The final one year has totally transformed the way we purchase solutions and avail services even as crucial as insurance coverage. Since the onset of the COVID-19 pandemic, insurance coverage firms in India have been generating optimum utilisation of their sources to assist consumers make informed choices via virtual and on-line help. This has led to a huge raise in the consumption of insurance coverage solutions and services digitally across all segments, such as each life and non-life sectors.
One of the crucial sectors that have gained considerable traction in the final handful of months is Motor Insurance with more and more consumers purchasing insurance coverage for their automobiles via digital channels. People have began to realise the reality that purchasing motor insurance coverage on-line is significantly less difficult as it includes much less paperwork and no physical presence. Purchasing insurance coverage on-line also implies more quickly responses and a transparent purchasing approach.
1. An Array of Options to Compare and Choose
Before you obtain a motor insurance coverage policy for your car, it is incredibly crucial that you evaluate distinctive plans on offer you from a pool of insurers. Comparing the distinctive plans on-line and deciding on one that rightly caters to your certain wants and needs will not assist you purchase the correct solution but will also assist you raise your know-how. For your comfort, quite a few on-line insurance coverage marketplace areas are obtainable that permit consumers to evaluate distinctive insurance coverage solutions from many insurers. You can conveniently evaluate the rates, supplied attributes, inclusions and exclusions, and make an informed decision. You can also choose proper add-ons for your car for extensive coverage.
2. Affordable Premiums
One of the most crucial causes why you have to purchase your motor insurance coverage policy on-line is economical premiums. The premiums of motor insurance coverage policies sold on-line are considerably low as the operational charges that contain manpower and physical offices is incredibly low in digital insurance coverage in comparison to offline insurance coverage. There is no part of agents in on-line policies. Hence there is no commission involved. All that you will need to spend when purchasing motor insurance coverage on-line is a processing charge and no further costs.
3. Time-Saving
Buying motor insurance coverage policy on-line is the most hassle-free and time-saving approach, as you do not will need to be liberated with time constraints. The whole approach of purchasing insurance coverage on-line can be completed inside a handful of clicks, which requires a handful of minutes. All that you will need to do is opt for the most proper strategy for your car and make the payment. Soon right after you make the payment, your policy is issued and sent to your registered e-mail address. Contrary to this, purchasing insurance coverage offline is a time-consuming and stressful job that may possibly retain you occupied for various days. You will need to take a look at the insurer and meet an agent who will do an inspection of your car and then problem a policy right after a handful of days.
4. Minimum Documentation
Buying motor insurance coverage policy on-line includes minimum documentation, as all that you will need to do is submit a soft copy of the necessary documents like Registration Certificate and earlier year’s insurance coverage policy – in case of renewal. Your insurer will problem you a policy in minimum documents in contrast to offline exactly where you will need a share various documents for policy issuance. Buying on-line also implies utmost transparency in between the insurer and the consumer.
Take Note
There is no doubt that purchasing insurance coverage for your car on-line has endless benefits more than purchasing offline. However, with a plethora of alternatives obtainable to opt for from, it is incredibly crucial that you choose the correct strategy for your car and make an informed selection. While comparing distinctive plans, do bear in mind to take into consideration specific parameters such as the IDV – Insured Declared Value – the attributes, inclusions, exclusions and the premium. As a thumb rule, often make certain that you totally know what you are purchasing and for what all items your car is getting covered for.
(By Sajja Praveen Chowdary, Head-Motor Insurance, Policybazaar.com)