Buying insurance for your vehicle online has endless advantages over buying offline.
The last one year has completely transformed the way we buy products and avail services even as important as insurance. Since the onset of the COVID-19 pandemic, insurance companies in India have been making optimum utilisation of their resources to help customers make informed decisions through virtual and online assistance. This has led to a massive increase in the consumption of insurance products and services digitally across all segments, including both life and non-life sectors.
One of the important sectors that have gained significant traction in the last few months is Motor Insurance with more and more customers buying insurance for their vehicles through digital channels. People have started to realise the fact that buying motor insurance online is much easier as it involves less paperwork and no physical presence. Purchasing insurance online also means faster responses and a transparent buying process.
1. An Array of Options to Compare and Choose
Before you purchase a motor insurance policy for your vehicle, it is very important that you compare different plans on offer from a pool of insurers. Comparing the different plans online and choosing one that rightly caters to your specific needs and requirements will not help you buy the right product but will also help you increase your knowledge. For your convenience, numerous online insurance market places are available that allow customers to compare different insurance products from various insurers. You can easily compare the prices, offered features, inclusions and exclusions, and make an informed choice. You can also pick appropriate add-ons for your vehicle for comprehensive coverage.
2. Affordable Premiums
One of the most important reasons why you must buy your motor insurance policy online is affordable premiums. The premiums of motor insurance policies sold online are significantly low as the operational costs that include manpower and physical offices is very low in digital insurance in comparison to offline insurance. There is no role of agents in online policies. Hence there is no commission involved. All that you need to pay while buying motor insurance online is a processing fee and no extra expenses.
Buying motor insurance policy online is the most convenient and time-saving process, as you do not need to be liberated with time constraints. The entire process of buying insurance online can be completed within a few clicks, which takes a handful of minutes. All that you need to do is choose the most appropriate plan for your vehicle and make the payment. Soon after you make the payment, your policy is issued and sent to your registered email address. Contrary to this, buying insurance offline is a time-consuming and stressful job that may keep you occupied for several days. You need to visit the insurer and meet an agent who will do an inspection of your vehicle and then issue a policy after a few days.
4. Minimum Documentation
Buying motor insurance policy online involves minimum documentation, as all that you need to do is submit a soft copy of the required documents like Registration Certificate and previous year’s insurance policy – in case of renewal. Your insurer will issue you a policy in minimum documents unlike offline where you need a share several documents for policy issuance. Buying online also means utmost transparency between the insurer and the customer.
There is no doubt that buying insurance for your vehicle online has endless advantages over buying offline. However, with a plethora of options available to choose from, it is very important that you pick the right plan for your vehicle and make an informed decision. While comparing different plans, do remember to consider certain parameters including the IDV – Insured Declared Value – the features, inclusions, exclusions and the premium. As a thumb rule, always ensure that you completely know what you are buying and for what all things your vehicle is being covered for.
(By Sajja Praveen Chowdary, Head-Motor Insurance, Policybazaar.com)