The pandemic has seen a significant change in people's attitudes. They are purchasing less and caring more. Cars are no different. Fitch, an international rating agency has forecasted a decline of 20% in the automobile demand, for this fiscal year*.
However, with the lockdowns lifting and life resuming in the middle of the pandemic, we need to be even more vigilant when it comes to car protection. Whether you are working from home or have now resumed being physically present at work, you will need your car to commute, and if you are commuting, you need to ensure your vehicle has a car insurance cover. But what if your car insurance has expired?
In that case, you need an effortless and easy way to renew your car insurance online.
What happens if you do not renew your car insurance?
Before we delve into how easy online car insurance renewal is, it is important to find out what happens if you do not renew your car insurance. In such an event, one or more of the following happens:
- Most important, driving a car without insurance is a violation of the Motor Vehicles Act, as having insurance is mandatory by law.
- You may have to purchase an entirely new policy, especially if the previous one has remained dormant for a considerable time
- You can be asked to pay hefty fines, the amount of which is dependent upon the number of days for which the insurance had lapsed
- Driving an uninsured car is risky, especially during the monsoons when the visibility is low and the roads are rickety
- You may also lose out on your No Claim Bonus (NCB) if you do not renew your car insurance
Renewing your car insurance is important. It ensures that your vehicle does not lose out on its protective cover and you do not suffer a big financial hit in the event of an accident or any such unforeseen event. However, presently, even though we are trying to adjust ourselves with this new normal, physical distancing is advised. Thus, car insurance renewal online is the most feasible and safe option for you.
How can you renew your car insurance online?
Online renewal is convenient. It requires you to follow a few steps and voila, you have your insurance renewed. You do not have any time or space constraint here. Further, it is super easy. This mid-pandemic world is opening itself up to a plethora of possibilities and insurance companies are no exceptions. You can determine your quotes with a car insurance calculator online and even proceed to purchase or renew your plans online. They are transforming the whole process wherein you can get the task done without any hassle.
For instance, you can renew your Bajaj Allianz car insurance online, in a few, simple steps:
- Log on to the website
- Fill in your policy number
- Review the NCB percentage
- Select the value of your car
- Review your policy
- Get your premium quote
- Make the payment
There, you are done. That's how simple and easy the whole process is. You are just required to have all the relevant information in hand so that you can fill in the necessary details. That's it. Your car is now protected, pandemic, or not.
Benefits of car insurance renewal
Protecting your car via insurance purchase and subsequent renewal is important because it comes with many benefits apart from the basic one of protection. A good insurance policy such as Bajaj Allianz comes with many features that enable you to drive without any stress when your vehicle is out on the roads. Here are a few benefits of getting your car insurance renewed:
- Cashless claim settlement
There is a facility of going cashless at more than 4000 registered garages across the country. You just have to enter your PIN-code and find the nearest one.
- 24x7 roadside assistance
This is a particularly useful benefit that comes in handy when your car breaks down in the middle of nowhere or even at any roadside. Whether a flat tyre or a failed car battery, assistance is available at all hours and is just a call away.
- 50% transfer of No Claim Bonus
This is an interesting feature that you can avail of if you choose to renew your car insurance via Bajaj Allianz. It allows 50% transfer of NCB from your previous insurer at an increased insured sum, with no extra premium involved.
- 24x7 assistance
Apart from the aforementioned, a good insurance company should also come with call assistance on its toll-free number, at any time. This includes holidays.
Further, if you go for add-ons while renewing your car policy, you can also avail the following additional benefits:
- Coverage for consumable expenses such as those incurred for brake oil, gearbox oil, etc.
- Coverage against permanent disability from an accident with an Accident Shield
- Compensation for lock and key replacement, in the event of it getting lost
- A special personal baggage add-on which gives the benefit of covering losses in the event of missing personal baggage
- Another interesting benefit that can be availed is that of getting the entire sum insured, without any depreciation. Insurance companies such as Bajaj Allianz come with a Zero Depreciation Cover that can be purchased as an add-on
What should you settle for?
While going for the renewal of your car insurance policy, ensure that your insurance company not only comes equipped with all the aforementioned beneficial features but also comes with a high claim settlement ratio. Yes, that's one important point to consider. A claim settlement ratio is the ultimate benchmark of trustworthiness for an insurance company. It is simply the ratio of claims settled by the company against the total number of claims raised and is calculated on a year to year basis. The higher the CSR, the better the insurance company.
For instance, Bajaj Allianz general insurance, during the pandemic, has managed to pay the claims as per regulations and has also brought down the customer grievance ratio by a whopping 90%.
This is an extremely relevant factor to note while deciding with which company do you wish to renew your car insurance.
Pandemic should be no cause for panic when it comes to your vehicles. Further, COVID or not, your car should be insured at all times, for you never know when you may witness a bend in the road, literally. Especially during the monsoons, you have to be extra cautious and wary, so that your four-wheeler does not suffer the brunt of heavy rains and other environmental changes that come with it, whether it stands stationary or is out on the road.
Insurance is the best way you can get your car covered. Get it now.
Source - * https://www.fitchratings.com/research/corporate-finance/indian-automakers-demand-outlook-cloudy-despite-some-respite-in-july-18-08-2020
