Decoding Insurance

Buying Car Insurance? Here Is Why You Should Prefer Online

Buying Car Insurance? Here's Why You Should Prefer Online

Car insurance covers your car against financial loss due to an accident, be it with another vehicle or against any object, theft of the vehicle, damage due to floods, fire accidents, etc. A comprehensive insurance cover also protects you against any liability arising out of an accident involving a third party, person, or property. All kinds of natural calamities and man-made calamities are also covered. In India, as per the Motor Vehicles Act, it is mandatory to have a third-party insurance cover for your car. 

Traditionally, consumers have bought car insurance offline through an insurance company or car dealer’s office that has a tie-up with an insurer. However, you might have experienced a lot of hassle in buying offline as you need to physically meet the seller, fill forms and submit the required papers. So, if you are looking to buy car insurance, go for an online channel. Comparatively, buying car insurance online is a quick and easy process. There is no paperwork involved and you only need to enter a few details and make payment to get your insurance policy.


Let us go through the advantages of buying car insurance online:

1. Faster process: The process of buying car insurance is any day faster than buying it traditionally. It is just a matter of a few minutes. All you need to do is enter basic details of your car and contact details from the comfort of your home and you get the policy instantly. On the contrary, when you buy car insurance offline, you need to meet an insurance agent and fill up a few forms and submit them. Your application will be processed and after a few days, you will receive your policy. Consumers can also make a claim and renew their policy easily online. Thus, buying motor insurance online saves a lot of time.

2. No paperwork: Getting into paperwork is always tedious. However, there is no paperwork involved in online unlike offline buying of car insurance. The process of online buying is 100% digital. Apart from the buying process which is completely digital, even a soft copy of the insurance policy is issued to the customer. This way, the customers can keep their insurance policy handy.


3. Compare various products: In online buying, a lot of insurance plans are available and you can compare them easily. You can find completely transparent information about insurance products and choose the best one according to your needs. This way, the chances of misselling are reduced massively. Every detail of what’s covered and what’s not covered is communicated to the consumer upfront. So, the consumer takes an informed decision based on all the terms and conditions given.

4. Affordable premiums: The premiums of online car insurance are comparatively cheaper than offline. This is because there are no commission costs and physical distribution costs involved and you also get discounts. 99% of Policybazaar customers saved at least Rs. 3,000 (Rs. 3,000 is basis customers who purchased from Policybazaar during November 2020 to September 2020 with IDV of 2,50,000-3,00,000 with 0% NCB and discount on Indian Motor Tariff) on car insurance.

5. Payment reminders: If you buy car insurance online, you get reminder notifications to renew it when the date is nearing. This way, you won’t miss out on the renewal of your policy and it won’t become a break-in policy.

6. Claims process is faster: Online channel offers a faster and smoother process for servicing of claims. You only need to call up the insurer on its authorized toll-free number at the time of an accident and upload documents for filing a claim. Timely updates are also sent to the customer at every stage of the claim process through e-mails and SMS. This ensures that the customer is aware at every stage of the claim settlement process.  ((newsletter))

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