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  • Should You Approach An Agent When Buying Car Insurance?

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    About 10 years ago, the only way in which one could procure a suitable insurance policy was through an agent. With the advent of insurance sales through the internet, customers have begun to realise that online insurance purchase is, in fact, a very convenient option. Here, we have put together the advantages of buying car insurance through the online route and the traditional offline mode.

    Channels For Car Insurance Purchase:

    In India, it is possible to buy motor insurance through various channels:

    1. Through agents - Agents can be classified into two types:
      1. Captive agents - A captive agent sells the policies of only one insurance provider. This agent works directly for the concerned insurance company. The responsibility of a captive agent includes getting business for a specific insurance company. Despite the presence of a customer service centre for the insurance company, the agent would handle most of the needs/queries of the customer directly.
      2. Independent agents - An independent agent sells insurance from multiple insurance providers. They sometimes sell the insurance of a primary carrier in greater number, but can also be accessible to place business with other insurance companies, if it is beneficial to the customer.
    2. Through dealerships - When you buy a car from a dealership, you will have the option of buying insurance through the dealer. Most dealerships would have partnerships with insurance service providers. You may not receive the most cost-effective insurance policy this way, so you should do your own research before agreeing to buy the first insurance solution that the dealer presents you with. Some dealers have year-end promotions that bundle insurance with the purchase of the vehicle itself. If you are planning to buy a car during such a sale, you should go through the terms and conditions provided in the insurance documentation and weigh it out with the premium quoted to see if you are getting a good deal.
    3. Online - Buying car insurance online is one of the most reliable and hassle-free ways in which you can get coverage. You stand to benefit from premium discounts and easy policy maintenance through this route. You can choose to buy insurance directly from the website of the insurance company or purchase from a neutral insurance broking website. The advantage of buying through a neutral website is the fact that you will be able to compare insurance plans across an assortment of insurance companies and find the best deal out there.

    Advantages of Approaching an Agent:

    If you approach an agent to buy a motor insurance policy, you can benefit from the following:

    1. Receive personalised service - Many customers still prefer personalised service as far as financial products are concerned. For those who are not very tech-savvy, approaching an agent is a better way to get information about a policy than working your way through a series of voice prompts.
    2. Knowing your area - If you have a local insurance agent who is aware of your area, you will benefit greatly. In case you have to file a claim, the agent will be able to suggest appropriate body shops or glass retailers in your locality, apart from helping you with the claim intimation process.
    3. Bundling discount - Most agents are able to offer you bundling discounts when you buy multiple policies from the same insurer. This facility is not easily available online.

    Points to Note Before Buying Insurance From an Agent:

    • Authorised agent - Ensure that the agent you are approaching is licensed by the IRDA to sell insurance. Insurance agents are required to take a certification exam before starting insurance sales. This is essential for them to be able to provide sound advice to a potential customer. So, it is advisable to ensure that the agent is an authorised personnel from the insurer you are dealing with.
    • No cash payments - Never make cash payments to an agent. It is best to pay premium through a cheque or credit/debit card. Before writing the cheque, make sure you contact the insurance company to get the correct name that needs to be written on the cheque. Also, write this on the cheque yourself.
    • Get a receipt - After you pay the premium to the agent, make sure that you get a receipt for the payment.
    • Check the coverage - Agents work on the basis of commissions; so they may try to upsell a specific product that may not be very useful to you. So, it is best to do your homework before you get in touch with an agent and inform him/her about your specific insurance needs.
      • If you are offered a very attractive price on the policy, check the coverage under the plan. The agent may be offering you a very low premium by reducing the extent of coverage under the plan. Also, pay close attention to the exclusions and add-on covers.
      • Most agents provide a quote that includes the cost of add-on covers. You should assess whether you really need this coverage and if you don’t, request for the price of the base policy.
      • Agents can also reduce the Insured Declared Value (IDV) of the car itself to bring down the premium quote. This implies that you will receive a lower amount at the time of a total loss claim under the policy.
      • Check the voluntary deductible amount under the policy. If this value is very high, you will have to bear a large portion of the claim amount.
    • Special offers - Agents may increase the price of the base policy and then offer you a discount. This way, you will be under the impression that you are getting a good deal on your car insurance premium. As indicated above, it is important to be aware of the standard market prices by comparing plans across insurers.

