What are the Benefits of Buying Car Insurance Online?
By law, it is mandatory to buy a car insurance policy with third-party coverage, and a key benefit of this is that you ensure legal compliance. Car insurance is a customised and personalised agreement between the policyholder and the insurance provider.
While you can buy it offline, buying car insurance online is much cheaper and convenient. Here are some key benefits of opting for an online car insurance plan.
Reasons to Purchase Car Insurance Online
Easy Policy Comparison
When you buy car insurance online, one of the most significant benefits is the easy comparison of policies. Thanks to most insurers digitising their policies and processes, you can easily compare policies and prices using car insurance premium calculators.
Most online insurers like Tata AIG offer this free online tool on their website to help you calculate car insurance premiums.
This can allow you to easily buy cheap car insurance online that aligns with your requirements while still offering the perfect amount of coverage you need.
Enhanced Convenience
When you buy car insurance offline, you have to visit the insurance company and their agent physically. You will have to keep visiting different policy providers, read various brochures and meet multiple agents to find the perfect four-wheeler insurance plan.
It becomes difficult to avoid all the queues, complicated procedures and waiting while purchasing the policy offline.
However, when you buy car insurance online, you experience optimal, even enhanced, convenience. You do not have to line up to purchase the policy or wait for the agent to get to you. You can purchase, renew and file claims from the comfort of your home.
Less Paperwork
It is very difficult to keep track of physical documents that denote the issuance of the policy, expiration date, renewal date and other details. If you lose any of the policy papers, it can create a hindrance in your claim and renewal procedures.
In the case of an online car insurance policy, all your policy papers are digitally available. Apart from that, insurance companies host online portals of their own where you can log in to get all your relevant policy information.
Insurer Credibility Check
When you purchase a four-wheeler insurance policy, you need to check the trustworthiness and credibility of the insurance provider. With a number of insurance frauds coming forth, one can never be too cautious.
When you purchase car insurance online, you can check customer reviews for these policy providers and check if they are listed as an insurer on the IRDAI’s website.
You can check the insurance company’s credibility, financial health and trustworthiness using online parameters such as persistency ratio, solvency ratio, combined ratio, claim settlement ratio, incurred claim ratio and commission expense ratio.
These ratios are strong indicators of different aspects of an insurance company and whether you can trust them. Always go for authorised providers like Tata AIG to ensure valid insurance coverage.
No Middleman
Middleman here refers to an insurance policy agent. They help you with processes like addressing all your queries, policy purchases, filing a claim, claim settlement, policy renewal, and more.
While they’re quite helpful, buying policies through agents is more expensive since they get a commission off of the sales they make. This makes offline car insurance policies slightly more expensive.
You also may not have access to all the insurer’s plans and may have to buy from a limited selection of plans if you buy through an agent.
Online car insurance policies, on the other hand, completely cut out the middleman and allow you direct access to all the insurer’s policies and the insurance provider.
Cost-Saving
When you purchase car insurance online, the insurance company functions at a low cost. Online policy purchases don’t require you to have an agent. This makes online policies cheaper overall since they cut out the middleman, resulting in lower prices.
Online Procedures
All the procedures, like policy purchase, policy renewal, claim filing, document submission, communication and more, are held online. This not only enhances your customer experience but also allows efficient and trustworthy results.
Final Thoughts
Buy car insurance online to experience all the above benefits. While the option of purchasing a policy offline is still open for you, you are advised to make the purchase online not only for convenience but also for monetary advantages.
Technology is a friend, and you need it to enhance your experiences and ease your troubles. Make the most out of it!
