A car Insurance policy for your car is a legal requirement as per the Motor Insurance Act, 1988. Earlier you could buy car insurance policy only from the office of insurance companies. But now with the e-commerce industry gaining momentum, everything is available online. The same is with insurance.
Now you can buy a car insurance policy online. But still people are reluctant in buying insurance online either because of misconceptions or they are unaware of the benefits of buying a car insurance online. Let us discuss the benefits of buying a car insurance policy online.
Key Benefits of Buying Car Insurance Online
Convenient, Easy and Time Saver: Buying a car insurance policy is both easy and convenient as you can buy a policy online anytime, from anywhere. When you buy a policy offline, you need to fill a lot of details in the form. The insurance companies design the online forms in a manner that you have to provide fewer details. It also saves your time of going to each insurance provider to find out the feasible option. Hence it is a time-saving option.
Cheaper and Paperless Transactions: It is cheaper to buy a car insurance policy online than buying it offline. When you buy insurance online, there is no paperwork involved. This is also a reason that makes the policy cheaper for you when bought online.
Instant and Quick Process: The process of buying a car insurance policy is very fast. You can complete the whole process of deciding which policy to buy, paying the premium and receiving the policy document within a few minutes. When you buy a policy online, you receive the policy document instant through email. So you do not need to stand in long queues to pay the premium or waits for days to get your policy document.
Wider Range of Choices: Comparing different car insurance options offline is a herculean task. But if you buy a car insurance policy online, you can compare multiple car insurance options available online on the web portals of insurance providers. By comparing different options, you tend to get the best deal.
Transparent and Free from Agents: Insurance agents are often not impartial while guiding you because they have their targets to achieve and push you for buying products in which they can get good commission. Agents may not provide you with all the details about the policy. You may also come across fake agents and land up in trouble. But if you buy a car insurance policy online, all the details are provided in the policy document. You are also saved from the hassles of fake and partial insurance agents.
Easy Access and Back-up: When you buy a car insurance policy online, you always have a soft copy of the policy in your email or in your account on the web portal of the insurance provider. You can access your policy anytime, from anywhere.
Easy Renewal: When you buy a car insurance policy online, you do not need to submit all the information again at the time of renewal. Timely reminders are also sent by the insurance providers so that you never miss out on making payment or renewing car insurance policy, thereby ensuring that your policy does not lapse because of non-renewal.
Related Read: What Is Covered Under Third Party Car Insurance Policy?
The Bottom Line
Buying a car insurance policy online has many advantages but it is important to understand that it needs good research because everything has its pros and cons. As a thumb rule, you should always ensure that you understand what you are buying and what you are getting covered for.