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Step-by-Step Guide to Make Online Car Insurance Payment

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When it comes to car insurance, you can purchase or renew it online. Online payment is considered to be a safe and convenient method of payment. You can do it easily and smoothly when you secure car insurance payment online. All you must ensure is that you enter the appropriate details.

Make sure that you renew your car insurance online. You don't always have to depend on your insurance agent to get it done. You can make the payment on your own using various online portals. Making online payments is easy these days, as you can enter your policy details on the insurance portal and pay from your bank account, and you're done.

Accepted Payment Methods

There are different methods for car insurance online payment. As the insured, you must compare the most suitable method before making a final choice. Some insurers offer the benefit of paying through third-party apps, but before using any such platforms, determine the security and privacy of those.

Below are the top accepted payment methods to make the online payment for your car insurance:

• Credit/Debit cards: Various credit and debit cards are accepted for online payment for purchasing and renewing car insurance, like Visa, RuPay and Mastercard.

• Net Banking: Net banking is considered to be one of the safest methods to make payments online. You can make the payment directly through your bank's portal, ensuring assured safety of your details.

• UPI: United Payments Interface (UPI) is one of the most prominent methods to transfer payments quickly. It is fast and convenient. However, sometimes due to network outages, the payment may be late.

• Mobile wallets: You can check if the insurer accepts car insurance payments through mobile wallets. Different mobile wallets provide the flexibility of making payments online, such as Paytm, Google Pay, and PhonePe.

• Auto-debit: You can also check with the insurance company if they provide an auto-debit option. The auto-debit option is convenient as the insurance payment amount will automatically be deducted from your bank account. You must ensure that your bank account has a sufficient balance for the auto-debit.

Step-by-Step Process on Insurer's Portal

Below are the steps to buy car insurance payment:

• Visit the insurance company's portal and provide all the details of the vehicle, like the car registration number. Then, enter your details too, such as email address, name and phone number.

• Enter the policy details and mention if you want any add-on covers.

• Pay the premium online via the preferred accepted payment method and confirm the process.

Now, you must follow the steps given below to renew car insurance online:

• Visit the provider's insurance portal on their website and select the policy renewal option.

• Enter details of the policy that you want to renew. Make sure to mention the inclusions and exclusions of the policy too.

• Make the policy renewal payment online to confirm the process.

Security Measures to Look For

Below are the security measures you'll have to take care of while you make a car insurance online payment:

• 2FA: Two-factor authentication (2FA) is one of the most secure online payment methods. In this method, users must authenticate themselves via two methods before using the website or completing the transaction. The extra layer of protection safeguards the user against fraudulent transactions.

• 3D Secure: Most of the e-commerce websites use 3D Secure. This method verifies the identity of the customer. The user validation ensures that the transaction can be safely completed. Therefore, this method to buy car insurance payment prevents unauthorised usage of your card for payment.

• Card Tokenisation: Card tokenisation is when a token replaces the 16 digits of your card. The token becomes a digital identifier for further payment, preventing the risk of saving your card details on the website. Therefore, the risk of data breaches is reduced, too.

• Encryption: Before you pay vehicle insurance online, check if the website is encrypted. You must check for encryption certificates for SSL (Secure Sockets Layer) and TLS (Transport Layer Security). If any of the certificates are absent, the data will be ready. Always check the website URL for these certificates before entering your card details.

What to Do if Payment Fails?

When you pay for vehicle insurance online, sometimes it will fail because of a bad gateway or network. In this case, you'll have to make the payment online. If the payment fails again, this means that there is an issue with the network. Therefore, you should wait for some time before making the payment again.

Many people wait till the last day to renew their car insurance online. Now, if the payment fails on the last day, there is a chance that the policy will lapse. However, it won't happen if you pay within the grace period. The grace period usually ranges from 3-30 days, within which you can make the payment. If you're making the payment in the grace period, you'll have to pay a fine to keep your policy active.

Even if the payment fails now, make sure that you wait for some time and pay again. Never miss or skip your insurance payment. If you skip the insurance payment even after the grace period, there is a high risk of the policy being cancelled. Therefore, if you ever need to raise a claim for any repair cost coverage, you won't be eligible for that benefit.

Getting Payment Confirmation/Receipt

Setting payment reminders to buy and renew car insurance online is advisable. This sets up automatic renewals, and the amount will eventually be deducted from your bank account. The auto-debit option is also available on several websites, post which you will receive the confirmation. You must always review the details before making the car insurance payment online. After that, you'll be redirected to the payment gateway, where you can pay. If you pay through the insurer's portal, you will receive payment confirmation on the main page. Apart from that, a payment confirmation receipt will also be mailed to you. If you have registered your phone number, confirmation will also be provided via SMS. This provides an extra layer of security, ensuring that you can show the receipt if anyone from the insurance agency reaches out for payment of the purchase or renewal. The payment confirmation receipt often includes policy details and receipts. If you have not received the confirmation on your SMS, it is advisable to download the receipt and updated policy document (if applicable) from your email for future

 

Conclusion

Making payment online for your car insurance is easy as long as you're entering the right details. It is extremely crucial that you're entering the right insurance details on your insurer portal. Also, when you're entering your bank details online, make sure that it is a secure platform to prevent the risk of any fraudulent transactions.

 

 

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

Related Blogs:

• Everything About Car Insurance Renewal

• Here’s all you need to know about renewing your long-term car insurance

• Why Car Insurance Costs Less When Bought Online

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