Best Car Insurance Policies - Online or Offline?

Just bought or traded in your car for a new one? After the initial euphoria and pride at the new set of wheels sitting pretty in your garage, it?s time to make the dreaded decision - what car insurance policy should you buy?

With the festive season upon us, it?s been raining discounts and offers galore, with deals offered both online as well as offline.

With news of scams and individuals being defrauded due to online purchases, a lot of us are wary of buying something like an insurance policy from the internet.

E-commerce has vastly improved now, however, and provides a platform for great deals as well as service.

With the recent directive from the insurance regulatory body also giving a nod to the sale of online insurance policies, buying insurance online is slowly gaining acceptance.

Buying Car Insurance Online:

Anyone who?s bought a car insurance policy from an insurance agent has been through the long and at times inconvenient process of buying a policy. Having an insurance agent push scores of other products or add-ons or completely discount your choice and sign you up for a higher premium policy is something many of us want to get rid of.

This brings us to the key advantages that buying online insurance provides:

  • Direct interaction with the brand sans any middlemen or agents: when buying insurance online, you can choose between policies based on the information provided. You can also compare insurance prices and policies between companies and choose the policy that suits your needs and requirements best.
  • Discounts galore: when buying online, the key draw has always been discounts or deals. This applies to car insurance policies as well, with a number of insurers offering discounts on online policies. There are also policies that are available exclusively online. Online policies are also cheaper even without the discounts as the cost of infrastructure and allied distribution costs are negated. Online insurance policies are provided at lower premiums as the insurers pass on the discounted rate to customers, making it a good way to get a deal on your premium.
  • Hassle-free: the main reason we as car owners would prefer buying insurance from an agent is having to fill out paperwork and figure out complicated premium calculations. Online policies now come with premium calculators, where you have to just input details such as policy tenure and type after which the amount payable as premium will be displayed onscreen.

Thus, buying online car insurance is not only more convenient but it also reaps savings in the long run when it comes to premium amounts.

A lingering concern regarding has been the relative lack of security of an online purchase. The lack of safety and frequent cases of fraud or identity theft that crop up put many prospective policyholders off online insurance policy purchases.

However, this is gradually changing, with tougher sanctions and more stringent security checks.

With a number of insurance companies offering online policies, the security apparatus has been designed in such a way as to prevent any filtering of information and phishing.

The insurance regulatory body has also stepped in to ensure data protection through initiatives like two factor authorization for policies and transactions made online.

Buying Car Insurance Offline:

The tried and tested method of buying car insurance policies from an agent or an insurance company in person is still the favoured choice of car owners.

Renewing an insurance policy is also done through this avenue, though some policyholders choose to make their payments through online channels like net banking, debit or credit cards.

Buying car insurance offline offers policyholders the security and knowledge of the agent, who has years of experience in the field and can get you a good deal with the required coverage desired.

Another advantage of buying an offline policy is doing away with form filling. Everything from filling in the form to submitting the required documentation is done by the agent, with just a signature required.

Reminders about renewing the insurance are also provided by the agent or company when it?s time to renew the policy.

As seen above, buying an insurance policy can be a simplified process both offline as well as online nowadays. With the ease and enhanced security provided through online insurance policies at present, not to mention the discounts, checking online for that perfect policy seems like a good idea, especially with the various festive offers doing the rounds.

GST Update: GST of 18% is applicable on car insurance effective from the 1st of July, 2017

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