With the e-commerce industry gaining momentum rapidly, there is a massive increase in the number of people buying products and services online. Right from clothes and groceries to diamond jewellery, everything is available online and car insurance isn’t any different. Nevertheless, many car insurance buyers in India are still wary of online purchase. If you have been having second thoughts about buying car insurance online, then this article is just for you. Here we have listed down several important benefits of buying car insurance online so that you can make an informed buying decision:
Benefits of Buying Car Insurance Online
1.Online Car insurance is cheaper - As is the case with most things available for online purchase, buying car insurance online is cheaper as compared to its offline counterpart. This is because online purchases involve less paperwork and lower operational costs for insurance companies. Moreover, online car insurance purchases do not involve any agents or middlemen, the purchase is made directly from the company. As a result, the overall cost of online car insurance is reduced, the benefit of which is passed on to the customers.
2.Paperless Transactions – Let’s be honest, nobody likes paperwork. It’s time consuming, tedious and messy. Issuing offline car insurance policies require extensive paperwork. On the other hand, the documentation for online car insurance policies can be completed in a matter of minutes. So by buying car insurance online, you will not only save time but also the environment.
3.Time-saving and convenient – Buying car insurance online is a much quicker and convenient process as compared to offline car insurance. There’s no need to visit the company branches or stand in long queues. You can buy or renew your car insurance online from the comfort of your home, office or even on the move.
4.Instant Availability – Processing of physical documentation takes a lot of time as compared to the digital one. When you buy a car insurance policy online, the processing of information is instant and so is the issue of your policy.
5.Easy endorsements – Endorsement in insurance refers to the change of particular details in the policy document. In case of offline endorsement, all the details need to be submitted to the insurance company along with the endorsement form. On the other hand, in case of online endorsement, a simple self-declaration is enough, which can be completed with just a click of a button.
6.Easy back-up of policy documents – When you buy a car insurance policy online, you will always have the soft-copy saved with you in an email or with the insurance provider. Hence, you can access your policy at any time without the worry of losing it.
7.Easy Review and comparison – When it comes to online car insurance purchase, you can easily look up policy reviews by previous customers. Moreover, you can also compare the coverage and features of various online policies easily. This helps you make an informed purchase decision in a hassle-free manner.
8.Easy Renewal and reminders – When you opt for car insurance renewal online, all your policy data is captured and saved with the company online. And when it’s time for renewal it becomes extremely easy for you to reload your information. Hence, you don’t need to fill the entire renewal form again which is not the case with online policies. Moreover, most online insurance providers offer timely policy renewal reminders to their customers via email or text message. This ensures that you don’t run the risk of missing the renewal deadline by any chance.
Common Myths about Buying Car Insurance Online
1. Authenticity – Car insurance policies issued by a licensed insurance company registered with the Insurance Regulatory and Development Authority (IRDA)) are 100% genuine. IRDA is the government regulatory body for insurance business. It was set up to ensure that there is no malpractice in the industry. Hence, if you buy online car insurance from a licensed insurance provider, you can trust its authenticity completely.
2.Reliability – Online transactions have become the new normal as it is a reliable and convenient option. Just like you bank online, transfer money online or buy rail tickets online, you can also buy car insurance online in a safe and reliable manner. Moreover, at Finserv MARKETS, we have strict privacy and security policies that comply with global security standards to ensure that your purchase transactions are absolutely safe.
3.Geographical distance – Some users may be reluctant to buy a policy from an insurance company that is not located in their vicinity due to the fear that their claims will be difficult to process. However, with online insurance, geography doesn't matter since you can now make claims from anywhere in the country. When you apply for a car insurance claim online, the insurance company will start the processing cycle immediately as opposed to when you file for claim offline. Moreover, the best part about having online car insurance is that the insurance company is able to hand-hold you through the claims process and make it extremely easy for you.
Given the several advantages of online car insurance, it is only prudent to buy them online. While buying car insurance online is simple and convenient, you must take the final decision only after thorough research and comparison. As a thumb rule, make it a point to understand what you are buying and what you are getting covered for. Making an informed buying decision will help you secure the best coverage for your precious car. Moreover, by buying a Car Insurance Policy at Finserv MARKETS, you can enjoy exclusive benefits like cashless claim facility across 4000+ garages, quick claim settlement, round-the-clock assistance and much more. To buy or know more about Car Insurance visit Finserv MARKETS.
You can buy a Car Insurance available on Finserv MARKETS within a few minutes. Here’s how to do it:-
1. Visit the Finserv MARKETSCar Insurance Page
2. Enter a few details such as your car registration number and your phone number. If you don’t have a registration number, you need to enter the RTO location, car model, manufacturing year and the vehicle registration date.
3. You will get an instant policy quote listing out your policy details and premium.
4. If you are satisfied with the quote, you can proceed to make the payment online.
5.On successful payment, your car insurance policy will be sent to you on your registered email address.
This complete guide to buying a car insurance online can add a lot of value when you make a buying decision. It is always important to know what the benefits of buying a car insurance online, how to buy it and what the myths to avoid while making the decision are. At Finserv MARKETS, you can get all this information at one place. Why wait? Head straight to Finserv MARKETS to get your free car insurance quote today!
Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment, and exclusive EMI store, all under one roof- anytime, anywhere!