The Indian insurance sector has witnessed critical development and change recently, determined by innovative headways and advancing buyer inclinations. The increasing number of cars on roads is also increasing the number of problems and accidents, which ultimately leads to financially lethal consequences. To mitigate these consequences, car insurance becomes a critical aspect of owning a vehicle in India.
In recent years, the drastic bloom in the internet services sector has essentially transformed the way we shop for goods and procure services. This increasing digitization of services has made buying car insurance online now a popular, hassle-free and time-saving option in India.
Just like the two sides of the coin, every pro has its con, and in the case of online purchase of car insurance, concerns regarding the safety and reliability of online transactions is of grave importance, especially when we are talking about critical financial services like insurance.
Benefits of Buying Car Insurance Online Now
- Convenience
Online purchase of essential financial security tools like car insurance provides the fundamental benefit of much-needed convenience, which is rare in this hectic and fast paced world. Right from the purchase of a new policy and the process to add rider schemes to the critical process of claiming coverage and renewing the policy upon term completion, all of these services are just a few taps away and can be procured within a few minutes (provided you have a high-speed internet connection!), unlike the usual scenario of standing in long queues.
- Cost-Effectiveness
The online purchase process exempts the involvement of traditional paperwork and reduces the costs incurred to the insurance agency due to physical administration. This directly impacts the premium rates, making the online premium costs lower compared to the offline policy procurement procedure.
- Access to Multiple Options
One of the major benefits of digitizing the insurance sector in India is the easy access to a myriad of options for car insurance policies. We Indians have a deep-rooted habit of saving the smallest bit of money through discounts, even if it is a mere five-rupee discount. For this, we do not purchase anything without having conducted a thorough comparison of the prices.
If we talk about buying car insurance online now, the offline comparison process involves a tiring visit to different insurance agencies and additional travel costs. In this scenario, online platforms come to the rescue as they allow clients to compare various factors and empower them to make informed decisions.
- Quick and Easy Process
Buying car insurance online is direct and simplified, allowing clients to complete the complex paperwork and make payments with a few clicks.
- Instant Policy Issuance
Once the payment is successfully made, the client receives a digital copy of their policy via email immediately. This successfully eliminates the tiresome waiting period.
- 24/7 Support
On online platforms, round-the-clock assistance is provided through various methods, such as chatbots, email, and customer support numbers, which resolve queries and issues immediately.
Comparing Online Car Insurance Policies
When buying car insurance online now, it becomes essential to compare different insurance policies from different providers to find the best option that suits your requirements. Some factors that should be considered during the comparison are:
- Coverage:
Evaluate the coverage offered by each policy, including third-party liability, own damage, theft, and personal accident cover. Choose a policy that provides comprehensive coverage according to your requirements.
- Premiums:
Analyze premium rates across different car insurance suppliers to guarantee you're getting the best cash incentive. Also, consider any limits or offers available for online purchases.
- Add-Ons:
Evaluate the expense viability of these additional items in light of your driving propensities and necessities. Search for extra elements presented by the insurance agency, such as zero devaluation cover, emergency aides, or motor assurance.
- Claim Settlement Ratio:
Check the case settlement proportion of various insurance agencies to measure their dependability in settling claims. A higher case settlement proportion shows the backup plan's proficiency in handling and regarding claims.
- Customer Reviews:
Research client surveys and criticism for every protection supplier to grasp their standing for administration quality, responsiveness, and case handling.
Online Car Insurance Policies: Step-by-Step Guide
- Prepare a list of all services you require in your car insurance plan.
- Get to your web browser and search for popular insurance plans. Look up the details of these policies and check if it match with your checklist.
- Thoroughly research different car insurance providers and critically compare their policies on various factors like premium rates, coverage inclusion, benefits, add-ons, and whatever service pertains to your requirements.
- Carefully decide what type of coverage you want for your car and whether your financial conditions allow you to opt for a comprehensive plan(recommended).
- Once you are satisfied with your research and have found your ideal car insurance policy, carefully fill out the online application form. Ensure that all the details are true; otherwise, you may be subjected to stringent legal actions.
- The application process will require you to upload some necessary documents for verification purposes, such as a Car Registration Certificate(RC), Identity proof, address proof, previous insurance documents(if any), and other requirements as per company policy.
- Make your policy fully suited to your needs by the addition of beneficial rider schemes.
- After cross-checking every minute detail you entered, head to the payment portal, where you can make payments using the card, UPI, net banking, or digital wallet.
- A successful transaction process will be followed by receiving the digital copy of the policy by the client through email or can be downloaded from the online portal. Print this document and ensure that it is always present in your car.
- If you encounter any problems during this process, do not hesitate to consult an expert or customer support for a smooth purchase experience.
Understanding Third-Party Car Insurance: Online Options
The insurance policies which only cover the damages caused to a third party in form of property damage or loss of life are called third-party car insurance policies. This policy is associated with lower premium rates and thus preferred by more people. While buying a third-party insurance policy online, one should consider the following factors,
Legal Compliance:
The third-party insurance policy must comply with the legal standards set up by the state institution, the Insurance Regulatory and Development Authority of India (IRDAI).
Coverage Limits:
Keep in mind that this policy's coverage limit encompasses only third-party damages. It excludes all personal damages.
Premium Calculation:
Factors like the the car's cubic capacity and age affect the premium the policy demands. One should always use the facility of online premium calculators to calculate the premium amount for their car.
Add-Ons and Benefits:
Despite its low coverage limits, one can always opt for beneficial rider schemes to enhance their car insurance game.
Claim Process:
Be familiar with the procedure to claim in critical situations.
Safety Measures When Buying Car Insurance Online
- Ensure you are logged in to secured and encrypted websites for research, comparison, document upload, and transaction procedure.
- Before buying car insurance online, ensure that the insurance provider is registered with IRDAI and has decent customer reviews.
- Don’t click on suspicious links provided in phishing emails and fraudulent websites.
- Don’t share critically sensitive information like bank account details, radar or PAN numbers until and unless it is essentially important.
- Do not initiate financial transaction processes over unreliable networks or Wi-Fi connections. Doing so may lead to your important information being leaked on the dark web.
- Update your system's security software and ensure the use of firewalls for the online application process.
- Go through the terms and conditions of the policy thoroughly to ensure everything is clear.
- Maintain the records of your transactions and other online procedures. All of this helps in case a claim is raised or any dispute is resolved.
Conclusion
Buying car insurance online in India offers unparalleled convenience, cost-effectiveness, and access to a wide range of options. Despite the benefits, ensuring safety during online transactions is paramount. By following safety measures, comparing policies diligently, and understanding the nuances of third-party insurance, individuals can make informed decisions and secure their vehicles effectively.
