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Reasons to buy car insurance online

By Finserv MARKETS - Sep 13,2019
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Reasons to buy car insurance online

Introduction

Car insurance is a motor insurance policy that insures your car against any financial exigencies or unforeseen damages. As per the mandate under the Motor Vehicles Act, 1988, a motor vehicle (whether a two-wheeler or four-wheeler) should compulsorily have insurance to cover any damage to the life and property of others. This liability of death, injury or damage to property towards a third party, called third-party liability, is borne by the insurance company.

There are wider types of car insurance too. Thus, if you want to be covered for the risk that may arise due to an accident or loss, then you need to expand the coverage by opting for comprehensive car insurance that provides coverage against any injury arising from traffic collisions, road-mishaps, its subsequent liabilities as well as natural calamities.

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.

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 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.

The application process for a car insurance policy online, such as on Finserv MARKETS is simple. First, you decide on the coverage you need. Next, you fill the form presented. It will demand details of the vehicle, like registration number, model and brand details, the details of the current or expired policy, if any.

The details that may be requested of you include:

  • Car Registration number
  • Engine number
  • Chassis number
  • Previous car policy number (if you have any)
  • Car manufacturing date (mm/yy)
  • Date and city of car purchase
  • Your contact details (address, phone and email id)
  • Driving license details

Once you have furnished all the information, the insurer will run an assessment on the vehicle to define the level of wear and tear it is operating at, and the premium that would be most suited to the condition of the vehicle. Following this, you can make the payment and the policy is issued to you! Zero paperwork and expedited process!

Conclusion

If you buy Bajaj Allianz car insurance online from Finserv MARKETS you can enjoy additional benefits like cashless claim facility across 4000+ garages, quick claim settlement, round-the-clock assistance and much more. To buy or know more about Bajaj Car insurance visit Finserv MARKETS. Since there’s no third party or middlemen involved when it comes to verifying and processing claims, the process is swift. You also get 24X7 spot assistance as an add-on feature that provides much coverage against loss of car keys, minor repairs that could include jump-starting dead batteries, replacing flat tyres, towing facility, fuel assistance, etc.

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