Compare, buy or renew Car insurance policy

Compare and renew car insurance policies online. Check out some of the aspects you should consider while renewing car insurance policy.

3 mins

25-July-2023

Car insurance is a vital aspect of owning a car, as it secures you against any potential financial loss resulting from any accident or perils. With so many options available in the market, it may get overwhelming to choose the best car insurance policy that suits your requirements. Furthermore, if your car insurance policy has expired, then it is more crucial to get it renewed at the earliest.

Here’s quick guide on things to keep in mind while renewing your expired car insurance online. Also, know how to compare and renew your expired car insurance online.

Things to consider while renewing car insurance

When it comes to renewing car insurance, there are a few essential things you must keep in mind, such as:

Compare your options

One of the most crucial things when it comes to car insurance renewal is comparing your options. Comparing car insurance online can help you make a more informed decision regarding the best policy type and provider in line with your needs.

Coverage and inclusions

Another significant factor to consider when renewing car insurance is to check the coverage and inclusions of the policy. Familiarise yourself with the features of the policy and make sure it provides comprehensive coverage.

No Claim Bonus

When renewing your car insurance policy, consider the No Claim Bonus (NCB) you are eligible for. Generally, it ranges from 20% to 50%. A higher NCB means a lower premium payment during renewal.

Importance of having car insurance

Here are some reasons why it is essential to have car insurance:

Legal compliance

As per the Motor Vehicles Act, every car owner must have a third-party car insurance in place. Having a valid car insurance policy keeps you compliant and saves you from penalties, fines, or legal consequences of violating regulations.

Financial protection

Car insurance provides financial protection against unforeseen circumstances like accidents, theft, and natural calamities. It can save you from the burden of sudden expenses.

Third-party coverage

In case of an accident, car insurance covers third-party liabilities arising from property damage or injury.

Why should you renew your car insurance in time?

Renewing your car insurance on time is essential to continue enjoying the benefits of the policy. Here are the reasons why you should renew your car insurance in time:

Uninterrupted coverage

Renewing your car insurance on time ensures continuous coverage against damages or third-party liabilities.

No Loss of NCB

Failure to renew the policy on time leads to a loss of the NCB, which can significantly increase your premium amount.

Legal compliance

Non-renewal of car insurance on time can lead to legal consequences and penalties.

What happens if my car insurance is expired?

If your car insurance policy has expired, then you will have to renew it as soon as possible. If caught driving with an expired car insurance policy you will legal consequences. However, renewing the policy after it has expired can lead to higher premium, loss of NCB, and even rejection of the insurance application in some cases.

How to renew car insurance online?

Here’s how you can renew your car insurance online:

Visit the website of the insurance provider or aggregator and enter your car registration number.
Verify your previous policy details and check policy inclusions and exclusions.
Review the coverage and select add-on covers (optional) as per your choice.
Pay the premium amount online through the available payment modes.
Receive your policy details through email or as a hard copy.

Step-by-step guide to buy car insurance on Bajaj Finance Insurance Mall

Follow the below steps to buy car insurance on Bajaj Finance Insurance Mall.

Step 1: Visit Bajaj Finance Insurance Mall and view the car insurance plans offered by leading motor insurance companies.
Step 2: Click on 'Get Quote’ to open the online application form.
Step 3: Enter the vehicle type, two-wheeler registration number, mobile number, and residential PIN code. Check the terms and conditions and click on the ‘Get Quote’ button below.
Step 4: Choose the IDV, NCB value, add-on covers, and plan type to get a list of relevant policies. You need to update your current policy expiry date here.
Step 5: Click on the ‘Buy Now’ button. You will need to add owner-driver personal accident cover mandated by the RTO. Click on ‘Next’ to proceed.
Step 6: Confirm the vehicle registration date and the previous policy type (comprehensive/third-party). Click on ‘Proceed’.
Step 7: Enter vehicle owner’s name, date of birth, residential address, and contact number. Also, enter vehicle engine and chassis number (as per the RC) and previous policy details.
Step 8: Review your previously filled details and make the payment through your preferred online payment mode. You can use net banking, UPI, credit/debit card to buy the policy.

Points to remember while renewing car insurance

Here are some points to remember while renewing car insurance:

Compare different options before selecting your insurance provider.
Check the policy coverage, inclusions and exclusions, and other benefits before renewing your policy.
Inspect your car thoroughly to add or remove add-ons if required.
Renew your policy before it expires to avoid any inconvenience or additional costs.

Renewing your car insurance policy on time is an essential aspect of car ownership. Not only is it legally mandatory, but it also provides financial protection against unforeseen circumstances and third-party liabilities. Considering the importance of car insurance, it is essential to select the best policy type that suits your requirements. By comparing your options and renewing your policy in time, you can enjoy the benefits of uninterrupted coverage and avoid any legal or financial troubles.

Disclaimer

Insurance is the subject matter of solicitation. *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, 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.