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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
    • National Insurance Car Insurance
      "Good insurance for car"
      0.5 5.0/5 "Blown Away!"
      When i purchase my car, they have provided the car insurance policy with National and they have charged me a premium amount of Rs. 14000. I have taken a one time claim. The claim experience was very good. They have given me a claim amount of Rs. 11000. The claim was fully cashless covered. I pay for the consumable items
      Was this review helpful? 0
      , dehradun
      Reviewed on Nov 13, 2018
    • New India Car Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      My Maruthi Swift car got the insured declared value of Rs. 5 lakhs with New India company. I have comprehensive plan with bumper to bumper it covers loss, damage, accidental cover with life cover for the driver for maximum of one lakh. If we pay Rs.50 rupees extra with the premium.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 12, 2018
    • National Insurance Car Insurance
      "Good Policy for four wheeler"
      0.5 5.0/5 "Blown Away!"
      National insurance is good, I have been holding the car policy with them around one year. My car showroom person have suggested this policy, I got better insured declared vehicle. Its new car brand swift dezire with bumper to bumper protection.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 09, 2018
    • Iffco Tokio Car Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      The dealer have suggested the IFFCO TOKIYO car policy, I got the better IDV value for bumper to bumper zero depreciation plan. I got the policy documents on time, I had a claim once, I directly approached the dealer they taken money from the cover. But I have paid 20 to 30% of amount according to the parts which was not covered.
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 05, 2018
    • United India Car Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      I have taken the card insurance where i have a good experience with this policy. I have experienced with the claim which is reimbursement and i got no complete claim. The policy coverage is for basic but the premium and the IDV value is good with this policy.
      Was this review helpful? 0
      , kota
      Reviewed on Nov 04, 2018
    • United India Car Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      I have purchased the two wheeler policy with the UNITED INDIA INSURANCE and i am using it from past three years where i am facing with no issues with this policy. I have no claim experience added on that the premium and also the IDV value is good with this policy.
      Was this review helpful? 0
      , kota
      Reviewed on Nov 04, 2018
    • Reliance General Car Insurance
      "Excellent"
      0.5 4.0/5 "Great!"
      When I purchased a car, the showroom has offered me a car insurance with Reliance. I have paid 12,000 rupees for this policy. The customer support is excellent. The claim experience is excellent and have applied for accidental claim, It was approved within few more days, zero depreciation was provided, All items been replaced of the car.The policy coverage is good, bumper to bumper offer is available. Every year am renewing my insurance only with RELIANCE.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 03, 2018
    • HDFC Ergo Car Insurance
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have compared in online for car insurance and gone for HDFC Ergo. The top one is Reliance and HDFC, though reliance is providing more benefits since I know HDFC is very well so opted for HDFC Ergo. It is a easy process. No claim gone till now. I have paid 12K to purchase and bumper to bumper offer is available.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 02, 2018
    • Liberty Car Insurance
      "Hopeless company"
      0.5 1.0/5 "Really Bad"
      They have literally detrayed me when i apply for a claim. There are some issue with the policy documents itself. When I met with an accident they said they will process the claim. After 3 days they said there is an issue with the policy. I called the customer care service but no one was picked up the call. After 4 days, they have issued the new policy and i got the car after 7 working days only from the garages.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 01, 2018
    • Bajaj Allianz Car Insurance
      "Superb Policy"
      0.5 5.0/5 "Blown Away!"
      I selected Bajaj Allianz for my car. I chosen the company because of the lower premium rates. They have sent all my documents to my residential address. They do have regular follow up with the customer regarding the car insurance. I never had any issues with this policy. I pay the premium amount of Rs. 6300 and i have not availed the bumper to bumper facility. They have provided me the no claim bonus upto 50%.
      Was this review helpful? 2
      , bangalore
      Reviewed on Nov 01, 2018
    • HDFC Ergo Car Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I hold a car insurance policy with HDFC ERGO from last 1 year, I am not aware of the premium amount for this insurance policy. I have no claim experience so far with this insurance policy. I am happy with the coverage value of this insurance policy.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 01, 2018
    • Bajaj Allianz Car Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I am having a car insurance policy with Bajaj Allianz and i have taken this policy for 2 years. A premium of Rs 17000 has to be paid for this insurance policy. I have no claim experience so far with this insurance policy and this policy has full coverage with 0% depreciation.
      Was this review helpful? 1
      , nellore
      Reviewed on Oct 31, 2018
    • HDFC Ergo Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My car is insured with HDFC ERGO from last 1 year and it is a good insurance policy. I pay a premium of Rs 5000 for this car insurance policy. I have no claim experience so far with this car insurance policy. This policy covers only bumper to bumper damage.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 31, 2018
    • HDFC Ergo Car Insurance
      "Good Policy"
      0.5 3.5/5 "Pretty good"
      I hold a car insurance policy with HDFC ERGO from last 1 year, a premium of Rs 15000 has to be paid for this insurance policy. I have no claim experience so far with this insurance policy. This policy has full coverage with 0% depreciation.
      Was this review helpful? 0
      , jabalpur
      Reviewed on Oct 31, 2018
    • SBI General Car Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      My car is insured with SBI general insurance and i have taken this policy for 1 year. A premium of Rs 39000 has to be paid for this car insurance policy. I have not claimed anything so far with this insurance policy. This policy has full coverage with 0% depreciation.
      Was this review helpful? 1
      , sangli
      Reviewed on Oct 31, 2018
    • HDFC Ergo Car Insurance
      "Good Policy"
      0.5 3.0/5 "Satisfactory"
      I hold a car insurance policy with HDFC ERGO from last 1 year, a premium of Rs 15000 has to be paid for this insurance policy. I have taken this policy for 3 years. I have no claim experience so far with this insurance policy. This policy covers only 3rd party damage.
      Was this review helpful? 0
      , thane
      Reviewed on Oct 31, 2018
    • New India Car Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have my car insurance with national insurance and i have taken this policy for 1 year. A premium of Rs 16000-17000 has to be paid for this insurance policy. I have not claimed anything so far from this insurance policy and this policy has full coverage with 0% depreciation,.
      Was this review helpful? 0
      , jodhpur
      Reviewed on Oct 31, 2018
    • HDFC Ergo Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have taken car insurance with HDFC ERGO for 1 year, a premium of Rs 33000 has to be paid for this insurance policy. I have no claim experience so far with this car insurance policy. This policy has full coverage with 0% depreciation.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 31, 2018
    • New India Car Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The experience with them so far had been good and i had been paying the premium annually. The premium amount of 5700 has been nominal and i had been paying the premium offline and it had been convenient. The policy covers bumper to bumper.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Oct 31, 2018
    • HDFC Ergo Car Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a car insurance policy with HDFC ERGO for 1 year, A premium of Rs 7000 has to paid for this insurance policy. My claim experience was good with this insurance and they provided cashless garage. This policy has full coverage.
      Was this review helpful? 1
      , navi mumbai
      Reviewed on Oct 30, 2018
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