Have vehicle? You must renew your motor insurances or face penalty; 3-step solution

According to  regulations, all vehicle loan owners need to insure their vehicles. 

Have vehicle? You must renew your motor insurances or face penalty; 3-step solution
Representational Image: Photo: Pixabay
By ZeeBiz WebTeam
Updated: Thu, Oct 04, 2018
04:15 pm
Mumbai, ZeeBiz WebDesk
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The largest private lender HDFC Bank today announced a good news for vehicle holders. The bank has now launched an instant renewal of insurance for cars and two-wheelers. Renewing of vehicle insurance will be available through an array of payment options such as SMS, Mobile Banking app, NetBanking, ATM, and PayZapp. Not only this, a customer can also avail for EMI payment of renewal premium as well via SMS, Netbanking or PayZapp.

Nitish Nagori, Head, Auto Loans and Insurance, HDFC Bank said, "We believe our offering has to be in sync with customers’ needs and expectations. Today, when time is at a premium for customers, we believe that the instant vehicle insurance renewal will benefit all our customers who seek to renew their vehicle insurance using an array of HDFC Bank’s digital banking platforms."

Nagori added, "By leveraging various touch points, we are making it not just convenient for our customers, but also providing them a differentiated experience."

With this, HDFC Bank becomes the first bank in India to offer a bouquet of digital payment options for customers to renew their vehicle insurance in a few clicks.

Here's how you can renew your vehicle insurances in 3 easy steps. 

1 - HDFC Bank will send a notification to the customer when insurance is due for renewal

2 - Customers can renew instantly using HDFC Bank’s Mobile Banking App, Payment link received via SMS, Netbanking, ATM and PayZapp

3 - EMI payment options available using SMS payment link, Net Banking and PayZapp. In case of instant renewal via Net Banking, the policy is renewed within 10 minutes

According to  regulations, all vehicle loan owners need to insure their vehicles. The insurance is valid for only one year and needs to be renewed annually.