Car insurance at Bajaj Finserv Markets

1. Steps to Renew Your Car Insurance Online In India today, an increasing number of people are able to afford family cars to zip from one place to the next. While the convenience of cars can’t be denied, it is important that we do what we can to look after our vehicles. This is why the importance of owning a vehicle insurance policy simply cannot be overstated. Besides the safety net that an insurance policy provides, driving without an insurance policy or even an expired one, is punishable by law under the Motor Vehicles Act. Thankfully, companies like Finserv Markets have made it incredibly easy to renew car insurance online. Steps to renew car insurance online: Get a quote Fill in your car and personal details Make the Payment Hit the accelerator Let’s take a look at the simple steps you need to follow to renew car insurance online and continue to drive safely: Step 1 – Get a Quote There is a handy online car insurance calculator which you can use to better understand what kind of premiums you would be required to pay and what amount your car will be covered for. To get the quote, you need to input your car registration number, your mobile number and follow the subsequent steps. Step 2 – Fill in Your Details The insurance premium will depend on a number of details, including the make and model of your car, your age, the age of the vehicle, your history of claims and your place of residence. All you need to do is fill in this information for us to assess your details. If you’re simply trying to renew an existing policy that you have with us, these details will be filled in automatically. Step 3 – Payment With the policy ready, all that’s left is for you to pay the premium amount. The payments for your car insurance renewal can be made via internet banking, credit or debit cards, or even online wallets. Once the payment is processed, you should receive a soft copy of the policy in your e- mail inbox. Step 4 – Hit the Accelerator Your policy has now been issued, so you can go ahead and keep the hard copy we’ve sent. If you ever need to print a duplicate, you will easily find your insurance policy and all the related documents on the customer portal. If there’s a discrepancy or error, you can get make the

2. changes made by logging in to the portal. Armed with your insurance, you can continue to enjoy driving your car without any worries. Finserv Markets makes the entire process of car insurance online renewal extremely easy and hassle-free. So, are you ready to give your car the protection it deserves? Head over to our website and renew your car insurance policy, today! How Is Car Insurance Premium Calculated? Although having car insurance in India is mandatory by law, the need for Comprehensive Car Insurance is now more important than ever. Poor road conditions, rapidly increasing traffic and unpredictable weather have made driving dangerous. A car insurance plan acts as a safety net and covers the losses arising from accidents and damage caused to your car. Whether you are a first-time car insurance buyer or looking to renew your existing car insurance policy, it is important for you to understand how car insurance premium is calculated. A car insurance premium is calculated based on several factors associated with the risks and value of the car. The insurance premium for the same car model bought on the same date may vary greatly from person to person. Therefore, in order to know how to calculate your car insurance premium, you must first understand the various factors that affect it. Here is a look at how Car Insurance premium is calculated based on the following factors: Insured Declared Value or IDV Insured declared value (IDV) is the value of a car as estimated by the insurance company at the time of insurance application. An IDV is the maximum amount up to which a claim can be made in case of an accident / loss / damage to your car. Since a car / vehicle is a depreciating asset, the IDV of your car will decrease over time. Your car insurance premium is directly proportional to the IDV i.e. higher the IDV of your car, the higher will be its premium. However, IDV is only applicable in case of a comprehensive car insurance policy. Cubic capacity (cc) Cubic capacity is a measurement of the engine capacity of your car. The higher the CC of your car engine, the higher will be your Car Insurance premium, as stipulated in the Indian Motor Tariff Act. However, cubic capacity only affects the premium of a third party insurance cover. Age of the car The age of your car is another important factor that determines your car insurance premium. Logically, older cars should have a lower premium compared to newer ones due to low IDV. However, the calculation here is not that simple. Older cars incur higher risks due to general

