Car Insurance Online Vs Offline: Which is Better?
Now all is instant. The biggest winners of this digital movement are the consumers. The insurance industry is right in the midst of this paradigm change driven by digitization. As far as car insurance is concerned, online insurers are changing the game.
Given a multitude of options in front of you, buying insurance on your vehicle can also be overwhelming and tedious. With the rise of technology and the launch of online insurance, the opportunities have expanded further. Buying car insurance necessitates enough time and commitment. You could either opt to purchase insurance online or by an agent or broker to buy it offline.
Differences Between Car Insurance Online and Car Insurance Offline
With digital advances, car insurance plans can now be quickly bought and also renewed online. Learn below on the difference between online and offline car insurance purchases.
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Cost |
Online Insurance |
Offline Insurance |
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There is no agent commission/brokerage expense needed for online insurance and this can be passed on to the policyholder as a discount. To draw customers, online insurance may provide new user discounts, year-end discounts, or other festival deals that are impossible to find in offline insurance |
When buying car insurance offline you have to pay the broker/agent a commission and this adds to your insurance cost. Also, you may not be able to compare well different policies, or read reviews, etc to make an informed decision |
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|
Process |
The process of purchasing a car insurance policy is much easier and quicker. With the advanced technologies, all the details are available in one click and the whole process of comparing the proposal, choosing the policy, reviewing the terms and conditions, and initiating the payment can be completed in just a few minutes. |
However, you will have to spend a lot of time contacting the agent, negotiating the contract, choosing the policy, executing the payment, and eventually getting the policy papers at your address. It can take you at least 2-3 days to complete all this. |
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Transparency |
You can read the terms & conditions of the insurance policy in the case of online car insurance and understand the exact policy wording well before purchasing the insurance. For your reference, you can save the agreement specifics to make sure you receive what you see and what you make payment for. |
Only after making the deposit do you get to see the official policy documents when you buy car insurance offline from a broker or an agent. To win a contract, an agent can mould the wordings. Therefore, if you go for offline insurance, buy it from a very reputable and reliable source |
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Settlement |
The method of claim settlement is quite simple. Most firms have an excellent feature for online filing and monitoring the status of the claims. Online filing speeds up the claim /cashless process |
While making the claim, you would have to call the broker. To send claim forms, policy documents, vehicle registration, and insurance paperwork, etc., you will be expected to personally meet the broker/agent/insurer. This would take a lot of processing time. |
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Support |
You get 24/7 customer support that addresses all your questions and concerns |
There could be limited support and the processing time for a resolution will be high. |
Also, Read
Why Is It Important to Renew Car Insurance on Time?
Things to Consider When Buying Car Insurance in India
Conclusion
If you intend to purchase car insurance before determining whether to buy car insurance online or offline, take into account the above few considerations. Both have their pros and cons in general, so it is important to make a well-informed decision.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
