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Top 5 Reasons To Buy Your Car Insurance Policy Online

By Finserv MARKETS - Sep 13,2019
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Why Buy Car Insurance Policy Online

A study by McKinsey & Company in 2018 mentioned how digital infusion is changing the landscape of insurance-related transactions. You can hop on the insurer websites and platforms for car insurance renewal or just to get online car insurance quotes, among other things. The study reported how the insurance industry is in the midst of a radical, digitally infused shake-up. Customers are embracing digital channels, and technologies such as the connected car, smart home solutions, and artificial intelligence (AI) have ushered in an era of new products built on data and analytics.

Digital Transformation in the Insurance Industry

Today, insurers are using digital applications such as chatbots to turn the process of buying a car insurance policy or filing a claim or even car insurance renewal into a fast, simple, and satisfying experience.

As far as the insurance providers are concerned, the digital journey is evolving at a fast pace, as is evident below:

Reasons to buy car insurance online
But what about the consumers at the end of these services? Here’s what it looks like: the digital natives will take to online transactions easily, but the majority are seeing the switch from a physical paper-form-based system to a paperless filing. Therefore, it comes as no surprise that they often have a nagging question: can a car insurance policy be purchased online? Can car insurance renewal be done online without any hassle? Does the process necessitate physical documentation?

The simple answer is no. You don’t need any physical documentation or paperwork of any sort while buying car insurance online. In fact, the process is much more seamless, efficient and smooth.

When you purchase a car insurance policy online, you have the time and resources to research and compare various options, get online car insurance quotes for a variety of options, understand the types of car insurance, and make a decision without haste. You pick a policy, fill in all details and voila, the form is filled. Car insurance renewal also charts a similar path.

Despite the hassle-free process and convenience offered by the online process, a lot of people are still reluctant to buy car insurance online. If you too have second thoughts about buying the policy online, then the following reasons will help you understand its importance.

Five Reasons You Should Buy Car Insurance Online

  • Allows intensive research

Nowadays, most insurers have car insurance plans available on their official website. It becomes easier for you to research and compare policies from different insurers online. Factors such as premium charges, coverage provided, exclusions, claim settlement ratio, and more should be taken into consideration when comparing different plans. This way, you can narrow down your choices and choose a plan that best fulfills your needs.

  • No middle-men involved in the process

Traditionally, insurance agents used to pursue customers to buy motor insurance. In this process, the policy handling charges and agent fees were a part of the premiums charged. Hence, the premiums used to be relatively high. This was a convenient option for people as they had little to no knowledge about the product and had no time to keep track of it.

Now that the process of buying car insurance has become online, it eliminates the middle-men as well as the charges involved.

  • Save a fortune

As explained before, you no longer have to pay the insurance handling charges and agent fees when buying car insurance online. A comprehensive car insurance plan is available online at affordable premiums. Thus, you save a fortune when buying the policy online.

  • Save time

We understand that you lead a busy life and everyone avoids wasting time on redundant activities. The good thing about buying car insurance online is that it is straightforward and can be purchased in no time.

There are no elaborated application forms involved or complicated processes to go through. With car insurance plans at Finserv MARKETS, you simply follow the steps and get your vehicle insured instantly.

  • Easy to access information

The information presented on the insurer’s website should be sufficient and is easily accessible. The car insurance online process is transparent and is focused on helping customers understand the product effortlessly. However, in case of any confusion related to the policy or add-on covers, you can simply contact the insurer and get the doubts resolved.

We believe that this convinces you to buy car insurance online at Finserv MARKETS without any second thoughts. The steps to buy car insurance policy online are explained below.

Steps To Buy Car Insurance Online

Just follow the five steps given below –

  1. Choose the type of coverage you need
  2. Fill the application form – enter personal and car details
  3. We will assess your application
  4. Proceed to make an online payment
  5. After successful payment, the policy will be issued to you in no time

To Conclude

Life has surely become easier since everything we need can be bought online. One can buy car insurance from the comforts of their home or on the go.

With Car Insurance at Finserv MARKETS, you can avail benefits such as cashless claim facility across 6500 network garages, swift claim settlement process, affordable premiums, car roadside assistance, and so much more.

So, why wait? Get your car insured with us at Finserv MARKETS, today!

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