Pune, May 23 (FN Agency) The current health crisis has once again brought the entire country to a near standstill. With most of the industries and businesses operating remotely, the need to commute has been curtailed. Despite reduced outdoor visits, and travel plans postponed, it is imperative to take good care of cars and bikes, along with ensuring the motor insurance is timely renewed. The long-term benefits of having proper motor insurance outweigh the short-term financial gains. And, insurance financially protects one from any unforeseen contingencies. Comprehensive car insurance or bike insurance will keep one financially prepared and secured from the loss or damage caused during events like man-made or natural disasters, theft, among others. Besides these, third-party liability is also covered under comprehensive motor insurance.
Importance of motor insurance renewal Here are some reasons why one shouldn’t skip renewal of car insurance or bike insurance:
• Non-renewal is a violation of law: According to the Motor Vehicle Act of 1988, failure to renew motor insurance can lead the car or bike owners to face a fine. Thus, irrespective of whether the vehicle is on or off-road, it needs to be insured at least with third-party insurance.
• Lapse of No Claim Bonus (NCB): No claim bonus helps reduce one’s premium during the renewal of the policy every year. If the policyholder has maintained a claim-free year, then he/she can benefit from the bonus. It offers a discount on the premium for not filing a claim on the insured automobile during the policy period. Failure to renew car/bike insurance will result in the loss of NCB.
• Natural disasters/incidents: Natural disasters can strike unannounced. Tree-falling, theft, vandalism, or any other unforeseen event might result in loss, and without a good insurance policy, no claims can be made for these expenses.
It is advisable though to evaluate requirements for insurance by comparing different car insurance and bike insurance policies before switching to another insurer. To make a smart move, choose an insurer that provides higher coverage at an affordable premium. A good motor insurance policy will cover the losses due to natural disasters or any unpredictable event. This is precisely why one can rely on Bajaj Finance Limited while buying comprehensive motor insurance. Along with the advantage of renewing the car insurance and bike insurance online, Bajaj Finance offers a variety of plans that perfectly suits one’s need. Why choose motor insurance from Bajaj Finance Ltd? When it comes to choosing an insurer, it is essential to go with a company that gives maximum value for the money paid through premiums. Bajaj Finance is one of the most trusted names in motor insurance, with easy claim settlement and consistent service across all sectors.
• Easy and convenient procedure: Bajaj Finance Limited provides you with the convenience of renewing your car or motorcycle insurance online. The premium amount for insurance is decided based on the Insured Declared Value (IDV of the vehicle), model, past and claim history, after which insured value is quoted. With the help of an online premium calculator, one can evaluate the IDV and purchase a policy instantly online.
• Wide range of network garages: Bajaj Finance, in collaboration with its partner agencies, offers a nationwide network of service centres and garages for immediate assistance.
• Hassle-free claim settlement: Bajaj Finance offers 24×7 support and assistance for seamless claim settlement.
Insurance is a necessity and the higher expenses incurred should not be an obstacle in the renewal of essential policies. Bajaj Finance offers quality car insurance and bike insurance for the financial, medical and personal protection, along with covering expenses for third-party liabilities.