Buying a car is a dream for the majority of the middle-class population. It upgrades your social and financial standings as well as make your journeys comfortable, far away from the commotion of public transport. India has 22 cars per 1000 people and the figure is expected to touch 175 per 1000, in 2040, a rise of 775%, as per the International Energy Agency (IEA). This growth has also led to a spurt in accidents leading to a massive loss for both the families and economy as a whole. In 2019 alone, there were 449, 002 accidents making Indian roads one of the deadliest in the world. Due to this, the importance of auto insurance has become significant as it reduces the financial impact on the rider and let you focus on other important things. In this article, let us discuss why it can be a good idea to purchase auto insurance online, in the time of COVID-19 and beyond.
Buying auto insurance online reduces your paperwork as you can easily submit scanned documents digitally. Once you are done with all the documents, the insurance company will send you the soft copy of your policy in your email id with all details attached to it. So no more filling up forms, no need to travel physically, just sit in the comfort of your home and get your insurance certificate online.
No need for an agent
Insurance agents will be a thing of the past, once you start doing your auto insurance online. In the physical scheme of things, you need the service of agents who would explain to you all the details of the policy. For online buying, you just need to go through the details on websites like policybazaar and choose the one that suits you best. No jargons, no hidden clauses, simply go through all points in detail and you know which is the ideal one for you.
As there is no commission that you need to pay your agent, you save at least 2-5% of extra cost. This in turn makes your policy way more economical. In case of problems, you can call up the helpline numbers or mail your queries to the insurance company for clarification. No need to run after people and waste your time.
Instant Policy issuance
In online auto insurance, you don’t have to wait for days to get the policy registered in your name. if your documentations are done properly, you get the policy instantly. The process has become so much faster and convenient, that today customers prefer the online mode without any second thought. They have seen how agents and branch offices of these insurance companies tend to misguide and harass people for hours when they would go here for some urgent work. Filling up of forms and unnecessary paperwork has made people wary of the offline process and hence we are seeing a positive shift towards online buying.
Compare and Buy
In the online insurance websites, you will find hundreds of thousands of companies advertising their auto insurance policies and the monthly premium that you have to pay. As a customer, you get to compare between them and choose the one that is convenient for you. A person on a highway frequently has a greater chance of accidental damage and he might go for a costlier policy. So it’s all about assessing your travel routine and finding the best insurance product for your car. In the offline world, it is just not possible to compare.
Check Insurers credibility
Checking the credibility of the insurance companies along with their IRDAI registration number. Also, check the google reviews and see what people are saying about them. What is the claim settlement ratio? Is the company customer friendly? Type whatever question comes to your mind and do a thorough check on past reviews as many of them would have hidden clauses that create problems later on. If you are satisfied with the claim settlement speed and process, then only go ahead and get your car insured online.
Easy online payments and endorsement
Online insurance schemes have the option of paying monthly/quarterly premium online and that is another benefit of this process. Connect your bank account and it will be automatically deducted by the system, you don’t even have to remember. Apart from payments, you can get a soft copy of your policy along with an endorsement also. Just submit a self-declaration along with the proof and your insurer will do the endorsement.
Insuring your vehicles is an extremely important step. Years back, people would have a very casual approach, and many use to avoid insuring their vehicles. However, with a large number of insurance companies available today, as a responsible owner of a vehicle, you should get your policy at the earliest. Stay wherever you are, google all the policy details, compare and buy the best auto insurance that will save you from future mishaps.