Buy Car Insurance – Read 4 advantages and disadvantages of buying car insurance online in 3 minutes. Updated: March 25, 2021 2:22 PM IST Navneet Dubey Premium
As it is easy for consumers to buy insurance policies online these days, the industry has adopted a paradigm shift based on digitization and customer centricity to improve business. Also, buying car insurance policy online has become easier and more convenient. However, some customers may have a different set of requirements and in many cases their requests go unanswered online.
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Therefore, before deciding to buy an insurance policy online, you should weigh the pros and cons.
Benefits Of Motor Insurance Online
No Documents: No one likes to fill long forms and submit numerous documents to buy insurance offline. Animish Das, Head of Auto Insurance, ACKO Insurance, said, “The shift to online shopping for auto insurance products takes the hassle out of navigating the quagmire by asking potential buyers to provide only basic information in order to receive a quote.
Save time: Customers who buy insurance online are also freed from time pressure. The entire purchase process can be completed within minutes and the purchase can be completed at any time. On the other hand, the offline process is time-consuming as the customer has to visit an insurance company branch or meet an agent to buy the policy.
Easy Comparison: It is easy for consumers to compare policies online and choose the best one, and web aggregator sites make the whole process easy. You can also easily check insurance policies using car insurance calculators available on insurer websites. Conversely, this traditionally requires visiting different branches and manually comparing different policies, which is an unnecessarily long and inconvenient process.
Low prices: “Operating costs associated with online insurance are lower than offline insurance because digital insurance companies do not have physical sales offices and the need for labor is also reduced. Lower operating costs equate to lower price policies that do not affect coverage in any way, Das said.
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Unanswered questions: “When buying insurance online, there may be various issues that require immediate attention. Providing incorrect details may result in claim rejection. For example, if you don’t know enough about how the policy works, how the claim is settled, the add-ons that come with the policy, whether or not they are worth buying, then there will be a lot of questions that will remain unanswered during this time. Online purchase of insurance policies
Loss of Premium Discounts: Voluntary policy rewriting is always a gray area for most insurers, why opt for it? Typically, insurers allow policy buyers to share some of the risk associated with the insurance. This amount is known as the “deficit” and is a predetermined amount of loss that the insured will incur during the settlement of the claim. Therefore, the voluntary deductible can be purchased in excess of the mandatory deductible to get a discount on your insurance premium. But to understand this issue, you should seek help from an insurance specialist before buying an insurance policy. Basically, when you buy an insurance policy online, you may be missing out on this important aspect that helps lower your car insurance premiums. Another disadvantage is that there are some features such as “too voluntary” that the buyer may not notice and ignore. Prashar said: When choosing such functions, insurance premiums can be reduced.
Buying an insurance policy on a fake website. Although the regulator warns policy buyers about the many fraudulent websites that sell policies online and are not authorized, you also need to be vigilant when buying insurance online. Therefore, you should beware of online scams as these fake websites may unwittingly obtain your financial and personal information.
No claim assistance: Generally, insurers do not have an online claim handling mechanism. So, when you buy an insurance policy online at the time of loss, you may find it difficult to file a claim because you don’t have people to help you right away. First you need to contact customer service representatives etc. However, on the other hand, if you were to buy the policy offline through an insurance agent, they will help you settle the claim instantly. It’s always good to have a familiar voice that can help you resolve your claims if needed.
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Navneet Dubey is a personal finance writer and artist. Over the past decade, he has written articles on insurance, financial planning, lending and borrowing.
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