    Advantages Of Buying Insurance Online:

    Online purchase of insurance offers you the following benefits:

    1. Quick and convenient - Buying insurance online is easy and free of the hassles of unlimited paperwork.
    2. Increased savings - When motor insurance companies sell insurance online, they eliminate the processing and distribution cost heads that are associated with agents. This helps them bring down the premium for online policies and still retain the income margins they are targeting.
    3. Better understanding of the product - When you research on the different car insurance offerings in the market for online purchase, you will have a better understanding of the product. If you are comfortable with the legal terminology in the insurance policy documentation, you need not have an agent to make a judicious purchase.
    4. Highly secure - Online insurance purchase is very safe, as the websites follow global security norms. If the agent you approach is not an authorised seller of insurance, you may fall prey to fraudulence that is very common in the insurance industry.
    5. Easy maintenance - When you buy an online car insurance policy, you can easily renew it or download the documentation for reference. The insurer may also send you renewal reminders when it is time to pay the premium. Hence, the process of policy maintenance is eased to a large extent.

    From the aforementioned points, it is evident that buying insurance through each of the channels has its own set of advantages. It is up to the customer to understand the intricacies involved in the purchase process and make a calculated decision.

    Car Insurance Reviews

  • Page 1 of 50 1 2 3 4 5
    • Royal Sundaram Car Insurance
      "Good"
      0.5 3.5/5 "Pretty good"
      I have taken my car insurance with Royal Sundaram. The policy coverage is good. The premium is on the costlier side when compared to TATA AIG and ICICI Lombard. Likewise the benefits are also not up to the mark. They are not covering electric and non electric parts and plastic as well.
      Was this review helpful? 0
      , vadodara
      Reviewed on Sep 18, 2018
    • HDFC Ergo Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My car is insured with HDFC ERGO for 1 year, i am happy with the policy benefits and plan coverage of this insurance policy. A insurance premium of Rs 18000 has to be paid for this insurance policy. This policy includes full coverage.
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      , gulbarga
      Reviewed on Sep 12, 2018
    • Oriental Insurance Car Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      I have taken a car insurance with Oriental insurance for 1 year, i am happy with the coverage value of this insurance policy. I have to pay an insurance premium of Rs 5000 for this insurance. Customer service was good and they explained everything about the policy terms and conditions.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 12, 2018
    • Tata AIG Car Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      My car insurance is with TATA AIG and i have taken this policy for 1 year. I have to pay an insurance premium of Rs 9000 for this insurance. They cover bumper to bumper damages and i am happy with the coverage value of this insurance policy.
      Was this review helpful? 1
      , bangalore
      Reviewed on Sep 12, 2018
    • Reliance General Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have taken a car insurance with Reliance general insurance for 1 year, a premium of Rs 7600 has to be paid for this insurance policy. I am happy with the coverage value of this insurance policy. This policy has a basic coverage and i am satisfied with it.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 12, 2018
    • Reliance General Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My car insurance is with Reliance general for 1 year and it is a good insurance policy to use. I pay a premium of Rs 25000 for this insurance policy and it has full coverage. I am satisfied with the terms and conditions explained by the customer service of this insurance.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Sep 12, 2018
    • National Insurance Car Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a car insurance with National insurance for 1 year, I have to pay a premium of Rs 10000 for this health insurance policy. The benefits of this car insurance is, it is 0% depreciation and it has a full coverage. Customer service was very good and their response was on time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 12, 2018
    • Iffco Tokio Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my car insured with IFFCO TOKYO and i have taken this insurance for 1 year, it is a zero depreciation and it has a full coverage. A premium of Rs 21808 has to be paid for this insurance policy. I am happy with the coverage value of this insurance policy.
      Was this review helpful? 0
      , palanpur
      Reviewed on Sep 12, 2018
