Whether it is shopping online or buying insurance online, the benefits of doing so are tremendous. Here are 5such benefits.
1) Lesser premium
There are huge discounts that are applicable on insuring your motor insurance online. There are companies which offer less premium on online renewal than buying offline. This is because the paperwork and manpower required is minimal.
2) Time saving
Busy and traveling individuals can renew insurance just by a few clicks. Whereas in offline, you need to fill in all the details and it requires documentation.
3) Instant Policy
The policy is issued immediately with online renewal. No need to wait to get documents. Individuals who are traveling can buy online and travel as their insurance will be renewed instantly.
4) Compare online
Before buying an insurance, it is better to compare quotes online and go for the best policy, which suits your needs. Comparing online will give you a fair idea on the premium and policy details.
Comparing will also enable you to get add-ons like extra personal insurance cover or lesser premium, say for certain categories of professionals like Doctors, Chartered Accountants, Teachers etc.
5) One shop stop
When you buy motor insurance online, the confirmation or copy will be sent to your email ID which can be used as proof when required. It will come handy as you can save on your desktop or mobile.
Things to Note
- Individuals can renew the motor insurance policy online only on or before the due date. One has to visit the company for lapsed policy renewal.
- Policy renewal depends on IDV (Insured declared value, Additional riders if chosen and deductible.)
- Motor Insurance policies are completely portable, means they can be transferred from one insurer to another. However, one should take care and see to it that benefits such as No Claim Bonus, accurate IDV, etc. are continued