Safety Checklist to Buy Car Insurance Online

Digital modes of consumer experiences are penetrating every field and fundamentally changing how businesses across all industries operate and serve their customers. We are constantly shopping online for products and services, from clothes and accessories to food deliveries and cleaning services. The insurance sector is no exception to this trend.

So, when someone asks whether it is safe to buy car insurance online, the immediate answer is a yes. It is really easy, quick, convenient and, in all likelihood, more affordable. You can research and compare policies at your own pace and shop within your budget. However, there are some red flags that you must look out for while shopping for insurance online. So, let us take you through the safety checklist and the benefits of purchasing car insurance online.

How to Ensure a Secure Purchase of Online Car Insurance?

• Before Purchasing Car Insurance

Insurance companies need to be registered with the IRDAI to sell insurance plans. So, to verify if the insurer is registered with the regulatory body, you can visit the IRDAI’s Consumer Education Website. Under the ‘Know IRDAI’ tab, you can click on ‘Meet the Insurers’ to find the registered companies. Moreover, you can look for the registration number on the insurer’s website to check their authenticity before buying car insurance online.

• While Purchasing Car Insurance

You might directly search for the insurance company’s website on search engines or click on ads available on social media platforms to reach their website. On opening the website link, check if it’s the official platform by contacting the insurer and not a duplicate scam platform.

In the case of insurance apps, verify you have downloaded the correct application. Most insurance providers will mention such apps on their official websites.

• After Purchasing Car Insurance

On completing the buying process, you will receive the policy document on your registered email ID. So, check the following elements on the insurance papers to authenticate the insurer:

• QR code

• Insurance policy details

• Official signature

Safety Checklist For Buying Car Insurance Online

Here are some warning signs that you must keep in mind and look out for while buying insurance online.

• Fraud Offers

You may come across some fraud offers that look too good to be true, providing discounts or low premium rates. Before you get tempted to click on it, ensure you contact the insurance provider to confirm the said offer. Furthermore, check the website and look out for any red flags such as incorrect information or a suspicious landing page.

Another warning sign can be the website directly requesting for your bank account details. Hence, it is recommended to only purchase online car insurance plans from official websites of trusted insurance companies. Moreover, do not get carried away by cheap insurance prices or discount offers.

• Lengthy Application Forms

When it comes to online car insurance plans, there is minimal documentation required when compared to the offline method. If any insurance website has a lengthy car insurance application form requiring unnecessary details, then it’s a red flag. Contact the said insurance company and confirm the application form details. Make sure you do not input your bank account details on any such websites.

• Not Receiving the Insurance Document

After you have paid the insurance premium, you shall receive the car insurance policy documents on your registered email ID. There could be a delay in sending it to you. However, not receiving the insurance plan for some time can be a warning sign.

If you receive the plan, check for the authorised signature on the policy document and read the fine print for any inaccuracies. This can help with verifying the authenticity of the insurer.

• No Premium Payment Receipts

Another warning sign is a lack of premium payment receipt on completing the transaction. Most insurance providers offer the policyholder the receipt of payment confirmation. In case you do not receive any such payment acknowledgement, reach out to the insurance company for further details.

• Check the Company’s Website

Verify the website’s security certificate (SSL) to verify that the site is legitimate and can encode files safely. It is advised to only rely on information provided on the product page and website of the insurance provider. To be on the safer side, make sure to take a screenshot of the transaction page and note the transaction reference number or code.

Benefits of Purchasing Car Insurance Online

Let’s understand some advantages of opting for an online car insurance plan:

• Easy Comparison

Most insurance companies now provide the details of their insurance policies online. You can look up the policy details online and compare various car insurance plans without any trouble. This enables you to purchase a comprehensive insurance policy within your budget and customise it.

• Minimal Documentation

One of the perks of shopping for car insurance online is the zero paperwork involved in the process. You need to fill up the application form, upload the required documents and your vehicle is all set for the ride!

• Cost-Effective Option

As there is no intermediary involved in the buying process for online car insurance, you don’t have to pay any third party costs. So, you can avail an affordable premium rate and safeguard your prized possession.

• Complete Transparency

As mentioned above, every insurer now offers their policy details online. Thus, you can go through the terms and conditions, features, benefits and exclusions of the plan. This ensures complete transparency on the insurer’s end!

• Convenient Method of Purchase

You can financially secure your four-wheeler from the comforts of your couch or on the go. With the help of the internet, you can compare the policies and purchase them on the spot! Explore the ultimate guide to online car insurance on our platform now!

Over to you!

The increase in online fraudulent activities has left many worried about purchasing car insurance online. But when it comes to Finserv MARKETS, you can always rest assured while buying insurance from us as we offer a highly secure method.

Moreover, the premium payment process is secure and you don’t have to worry about being exposed to any online risks. So, browse through the comprehensive car insurance plans available on Finserv MARKETS to avail cost-effective premium rates, lucrative add-on covers and more!