Be it an investment or a purchase, the first task that we as consumers set out to do is basic research on the internet. It is probably how you landed up here on this blog as well! Less than a decade ago, people used to research the best new car insurance online to check out the premium rates and then venture out to purchase them offline. But insurance companies have stepped ahead of that curve as well and have started offering new car insurance online.
It is now possible to browse through insurance sites like any other e-commerce website and purchase a car insurance policy for your four-wheeler at the click of a few buttons. But while this trend has seen a huge surge after the lockdown, many of us have been bogged down by our own dilemmas. One of the popular concerns that often come out with purchasing a new car insurance online questions the authenticity of these.
In all fairness, it is important to apply due diligence to any business we conduct online. And when it comes to purchasing high-value assets like new car insurance, it is imperative that we take keen care not to get caught in any online scams.
In this article, we bring you some of the pros as well as cons of buying new car insurance online. This can help you take away an unbiased view of this feature that most insurance companies offer these days!
PROS OF PURCHASING NEW CAR INSURANCE ONLINE
- Minimal to zero paperwork
With the integration of online tools into every wing of the financial sector, gone are the days when people filled out cheques to transfer money or spent long, arduous hours at banks to make withdrawals. Thus, the nightmare of paperwork is no longer a concern with online insurance policies. It is as easy as making an order on a food delivery app!
- Easier to compare policies
Imagine the days when we hopped between multiple insurance agents and poured over different company brochures to select a suitable insurance plan for our family. By choosing to go for new car insurance online, we eliminate the need to haggle with insurance agents. It is that much easier now to compare policies online and customise a plan that would be best suited for us! Chola car insurance policies come with multiple add-ons that can be utilised by the customer as per their unique needs.
- Affordable Rates
The operational costs associated with online insurance are considerably lower since insurance companies save enormous sums on manpower as well as physical office spaces. Digital insurers stand a higher chance of saving on their running costs thus, they capitalise on this by offering a discounted premium rate to policyholders.
- Ease of execution
Today you can purchase a Chola car insurance policy from the comfort of your home with nothing more than your laptop. Purchasing new car insurance online is an effortless process that saves time as well as effort as every process is streamlined, and there is a 24*7 on-call support system that can be availed by the policyholder at any given time.
While we have been raving on about the pros of purchasing new car insurance online, here’s the flip side:
CONS OF PURCHASING NEW CAR INSURANCE ONLINE
- Lack of in-person support
Unlike purchasing policies directly from insurance agents, purchasing new car insurance online would entail making business transactions online without any one point of contact to rely on. This ambiguity can be unsettling for some individuals as transacting online does have a certain level of risk associated with it. And in some emergency cases, we are left to seek support from customer support executives rather than one specific insurance agent!
- Lack of help in filing for a claim
During times of distress, it is human tendency to look for support from our insurers. And sometimes, it is helpful to have in-person support from an insurance company. But by opting for new car insurance online, we are left to fend for ourselves. And sometimes, uploading the wrong documents or inputting incorrect information can react adversely in the claims settlements.
- Requires due diligence to check the authenticity of digital insurers
Conducting high-value transactions online will always carry a certain level of risk with it. Especially when it concerns long-term recurring payments like that of insurance premiums, it is always best to double-check the authenticity of these insurers. All insurance companies are bound by the regulations laid by the IRDAI (Insurance Regulatory & Development Authority of India) thus, it is important to check for the registration number issued by IRDAI.
- Chances of missing out on key details are high
Most policyholders miss out on important details concerning their policies, such as voluntary deductibles, no-claim bonus, etc., because there is no one person to reach out to for such queries. Thus there is a higher chance of losing out on some important discounts on insurance premiums.
As we debate on the best option for purchasing car insurance, it is certain that each mode of the transaction be it online or offline, have its own set of advantages as well as setbacks. But insurance companies are staying on levelling up their game often.
There are stringent software in place that work to eliminate the setbacks of digital insurance policies. And insurance companies are constantly working to establish best practices that ensure the customer’s safety online. Thus, switching over to new car insurance online would be a prudent move in this rapidly changing world of ours.
Our executives at Chola Car Insurance work in a prudent fashion to ensure a seamless and hassle-free experience for our clients. There are individual relationship managers employed by each and every policyholder. These RMs act as a point of contact for the client and a medium between the organisation and the client. Switching over to digital insurance can look daunting at first, but with time, one shall start to appreciate the process for the seamless integration it presents. In the face of our rapidly changing environment, join us at Chola MS car insurance online to level up and ride the wave of change by opting for a completely hassle-free experience!