As per the Motor Vehicle Act, 1988, every car owner must possess at least a third-party motor insurance plan to avoid hefty fines. Besides reducing legal liabilities, a well-rounded insurance plan for a car curtails the financial burden. As every vehicle is susceptible to risks and damages from unfortunate incidents, obtaining motor insurance is paramount to reducing the liability of paying repair costs.
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Individuals often count on traditional insurers who offer offline policies. However, some prefer obtaining car insurance online as it is a seamless process and takes much less time than the conventional procedure. One will find the benefits of opting for such a procedure in the following section.
Advantages of Buying Motor Insurance Online
Purchasing a motor insurance policy comes with several lucrative benefits, as mentioned below:
1. Compare Multiple Policies
Several insurance companies in India offer attractive deals on plans tailor-made to a car owner’s needs. However, choosing the best policy for a vehicle is a daunting task as individuals need to compare the plans manually.
With the advancement in technology, insurers allow customers to compare multiple policies online with the help of tools like a car insurance calculator available on their website. This way, one can compare insurance policies with respect to their premiums, service benefits and other features. Using this tool offers convenience and helps in making an informed decision.
2. Minimal Documentation
Individuals setting out to buy a car insurance policy online must furnish minimum or zero documents. They must answer basic questions regarding their car and select the coverage they wish to get without heavy documentation. Car owners renewing their existing policies or planning to purchase a new one can proceed without paperwork.
However, in exceptional cases, there might be some inspections from an insurance provider’s end if there is any breach in policy. In that case, one must present personal identification or old insurance policy documents. Nevertheless, this documentation is much less compared to the ones required during an offline procedure.
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3. Fast Processing
The online purchase of car insurance policies comes with an additional benefit of fast processing. One can use a smartphone to make such a purchase. Customers can complete the buying process from the comfort of home or workplace by entering a few details like name, contact number and other details of a car.
On the contrary, individuals need to visit an insurance company in person if they wish to settle for an offline procedure.
4. No Involvement of an Insurance Agent
For the first time, car owners who want to obtain insurance policies might find it difficult to understand the insurance jargon. In such a scenario, contacting an insurance agent seems to be a convenient option. Resultantly, the decisions regarding insurance plans depend on an agent.
To take over this control, one should obtain an insurance plan online as it does not require the involvement of an agent. An individual can conveniently find the explanation of jargon on the insurer’s website.
5. Convenient Way to Check Credibility of an Insurer
Potential buyers can skim through a preferred insurance provider’s website before purchasing a plan. This enables them to check credibility. Additionally, they can read previous customers’ reviews for a better picture of this subject.
Some of the points to consider while visiting an insurer’s website are:
- Claim settlement ratio
- Process of claim
- Network garages
- Processing time etc.
6. Choose the Best Policy Without Any Hassle
On selecting a credible insurance company, one can expect to benefit from genuine policies only. Such insurers get approval from the Insurance Regulatory and Development Authority of India (IRDAI) before selling their insurance products.
Further, choosing the best policy from the lot becomes easier as individuals get genuine options under attractive deals.
7. Seamless Policy Endorsement
In an offline policy endorsement process, individuals must undergo a heavy documentation procedure. They must submit details like endorsement forms and other valid documents in person. As this is time-consuming, one can opt for a convenient online purchase mode.
The online procedure requires policyholders only to submit a self-declaration statement and proof of changed detail.
Thus, it is evident that buying a car insurance plan online provides additional benefits within less turnaround time. Before selecting an insurer for motor insurance, it is vital to thoroughly review the policy details and read the terms and conditions to avoid future hassles.