Online Motor Insurance Policy: In the last one year, due to the corona epidemic, not only the lifestyle of the people has changed but there has also been a big change in the way of purchasing any product or services. Due to Covid, there has been a big change in the way you buy an insurance policy. Due to the Corona epidemic, insurance companies are connected to their customers through online methods. This has led to an increase in the digital consumption of products and services of all segments related to life and non-life sectors. In the last digitally, in the last few months, the most attraction has been about motor insurance and more and more people are feeling that buying a motor insurance policy online is not only convenient but it also puts less burden on their pockets.
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Benefits of Online Motor Insurance
Comparison of policy and selection of better: Before buying a motor insurance policy for your car, you get the best option to compare several policies and choose among them according to your needs. A comparative study of various insurance policies offered by many insurance companies is very important. There are many online insurance market places available for the convenience of the customers, which gives them an opportunity to compare the insurance products offered by many insurance companies. You are easily given the price of all policies, the features being offered, what is covered in that policy and what is not. From this you can choose a better policy for yourself and choose the appropriate add-ons for wider coverage.
Affordable Premium: The most important reason for taking an online motor insurance policy is that it reduces the load on your pocket. Online policies have to pay a lower premium as the operation costs like manpower and physical offices are less and due to this the premium of online insurance is reduced as compared to offline insurance. Agents have no role in online policies and due to this, commissions are not to be paid. When purchasing an online motor insurance policy, only processing fees have to be paid and apart from this, no additional expenses have to be incurred.
Time saving: Buying motor insurance policy online is not only convenient but also saves time. Apart from this, for online policies, you are not obliged to buy in any time period. The entire process of buying a policy is completed in just a few minutes. For this, all you have to do is choose the best plan for your car and then make the payment. After payment, your policy has been issued and it will be sent to your registered email address. In contrast, it takes a lot of time to buy an offline insurance policy and it takes up to a few days. For offline policy, you have to go to the insurance company and contact an agent. The agent will inspect your vehicle and then issue a policy for your car in a few days.
Minimum Documentation: There is minimal paperwork in purchasing an online motor insurance policy. In this, only you have to submit a soft copy (scanned copy) of the registration certificate and if you want to renew then also the insurance policy of the previous year. In contrast, many types of documents have to be given while purchasing an offline policy. Apart from this, there is more transparency between the insurance company and the customer while purchasing the motor insurance policy online.
(By Sajja Praveen Chowdary, Head-Motor Insurance, Policybazaar.com)