Tips for Buying Car Insurance Online in India
On typing “Buying car insurance online” in the search engine Google I get a whopping 28,200,000 results. Well it may sound like an oxymoron but buying car insurance online can be tough and easy at the same time.
Sifting for relevant and accurate information can be quite a task. We will talk about this later first let’s see what a few popular sites (first ten in the search result) offer to a prospective customer.
You can get a quote for a brand new car or for an existing or a lapsed policy here; policy details like the key benefits, what is covered in the policy and what is not covered are also listed on the site.
The site also has traffic updates for a few metros. The process is fairly simple; you are required to fill out details like the date of registration, car type (choose from the drop down menu), city where the vehicle is registered etc, you can choose to take additional covers also.
Subsequently you get a quote for the premium; here again you are given the option to take personal accident cover or opt for EMIs (equated monthly installments) etc.
The policy is sent to you through email and physically as well. The site is pretty informative and gives details about car insurance in general, it also explains various terms like NCB (which stands for No Claims Bonus: If you do not make a claim during the policy period, a No Claim Bonus (NCB) is offered on renewals, the discount can go as high as 50% in case of a few companies), the claims procedure etc in detail.
Case A: Mr. Sinha already has car insurance from ICICI Lombard; he has not made any claim in this year so it makes a lot of sense for him to just visit the site and get his policy renewed online.
He is pretty happy with the policy he has and so he does not need to browse various sites.
I also browsed through the IFFCO TOKYO site; the site also has all the mandatory information and offers option for a buying a new policy or renewing an existing one. The site is fairly simple to use but overall the ICICI Lombard site was designed in a more user friendly way it was more informative.
Another thing that struck me was that there was a considerable difference in the premium. Both sites display different prices for the same car model (when you try to get a quote) which means comparing the premium becomes a little difficult since the base for the premium which is the car is price is not same.
Then I turned my attention to Policybazzar.com, the site is designed in a crisp way. It has very limited information about general aspects related to car insurance. It provides you quotes from a wide range of companies but not all. For a few companies no quotes were available but I could not figure out the reason for this; so you might have to research further in case you want information on more companies.
There was a huge variation in the premium amount depending on the company; you could get a break up on premium quote of each company. This could be of help in case you are not sure about the company from which you want to buy insurance and get help you in decision making.
Case B: Mr. Kumar has bought his first vehicle so he wants to research well before buying a car; he started his research by visiting Policybazaar.com.
It saved him a lot of time and effort as he was able to compare various policies without visiting each company site. He could subsequently visit the company specific site for further information.
Going through the above sites I realized that buying insurance online is fairly simple and quick. The sites are customer centric, easy to navigate and informative. It is important to remember that these sites have been discussed just as a sample and are not the only good sites available.
Tips for Buying Insurance Online
Keeping a few things in mind can be helpful when buying car insurance online
1. Always buy insurance from a reputed company which has a good network of physical locations so that in case of filing a claim or a problem you can visit them.
2. Buying from a reputed company also ensures that the information that you enter online is not misused.
3. Be sure that you enter the information accurately so that you get the right quote so that there are no problems in filing a claim.
4. Last but not the least read all the term and condition before committing yourself.
Advantages of Buying Car Insurance Online
The most obvious advantage of buying the insurance online is you safe time; you do not have to call up a various company representative and wait for them or run to their office.
You have a wider range of policies and companies to choose from, you can add additional cover or special discounts etc.
Better Decision Making:
You get a chance to make a better informed and a well researched decision. Going to a specific company representative limits your information scope to what is provided buy that person. Here you can do your own groundwork compare policies before you reach a decision.
Helps You Save Cost:
Buying insurance online helps you get discounts which are often available only when buying policies online and you also can choose the most cost effective deal.
No Sales Pressure:
You are also saved from the embarrassment or the dilemma of saying no to a pushy salesman after having taken their considerable time. You can make the decision at your own pace after due deliberation without having the thought of a waiting sales representative at the back of your mind.
Disadvantage of Buying Car Insurance Online
Though insignificant there might a few downsides to buying car insurance online. Entering incorrect information can get you incorrect quotes and cause problems during a claim and there is no company representative who can help you rectify the mistake. Also the information overload can confuse you and make decision making difficult.