3. wear and tear, hence other factors such as safety features and the general condition of the car are also taken into account in case of older models. Geographical Location The location of your vehicle registration also affects your car insurance premium. Locations are classified as ‘Insurance Zones’ based on the automobile risks specific to that region. For example, if you live in a metro city, you will have to pay a slightly higher premium as metro cities have a high rate of accidents and vandalism compared to smaller towns and rural areas. Type of Insurance Cover The type of insurance coverage you choose also affects your premium significantly. A comprehensive car insurance will cost you more than a third party cover as it covers damage to both the parties involved in any road mishap, including your own automobile. Now that you understand the various aspects of car insurance premium calculation, you can make an informed decision while buying your car insurance policy. Buying a car insurance plan with a lower premium may be easy on the pocket, but it’s also important to consider the value you are getting from your insurance policy. Buying a car insurance policy with a higher premium and better coverage makes more sense than buying a less expensive one with poor coverage. Finserv Markets offers car insurance policies with wide coverage and a large selection of add-on covers for best possible insurance protection. Simply enter your car registration number and your contact details to Buy or renew your car insurance policy online with Finserv Markets. How Is Car Insurance Premium Calculated? Although having car insurance in India is mandatory by law, the need for Comprehensive Car Insurance is now more important than ever. Poor road conditions, rapidly increasing traffic and unpredictable weather have made driving dangerous. A car insurance plan acts as a safety net and covers the losses arising from accidents and damage caused to your car. Whether you are a first-time car insurance buyer or looking to renew your existing car insurance policy, it’s important for you to understand how car insurance premium is calculated. A car insurance premium is calculated based on several factors associated with the risks and value of the car. The insurance premium for the same car model bought on the same date may vary greatly from person to person. Therefore, in order to know how to calculate your car insurance premium, you must first understand the various factors that affect it. Here is a look at how Car Insurance premium is calculated based on the following factors:

4. Insured Declared Value or IDV Insured declared value (IDV) is the value of a car as estimated by the insurance company at the time of insurance application. An IDV is the maximum amount up to which a claim can be made in case of an accident / loss / damage to your car. Since a car / vehicle is a depreciating asset, the IDV of your car will decrease over time. Your car insurance premium is directly proportional to the IDV i.e. higher the IDV of your car, the higher will be its premium. However, IDV is only applicable in case of a comprehensive car insurance policy. Cubic capacity (cc) Cubic capacity is a measurement of the engine capacity of your car. The higher the CC of your car engine, the higher will be your Car Insurance premium, as stipulated in the Indian Motor Tariff Act. However, cubic capacity only affects the premium of a third party insurance cover. Age of the car The age of your car is another important factor that determines your car insurance premium. Logically, older cars should have a lower premium compared to newer ones due to low IDV. However, the calculation here is not that simple. Older cars incur higher risks due to general wear and tear, hence other factors such as safety features and the general condition of the car are also taken into account in case of older models. Geographical Location The location of your vehicle registration also affects your car insurance premium. Locations are classified as ‘Insurance Zones’ based on the automobile risks specific to that region. For example, if you live in a metro city, you will have to pay a slightly higher premium as metro cities have a high rate of accidents and vandalism compared to smaller towns and rural areas. Type of Insurance Cover The type of insurance coverage you choose also affects your premium significantly. A comprehensive car insurance will cost you more than a third party cover as it covers damage to both the parties involved in any road mishap, including your own automobile. Now that you understand the various aspects of car insurance premium calculation, you can make an informed decision while buying your car insurance policy. Buying a car insurance plan with a lower premium may be easy on the pocket, but it’s also important to consider the value you are getting from your insurance policy. Buying a car insurance policy with a higher premium and better coverage makes more sense than buying a less expensive one with poor coverage.

5. How does Car Insurance Work in India? Car insurance is a mandatory aspect to look in to, while purchasing a car. Most car owners are offered car insurance by their retailer at the time of purchasing the vehicle. Due to this reason, a lot of car owners do not get time to go through all the terms and conditions in the policy cover. However, as time goes by, you may come to realize that the insurance policy sold to you by the retailer is inadequate as per your requirements. To simplify your understanding, let us walk you through how car insurance typically works in India. Choosing the right car insurance Car insurance is a contract between you and the insurance company that protects you against financial loss in the event of accident or theft of your car There are 2 main types of car insurance available in India.  Comprehensive Insurance- This is a complete package in which the insurance company offers coverage against both, the damages faced by the car coverage against both, the damages faced by the car owner and the damage caused to the 3rd party by the vehicle of the insured. This policy covers damage caused due to Natural calamities (floods, storms and earthquakes.) Manmade calamities (thefts, riots, burglary and strikes.) Physical injury of the car owner or the driver of the insured vehicle. The passengers are also covered if the accident occurs while they are travelling in the car, mounting or dismounting it. Third Party Insurance- This policy covers only damage caused to 3rd party vehicles by the insured vehicle. The expenses related to legal disputes arising due to accidents are also covered under this plan. This policy covers 3rd party damage like Permanent injury/ death of the person. Damage caused to others’ property by the insured vehicle.       Finserv Markets offers you both, a comprehensive insurance as well as a third-party insurance for your car. Calculating the premium and sum insured Once you’ve chosen a car insurance, the premium is what needs to be looked in to next. The car insurance premium is calculated based on the following factors:     The car make and model (size and cubic capacity of your vehicle) The age of your car Net worth of the car as per the current market prices The sum insured or the amount of compensation the policyholder wants in case of any unforeseen event Policy period; that is, the number of years for which the policy will be valid No claim bonus applicable if you have had claim-free years in your policy period/previous policy  

