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Is Online Car Insurance Comparison Really A Key to Savings?

By Vikas Chandra Das
21 July 2022, 11:46 AM

The wide portfolio of risks that any insurance policy covers makes it an instrument of high utility. This also means that we need to be extra careful while choosing such an important instrument and undergo a thorough research process.

As tedious as it sounds, the new-age technological advancements have made it a much simpler process for every policy seeker. Comparing policies online is rapidly gaining traction among policy seekers due to its convenient nature and improved provision of choice.

Not only is it easier, but it also saves time, money, and effort.

Why Should You Compare Car Insurance Policies Online Before Buying?

Let us look at some of the major benefits of comparing insurance policies online.

  • Have multiple options - Multi-Channel platforms like Paytm provide you the details of all the major insurance companies at the same place and increases the ease of comparison through a live juxtaposition of plans by various companies. For example-Ankita was confused as to which insurer would be better to avail a car insurance policy? Hence, her brother suggested using a reliable online website, in order to compare various quotes of different insurers. And, in no time, she knew which insurer would be ideal for her hence she finally purchased a car insurance policy online.
  • Cut-off the commission cost of agents - The premiums provided on the online portals are usually 30% to 70% cheaper than the premiums offered offline. This is because of a reduction in the cost of overheads associated with the commissions provided to the agents for pushing the policy plans. This saving on cost by the companies is subsequently passed on to the consumer in the form of lower premiums.
  • Hassle-free process - Buying an insurance policy online reduces paperwork and documentation. Many steps, like multiple visits to different company offices, maintenance of records, and collecting brochures, are eliminated in the online medium.
  • Compare multiple quotes with ease - Comparing policies online saves your time and effort. You get quotes for different companies together from the comfort of your home, and the agents do not influence your decisions.
  • Make the payment online and get your insurance within minutes - Buying insurance policies online also makes the process faster. The processing time originally taken by a company in an offline medium is cut to a bare minimum. You can make the payment online and get your policy confirmed within minutes.

Is It Worth all the Effort You Put in?

Comparing and buying insurance policies online does make the process easier; however, you still have to put in some effort to find a suitable insurance policy for your needs. Without an agent to power you through the policy specifications, you need to spend more time reading the accompanying documents.

You will have to be on a constant lookout for relevant add-on covers and calculate the expected premium. Despite the extra efforts, comparing and buying online policies is worth it because of the absence of undue influence, convenience, less processing time, and monetary savings.

What Happens If You Have Questions Regarding the Policy?

  • In an offline medium, the agents or the help desks available for customer grievances help solve our queries.
  • Most car insurance companies have a detailed FAQs page where answers to the most commonly asked questions are provided. You can also use the instant chat facility provided by the companies for quick assistance to users while navigating through the company's website.
  • If you prefer personal interaction for query resolution, then most companies also offer a call-back option. This means that you can enter your contact details like your phone number and email into the contact form provided by the company, and the company representatives will call you back within a stipulated time period, say, 24 hours.

All these services together help address any kind of grievances or queries any consumer might have.

Final Thoughts

Excess information directed at you in a short time in an offline medium may result in purchasing a policy that might cover all the right aspects but might not be the best deal. When you compare insurance policies online, the online portals list down every plan relevant to your need.

When you see them side-by-side, it increases the chances of you being attentive to the correct plan with the best deal. Even if sometimes the premiums are the same for a company as they offer in an offline channel, you can be assured that you are still getting the best deal.

Getting the best deal in most cases results in hefty savings on the premium. In other cases, it results in the satisfaction of knowing that the thorough research process that you undertook has actually paid off!

The transition towards buying and comparing insurance policies online is here to stay. Make sure to utilise it to its fullest!

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