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Here's Why Car Insurance Costs Less When Purchased Online

By Finserv MARKETS - Aug 28,2019
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Car Insurance Online

A car insurance is mandatory for vehicles plying on Indian roads. Beside the law, it is essential because of the wide range of benefits it provides for the owner of the vehicle. Not only does it provide coverage against any loss or damage to the vehicle itself, but some insurance policies also provide a Personal Accident cover for a slight premium.

Insurance policies also protect you against litigation charges that may come up in case of accidents, and several of them also provide coverage for damage or even death to third parties.

Car Insurance, available on Finserv MARKETS, even offers towing facilities in the event of a vehicle breakdown or an accident.

So now that you know how important car insurance is, the next step is to choose the insurance policy that best suits your needs and requirements. There are a wide array of insurers who offer policies to customers like you, but how do you know the best one?

It’s simple. Turn to the internet. Like most other goods you purchase online, a car policy also costs less when purchased online. Continue reading to understand how buying a car insurance online will save you money that could be better utilised to jazz up your car.

1. Lower overheads: Insurers that offer policies online need fewer physical offices and stores from which to sell to customers. They are able to cut down significantly on administrative costs by setting up an online presence through a website, where they can advertise their policies and appeal to customers by posting its benefits along with the premiums they charge. By saving their own costs on the excess administrative processes that go into building and maintaining brick-and-mortar stores, they are able to offer better discounts and cheaper premiums to customers.

Here's Why Car Insurance Costs Less When Purchased Online

Source: https://www.turtlemint.com/car-insurance/articles/ten-common-mistakes-that-make-your-car-insurance-expensive

2. No middleman or commission: Many insurance companies reach out to and sell policies to customers through commission agents who are essentially the middlemen for the transaction. These middlemen charge a significant amount of the premium that the customer pays as commission, which is also recovered from the customer in the form of higher distribution costs. However, by selling online and reaching out to the customer directly, the insurer is able to save on distribution costs; and is thus able to bring you the same offer at a much lower cost.

3. Discounts and offers: Buying car insurance online allows you to look around for bigger discounts on your premium. Since it’s a competitive market where everybody is selling to the same set of customers, many insurance companies will offer you great deals for choosing their product. Car Insurance, available on Finserv MARKETS, also allows you to transfer up to 50% of your existing No Claim Bonus (NCB) from any other insurance provider. This means that great deals will remain available to you even after you have chosen a policy. Apply for car insurance online today, and get an idea of all the benefits you can get from the best insurance in India.

4. Competition and accessibility: When you walk into an insurance store, chances are that the sales representative will drown you in a flood of numbers and the attractive features available to you. While you had walked into the shop with a set idea of what you were looking for, it’s likely that you leave the shop confused with all the information you received. This is where the convenience of shopping online comes in. You can, in a leisurely manner, evaluate the different offers available to you, check the features each of the insurers are offering and then compare the premiums they offer. This will give you the time and the space to evaluate each offer, and then reach a decision.

5. Transparency: Transparency in online purchases is what has driven most customers to shop online for most products that were until recent years, usually picked from physical stores. Similarly for insurance, middlemen at offline outlets will often bundle add-ons into your insurance policy to drive up the premium you will pay to drive up the commission costs he would receive. When you purchase online though, you can select the specific add-on features that you require with your policy and thereby retain transparency in paying only what you purchase. This allows you to maintain control over the costs you bear and keep in line with the budget you initially had in mind for purchasing your policy.

Buying the policy online is not only the cheapest option, but also the easiest option of availing your mandatory insurance. You can shop around, pick discounts and select a premium most in line with your budget as well as your requirements. Car Insurance Policy is popularly regarded as the best car policy in India owing to outstanding features like 24X7 car roadside assistance and coverage for replacing the lock and key of the vehicle. With all these features available to you at the click of a button, apply online today!

To know more on car insurance in depth, you can check out these blogs:

“Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you Make it Happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no cost EMIs, 4 hours product delivery and numerous other benefits. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere”!


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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522