How Technology Is Making Buying the Best Car Insurance A Cakewalk

The importance of purchasing car insurance is not a subject of debate in a country like India, where the perils of driving are multifold. The issue with buying car insurance has rather always been the lack of convenience in purchasing the right plan.

However, with the proliferation of technology, this is fast changing with the option to now buy car insurance at the comfort of the online world. Besides turning out to be much cheaper when purchased online, there are a host of other benefits that the present-day technology offers when it comes to buying car insurance with ease.

Here are some of them –

1. Ease of Comparing the Different Options

There was a time when comparing the different options for car insurance wasn’t easy at all. Either you had to physically visit the different insurance providers and discuss their offering or rely on an agent who could have commission-based incentives in knowingly manipulating the suggestions in favour of a particular brand. The first option was time-consuming and cumbersome, whereas the reliability of the second one was subject to luck.

However, with the presence of different insurance providers online, it is now very simplified to accurately compare the different products for their features and benefits, and what suits your needs the best. In case of any doubts about clauses and offering, there’s a dedicated customer service team for every provider that can give out first-hand information, leaving no scope of ambiguity or information asymmetry.

It is important to understand that comparing the different plans in detail before buying car insurance is vital to make the right choice. The choice and its clauses is what ultimately determines the type of protection and benefit you can get in the event of actually filing a claim.

2. Quick Calculation of IDV And Premium

Post narrowing down on the best insurance plans for your car insurance, the next step in the buying process is to calculate the IDV (Insured’s Declared Value) and the exact premium you need to pay.

Technology has simplified this step as well. Calculating how to value your vehicle and your payable premium is now very simple. It can be done from the comfort of your couch at any hour of your convenience, without needing to physically visit any office or have anyone to come down and inspect your car. All you need to do is enter the required details and based on them; the company can give you the IDV and the premium amount you need to pay. You can then compare this value for the different shortlisted products and make your choice.

3. Instant Issuance of The Policy

Now, the final step of purchasing car insurance is also simplified with the influx of technology. There’s no need to fill out a physical form, make photocopies of supporting documents or visit any office to complete the formalities. You just need to fill out the form online and upload the scanned copies of documents. With this, your policy can be issued immediately without any hassles whatsoever. Even the renewal premium payments can be made online after the policy is issued.

Apart from the convenience, there’s an additional benefit from filling the details of the policy yourself. As the details are more likely to be completely accurate, there is a very very slim chance of disappointment due to wrong information or errors by your agent at the later stage of settling claims.

4. Renewal of Existing Policy

Once the term of your purchased policy expires, renewing it online is also very simple. There’s no need to follow up with the agent or make trips to the insurance provider’s branch. You can do this too on the internet, at your own pace and comfort.

Even if you want to switch your car insurance provider in the future, you can easily manage the proceeds of the same online. Based on your past records, you can obtain the requisite discounts online itself and calculate the best value premium. The discounts offered usually cover your past claims, security and some other features and it is duly done online too.

Hence, with all the above conveniences, it is sufficient to remark that technology has indeed made buying car insurance nothing less than a cakewalk.