Buy Motor Insurance online. Easier said than done right?
From restaurant reservations, to booking movie tickets, flight tickets, train tickets—all of it can now be done online—and you don’t love the convenience? To most of us, shopping online is now second nature. With all the eCommerce websites popping up on our social channels, it’s hard to miss a good deal. There’s an undeniable push in online-driven businesses, the ecosystem is exploding!
So why the apprehension when it comes to buying motor insurance online?
But before you buy motor insurance online, let’s get the basics right.
If you have a car or bike, you probably already know this – Having at least a third-party motor insurance for your vehicle is mandatory in India. You don’t want to be caught without motor insurance, the fines can burn a hole in your pocket.
First things first, let’s understand the two types of motor insurance
Third-Party Motor Insurance:
When you buy motor insurance online for third party, it covers individuals, vehicles or properties who have been injured or damaged by the policy holder’s vehicle. However, it excludes any damage to the policy holder or their vehicle. This type of motor insurance is the most basic type of motor insurance available. This is the one that is mandatory.
When you buy motor insurance online for a comprehensive plan, it covers all the components of the third-party motor insurance and includes injury or damage caused to you and your vehicle—this is known as own damage. Additionally, you can also purchase various added benefits (add-ons) which vary from insurer to insurer.
If you are still sitting on the fence on whether to buy motor insurance online, reading this blog may help you make that decision even more clear.
- You Are In The Driver’s Seat (Quite Literally): In the online world, there are no pushy intermediaries, or charming salespersons. Companies sell you motor insurance with just the facts, and this leads to a clearer picture, as a consumer. The online world is a place full of real information, which leads to better choices.
- Lower Insurance Premiums: There is no denying that when you buy motor insurance online it is lighter on the pocket. This is because motor insurance companies pass on the benefits of not having intermediaries, commercial outlets and physical documentation to the insurance purchaser. This is a win-win for both the person looking to buy motor insurance online and the motor insurance company.
- No Paperwork Is A Time Saver: When you buy motor insurance online, it is like purchasing something from your favourite eCommerce portal. All you have to do is fill in a few details, and check-out by paying using an online payment method, which includes Netbanking, Credit/Debit card. This means there is less processing time and less paperwork. You also receive your motor insurance policy in your inbox in a matter of a few minutes! Right there, on your phone, for whenever you need it.
- Easily Available Assistance And Help: In the age of digital, gone are the days, where you would have to call the motor insurance company up if you had queries and questions! Or even take an appointment with your motor insurance agent. When you buy motor insurance online, you can expect help to come that way too! Motor insurance companies now have an online help centre with chatbots, who will guide you through the process of how to buy motor insurance online.
- Ease Of Service: Buying motor insurance online removes the middle-men and therefore it is extremely clear, in its nature of the service which the motor insurance company will provide to the policyholder. The ambiguity is non-existent.
Now let’s move on to a few things you should do before you buy motor insurance online
- Be Accurate: When submitting your details online, make sure to be accurate and honest wherever needed. If you claim something on the form which isn’t true, your claim can be rejected, and that also results in fraudulent behaviour. Something, you shouldn’t be called out on at all! So, check and well, re-check all the details when you buy motor insurance online.
- Insurance Policy Term: Check the term of your motor insurance policy cover. You don’t want to get into something extremely long term or extremely short term and it should be just right. Ask for help from the motor insurance company, if you can’t decide for yourself. Most motor insurance companies let you customise the term of your motor insurance policy.
- Insurance Policy Cover: Never buy motor insurance online with an extremely low cover. Don’t go by killer prices that most motor insurance companies offer. Study the benefits and then opt for the best policy. Every person and every vehicle has different needs for coverages.
- Compare Insurance Policies: “All motor insurance companies offer the same cover”, now that is a myth. Every motor insurance company has separate products and it is best to do your research online. Some companies may offer a range of benefits but always check the ratings that the company has received in regard to claims processes. This may be a good indicator of a good company.
- Online Reviews and Forums: We love reading reviews, be it movies, a hotel or a new restaurant. Today, it is not every difficult to find out about the legacy and reputation of a motor insurance company online. There are various websites and consumer forums which list and rate motor insurance companies and their policies. Read the comments from existing policy-holders, this can help you decide.
- Don’t Fall For Fakes: Online email scams, and fake websites are notorious in stealing your data in ways you did not even realise. Be vary of clicking on such emails and scams and always go to a reputable website, a motor insurance company that has some parentage. Instead of clicking on the first email link you’ve received about the killer motor insurance price, go to the official website of the insurer, you may get it at a better price without compromising on your personal data.
- Killer Prices May Kill You: Lower premiums from unknown and unheard-of motor insurance companies is probably a bad idea. We advise you to stay far, far away from them! There’s probably hidden terms and conditions that you will learn of only at the time of claims. You don’t want to be helpless in a time of crisis.
That’s all you need to before you buy motor insurance online. So, the next time you need to call an agent, know that you can probably do this without the hassles of setting up a meeting and all that paperwork. Digital is the new agent and we are all smart consumers.