ✔️Who should use the EMI for car insurance service?

    Anyone who cannot make large lump-sum payments up front can use the EMI service to split their insurance cost over a period of time.

  • ✔️Are there any benefits of buying insurance by making the full payment upfront?

    Yes, you may be eligible for certain discounts when you purchase the car insurance plan by paying the full amount at once. You will also not have to worry about keeping track of monthly recurring payments.

  • ✔️Can I buy a car insurance policy on EMI online?

    Yes, you can buy car insurance on EMI online and other insurance websites.

  • ✔️Can I buy car insurance on EMI through a credit card?

    Yes, many insurers allow policyholders to make their EMI payments through their credit cards.

  • ✔️Can I complete my car insurance renewal on EMI?

    Yes, you can choose to renew your car insurance plan with EMI as your chosen payment method.