6.  The appropriate taxes that are eligible to be levied on your premium amount Submitting the documents The policy seeker is required to submit a few documents at the time of applying for the insurance cover and some at the time of claims. The documents needed at the time of filling an: Application to buy car insurance plans online are: Duly filled application form. Car details along with photocopy of the car documents.   Application for claiming insurance are Duly filled application form. License plate of the 3rd party vehicle. Photocopy of the car insurance FIR copy in case there is a theft or physical injury.     Approval/ rejection of the claim The car insurance can be rejected in the following cases:     General wear and tear of the vehicle due to time. Mechanical or electrical breakdown of the vehicle. If the vehicle faces issued while it is outside Indian borders. If the driver is under the influence of drugs/ alcohol while driving. If the claim is found genuine, it is credited directly to the beneficiary’s account. Add-ons provided The premium insurance companies also provide some car insurance add-on covers like   Zero depreciation insurance within 5 years of the age of the vehicle. Cashless repairing services at authorized service centers. Car insurance is a must for those who love riding their vehicle. Buy car insurance plans online with Finserv Markets and secure your brand-new set of wheels! How to Compare Car Insurance Online? If you are planning to buy car insurance online, you may be easily overwhelmed by the numerous options available to you. A proper comparison is essential if you want to buy the right car insurance policy.

7. Here are some important points that will help you compare and choose the best policy online: • Compare reputation and services • Type of policy • Insured Declared Value (IDV) • No Claim Bonus • Prices Company reputation and services When it comes to car insurance, it is critical to choose a reputable insurance company with a good claim settlement ratio. Additionally, you must also compare the claim process and quality of customer service offered. Benefits like round the clock assistance are also beneficial as prompt assistance is helpful at the time of claim. You can understand the quality of services offered by reading reviews and testimonials by existing customers. Type of policy A car insurance policy is of two types – Third-party and Comprehensive insurance. Before you begin comparing insurance policies online, decide on the type of policy you want to compare. Comparing a third-party policy with a comprehensive policy will not make sense as their coverage differs widely. Compare car insurance policies of the same type offered by different insurance companies and then choose the one that best suits your needs and requirements. Insured Declared Value (IDV) The Insured Declared Value or IDV is the amount that the insurance company will pay in case your car is damaged beyond repair or if it is stolen. The IDV offered for your car might often vary as per the guidelines of different insurance companies. Hence, it’s important to consider the IDVs offered by different insurance companies and choose the one that is the closet to the current market value of your car. IDV is extremely critical as not reviewing the same thoroughly can result in significant financial burden at the time of a claim. No Claim Bonus The No Claim Bonus or NCB is an important feature which helps lower your premium in the long run. When comparing car insurance policies online, make sure to check if the NCB is taken into account as sometimes a quote might be generated without considering the same. Prices

8. Comparing car insurance policies based on price is perhaps the most common practice. However, the price should only be considered after taking into account other factors such as the coverage and services offered by the insurer. At times, important coverages may increase the cost of the policy marginally. Hence, the price should be the last factor to consider while comparing car insurance policies. Keeping these factors in mind will help you find a car insurance policy which offers you a robust coverage against major risks on the roads. So, remember to keep this checklist handy when you set out to buy your car insurance online. Now that you know about the various factors to consider when buying car insurance online, choose Finserv Markets as your trusted partner and get a host of other features and benefits that can help you get the maximum out of your investment.