    • National Insurance Car Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      My Car insured with the National Insurance. I am paying a premium of 3000, I do not have any claim experience with the policy and it offers features as cashless garage and roadside assistance. So far it has been an hassle free experience with their services.
      Was this review helpful? 0
      , lucknow
      Reviewed on Sep 11, 2018
    • National Insurance Car Insurance
      "Fraud on insurance"
      0.5 1.0/5 "Really Bad"
      Loan Acc No : 5002098252 TN22 DD 7996 Based on the guidance of the officials who works at T nagar branch, Chennai, i did the insurance. They told me hereafter insurance is to be renewed by myself as my insurance alliance with TMF was cancelled so i did insurance myself. But now they are not responding for refund my money. So please pay back my money which i have paid so far.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 11, 2018
    • review Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have taken a car insurance policy with Bharti AXA for 1 year, a premium of Rs 15000 has to be paid for this insurance policy. I am happy with the coverage value of this insurance policy. No claim experience so far and they cover bumper to bumper damage.
      Was this review helpful? 1
      , bangalore
      Reviewed on Sep 08, 2018
    • HDFC Ergo Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My car is insured with HDFC ERGO and i have taken this insurance for 1 year, a premium of Rs 21000 has to be paid for this insurance policy. The benefits of this insurance is, there is full coverage for this insurance and they can cover up to 90%.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Sep 08, 2018
    • HDFC Ergo Car Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I have my car insured with HDFC ERGO and i have taken this insurance for 1 year. I am not aware of the premium amount for this insurance policy. They cover bumper to bumper damage for this insurance policy and the customer service was good with this insurance.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 08, 2018
    • review Car Insurance
      "Good Policy"
      0.5 3.0/5 "Satisfactory"
      I have taken a car insurance policy with Bharti Axa general insurance for 1 year, i am happy with the coverage value of this insurance policy. I have to pay a premium of Rs 12500 for this insurance policy. Customer service was good and they explained about the insurance in detail.
      Was this review helpful? 1
      , pune
      Reviewed on Sep 08, 2018
    • New India Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have taken car insurance policy with New India Assurance for 1 year, a premium of Rs 29000 has to be paid for this insurance policy. This policy covers full coverage and i am happy with the coverage value. Customer service was good as they explained about the insurance terms and conditions.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 08, 2018
    • Shriram Car Insurance
      "More than satisfactory"
      0.5 5.0/5 "Blown Away!"
      My car insurance is with Shriram Finance. The services and response is good. I was able to get the policy on time and with ease. They have also provided a good policy coverage. There are good benefits like road side assistance and the premium is normal.
      Was this review helpful? 0
      , indore
      Reviewed on Sep 07, 2018
    • Bajaj Allianz Car Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      My car is insured with Bajaj Allianz from last 10 years and it is a good policy to use. I pay a premium of Rs 5000 for this insurance policy. I have claimed this insurance 4 years back and they covered 80% and i am happy with the coverage value of this insurance policy.
      Was this review helpful? 1
      , kolkata
      Reviewed on Sep 06, 2018
    • United India Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a car insurance policy with United India Insurance from last 1 year, i am happy with the coverage value of this insurance policy. A premium of Rs 24000 has to be paid for this car insurance policy. They cover bumper to bumper damages for this car insurance.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 06, 2018
    • HDFC Ergo Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my car insured with HDFC ERGO from last 1 year and it is a good policy to use. I have to pay a premium of Rs 19000 for this insurance policy. I have not claimed anything so far from this insurance policy and they cover bumper to bumper damage.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Sep 06, 2018
    • New India Car Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      MY car insurance is with NEw India Assurance from last 4 years and it is a good policy to use. I am not sure about the premium amount but they cover bumper to bumper damage. My claim experiecnce was good with this insurance policy. Customer service was good with this insurance and they responded on time.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 05, 2018
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