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Online shopping is the new age thing in 2021. Internet is the backbone of the e-commerce trade booming across the nation. From shoes, mobile phones, clothes and even flight tickets, you name it and it can be bought online. So why not vehicle insurance? Not only it is convenient over traditional form, but also faster, swifter, and hassle-free, just like your other online shopping products.
Motor insurance is regulatory mandate as per the Motor Vehicles Act. Not only do all vehicle owners need to buy it with every new vehicle they buy, but also ensure that it is renewed timely for consistent compliance of the law. This article enlists the benefits of purchasing online motor insurance plans along with the misconception surrounding them. Let’s have a look –
Table of Contents
Affordable
Buying 2 wheeler or car insurance online is affordable like it is the case with most things bought online. Some insurance companies have online-only plans while others have certain concessions for buying a policy online specifically. Such lower premium is charged due to elimination of middlemen and thereby lower costs for the insurance company.
Elimination of paperwork
Paperwork can often get tedious and messy. When you purchase a private or commercial vehicle insurance online, there is no paperwork since all of it is done remotely. All you need to do is scan the required documents and make the payment to receive the policy straight to your mailbox.
Time saving and convenient
With a car or bike insurance policy bought online, it saves time on filling forms and visiting different insurance branches. Moreover, with intuitive user interface, most of the information is automated based on past history for renewals. This helps save time on filling forms over and over again when renewing a plan.
Instant coverage
When you buy a car or bike insurance online, the coverage starts instantly as your payment is successful. The information is validated within seconds thereby lowering the lag in operational processing of documents. This way the policy coverage is available instantly the moment your payment is made.
Ease of endorsements
Endorsement refers to the process of amendment or change of information in your policy. the insurer needs to be updated on such changes as it may lead to rejection of your claim. Online policies make this process easy as you need to simply login to your account and request for an endorsement with the appropriate proofs and reasons for such change.
There are certain myths that surround these above-mentioned benefits. Authenticity is one of them. Many buyers are sceptical about the authenticity of the policies issued. For that, they can check whether the insurer has registration from the regulator, IRDAI. Next misconception is about the reliability of such insurance companies. Since the internet has become the backbone for driving the growth using internet technology, the systems are secure, even for the online payments. Lastly, there is reluctance that if an insurer is not located in the vicinity, buying the policy can be risky. The truth behind is that geography does not matter since vehicle insurance is a legally enforceable contract and it is valid for all of India.
With the above benefits and misconceptions cleared, make the choice of right vehicle insurance based on your needs. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.
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