Top 4 Benefits of Buying Auto Insurance Online

Before purchasing an auto insurance policy for your vehicle, it is very important that you compare the different plans offered by a pool of insurers.
The past year has completely transformed the way we buy products and receive services as important as insurance. Since the start of the COVID-19 pandemic, insurance companies in India have been making the best use 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 in all segments, including life and non-life.

One of the important industries that has grown in popularity in recent months is auto insurance, with more and more customers purchasing insurance for their vehicles through digital channels. People have started to realize that purchasing auto insurance online is much easier because it involves less paperwork and no physical presence. Buying insurance online also means faster responses and a seamless purchasing process.

1. A range of options to compare and choose from
Before purchasing an auto insurance policy for your vehicle, it is very important that you compare the different plans offered by a pool of insurers. Comparing the different plans online and choosing one that properly meets your specific needs and requirements will not help you buy the right product, but it will also help you expand your knowledge. For your convenience, there are many online insurance marketplaces available that allow customers to compare different insurance products from various insurers. You can easily compare prices, features, inclusions and exclusions, and make an informed choice. You can also choose the appropriate add-ons for your vehicle for comprehensive coverage.

2. Affordable premiums
Affordable premiums are one of the most important reasons why you should purchase your auto insurance policy online. The premiums for auto insurance policies sold online are significantly low as the operational costs which include labor and physical offices are very low in digital insurance compared to offline insurance. There is no role for agents in online politics. So there is no commission involved. All you need to pay to buy auto insurance online is a processing fee, and no additional fees.

3. Save time
Buying an auto insurance policy online is the most convenient and quickest process because you don’t need to be freed from time constraints. The whole process of buying insurance online can be completed with just a few clicks, which only takes a few minutes. All you have to do is choose the most suitable plan for your vehicle and make the payment. Shortly after you make payment, your policy is issued and sent to your registered email address. In contrast to this, purchasing insurance offline is a time consuming and stressful job that can occupy you for several days. You need to visit the insurer and meet with an agent who will inspect your vehicle and then issue a policy after a few days.

4. Minimum documentation
Buying an auto insurance policy online involves minimal documentation as all you need to do is submit an electronic copy of the required documents such as the registration certificate and the insurance policy of the vehicle. previous year – in case of renewal. Your insurer will issue you a policy in minimum documents unlike offline where you need multiple document sharing for policy issuance. Buying online also means maximum transparency between the insurer and the customer.

Take note
There is no doubt that purchasing insurance for your vehicle online has endless advantages over purchasing offline. However, with a plethora of options available, it is very important that you choose the right plan for your vehicle and make an informed decision. When comparing different plans, remember to consider some parameters including IDV – Insured Declared Value – features, inclusions, exclusions and premium. As a rule of thumb, always make sure you know exactly what you are buying and what your vehicle is covered for.

(By Sajja Praveen Chowdary, Head-Motor Insurance, Policybazaar.com)