A large portion of car owners used to pay their car insurance premiums on a yearly basis till just a few years ago. More recently, the Supreme Court released an order stating that all people who buy a new car must get a motor insurance plan policy for at least three years. Even though long-term insurance saves car owners from the hassle of frequent renewals, it has increased the initial cost of insurance by a large margin. Fortunately, car insurance policyholders have the option to pay for their insurance premiums on a monthly EMI basis.
EMI refers to ‘equated monthly payments’ where the total cost of your insurance premiums is split across a certain number of months, rather than paying it all in one go. It’s a great financial tool for those who cannot afford to make large lump-sum payments but can comfortably pay in small amounts through EMI each month. Let us understand the process of buying car insurance on EMI in more detail.
Step 1: Visit the ‘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. 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.
Once done, your car insurance plan will shortly be activated and the details will be sent to your registered email.
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 vehicle insurance on EMI, where your total payment period will be split over many months, thus reducing your financial burden. Check out the car insurance plans available at Bajaj MARKETS and choose a plan that fits your requirements.
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.
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.
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.
Yes, you can buy car insurance on EMI online and other insurance websites.
Yes, many insurers allow policyholders to make their EMI payments through their credit cards.
Yes, you can choose to renew your car insurance plan with EMI as your chosen payment method.