Buy Car Insurance on EMI: Flexible Payment Options for Your Vehicle

Buy car insurance on EMIs and manage your car insurance costs conveniently with Bajaj Finance.
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3 min
26-March-2024

Are you considering buying car insurance but worried about the financial burden of a lump-sum payment? With the feasibility of purchasing car insurance on EMI, you could spread out the cost conveniently to manage your expenses in a better way. Let's understand how you can buy car insurance on EMIs and how it can streamline your financial planning while ensuring your vehicle's protection.

Why buy car insurance on EMI

Getting the facility to pay for your car insurance premiums on EMIs can be quite beneficial. Here are some of the reasons why you should consider buying car insurance using the EMI facility:

  • Financial flexibility: Opting for car insurance on EMI offers financial flexibility, allowing you to distribute the premium amount over manageable installments rather than bearing the brunt of a lump-sum payment upfront.
  • Budget management: With EMI options, you can align your insurance expenses with your budget, making it easier to manage your finances efficiently without any strain on your monthly cash flow.
  • Convenience: Buying car insurance on EMI provides convenience, eliminating the need for a significant one-time payment. It's a practical solution for individuals looking to safeguard their vehicles without exerting undue financial pressure.

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Benefits of buying car insurance on EMI

Buying car insurance on EMIs offers a host of benefits. Here are some of them:

  • Affordability: EMI options make car insurance more accessible and affordable, enabling individuals from diverse financial backgrounds to secure comprehensive coverage for their vehicles.
  • Enhanced coverage: By spreading the premium across installments, you can opt for a higher coverage amount or additional add-ons, enhancing the protection provided by your car insurance policy.
  • Improved cash flow: Purchasing car insurance on EMI preserves your cash flow, allowing you to allocate funds towards other essential expenses or investments, thereby maintaining financial stability.
  • Avoidance of debt: Unlike loans or credit card payments, car insurance EMI plans typically do not incur interest, enabling you to avoid accumulating debt while securing essential coverage for your vehicle.

Buy car insurance on EMIs on Bajaj Finance Insurance Mall

Considering the benefits of buying car insurance on EMI, why not explore the flexible payment options available at Bajaj Finance Insurance Mall? With a hassle-free buying process, leading insurance partners, and affordable premiums , you can enjoy peace of mind knowing that your vehicle is adequately protected. Secure your car today and experience the convenience of managing your insurance expenses effectively on the Bajaj Finance Insurance Mall platform.

How to buy car insurance on Bajaj Finance Insurance Mall

Bajaj Finance offers insurance policies for your car in partnership with leading insurance providers. You can buy these car insurance plans using a simple set of steps as given below:

  • Step 1: Visit the online application form by clicking on ‘Get Quote’.
  • Step 2: Fill in the necessary details including vehicle type, registration number, mobile number, and residential PIN code. Review the terms and conditions, then click on the 'Get Quote' button.
  • Step 3: Select the IDV, NCB value, optional add-on covers, and plan type. Update the expiry date of your current four-wheeler insurance policy.
  • Step 4: Click on the 'Buy Now' button. Ensure you include the owner-driver personal accident cover mandated by the RTO. Proceed by clicking 'Next'.
  • Step 5: Confirm the vehicle registration date and the type of previous car insurance policy (comprehensive/third-party). Click on 'Proceed' to purchase car insurance online.
  • Step 6: Provide the vehicle owner's name, date of birth, residential address, and contact number. Enter the vehicle engine and chassis number as per the RC, along with details of the previous four-wheeler insurance policy.
  • Step 7: Review the filled details, then make the payment using your preferred online mode – Net banking, UPI, credit/debit card – to complete the policy purchase.

Factors to consider when buying car insurance on EMI

While buying car insurance policies on EMIs, consider the following for a hassle-free experience:

  • EMI structure: Understand the EMI structure, including the frequency of payments, tenure, and any associated fees or charges.
  • Eligibility criteria: Check the eligibility criteria for availing car insurance on EMI, including credit score requirements, documentation, and more.
  • Policy coverage: Evaluate the coverage options available and customise your policy to suit your specific requirements and budget. Ensure that you get the adequate coverage for your vehicle.

Purchasing car insurance on EMI offers numerous advantages, including financial flexibility, affordability, and enhanced coverage options. By spreading out the premium payments, you can effectively manage your budget while ensuring comprehensive protection for your vehicle. With the convenience of flexible payment options and leading insurers at Bajaj Finance Insurance Mall, securing car insurance on EMI has never been easier. Take control of your finances and safeguard your vehicle today.

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Disclaimer

*T&C Apply - Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Limited, ICICI Lombard General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, Tata AIG General Insurance Company Limited, The New India Assurance Company Limited, Cholamandalam MS General Insurance Company Limited, Niva Bupa Health Insurance Company Limited , Aditya Birla Health Insurance Company Limited, Manipal Cigna Health Insurance Company Limited and Care Health Insurance Company Limited under the IRDAI composite CA registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer insurer's website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance product. Visitors are hereby informed that their information submitted on the website may also be shared with insurers. BFL is also a distributor of other third party products from Assistance Services providers such as CPP Assistance Services Pvt. Ltd., Bajaj Finserv Health Ltd. etc. All product information such as premium, benefits, exclusions, sum insured, value added services, etc. are authentic and solely based on the information received from the respective insurance company or the respective Assistance service provider company.

Note – While we have made all efforts and taken utmost care in gathering precise information about the products, features, benefits, etc. However, BFL cannot be held liable for any direct or indirect damage/loss. We request our customers to conduct their research about these products and refer to the respective product’s sales brochures before concluding their sale.