Top 5 Benefits Of Buying General Insurance Online

November 28, 2018

5 Undeniable Benefits Of Purchasing An Online General Insurance Policy

People spend lots of money to purchase their dream assets such as a bike, car, latest gadgets, property, etc. So what to do if misfortune were to occur to the asset? Does that mean one’s hard-earned savings go down the drain?

This is where a General Insurance policy acts as a lifesaver. With the right General Insurance policy, you can breathe easy knowing that your assets are well protected.

When it comes to buying General Insurance policies like Car Insurance, Home Insurance, Commercial Property Insurance, Travel Insurance, Fire Insurance, Health Insurance and others, you have two options:

  1. Purchase from an insurance agent (offline)
  2. Buy insurance online

Till a few years ago, the only way to purchase a General Insurance policy was to contact an insurance agent. This meant that the agent got to decide the product for you. As a consumer, you had no idea about all the available policies and simply had to accept the policy options that the agent told you about. This method had plenty of flaws.

This is why today’s savvy customers prefer the online route. Here, in this article, you can find a list of the top five reasons to buy General Insurance online.

1. Lower cost

Whether you’re buying gadgets or groceries, the number one factor you consider is the price. Why should insurance be any different? Generally, online insurance policies are cheaper by 30% or more compared to offline policies purchased from agents.

This is because you purchase directly from the insurance company. When you buy from an agent, s/he charges you a hefty commission for the service provided. With an online General Insurance policy, there are no middlemen involved, which is why it is significantly cheaper.

2. Hassle-free buy

Buying insurance policies online is convenient and hassle-free. All you need to do is log in to the website of your preferred insurance company, furnish the necessary details and supporting documents and your policy is approved within a few hours or days.

The entire process can be completed right from the comfort of your home or office. It’s not only a huge time saver, but the interface is intuitive and user-friendly, thereby making the process simple.

3. Make an informed decision

When you purchase a General Insurance policy offline, the agent chooses for you. And this most probably is based on what’s lucrative for him/her. Your interests often take a backseat. For instance, when taking a Health Insurance, there are many factors to be looked into, such as the percentage of co-pay, tax benefits, exclusions, etc. Many times, insurance agents may hide such valuable information in order to make a sale.

When you buy an insurance policy online, you can choose one that suits your specific financial and personal requirements. You can check out all the policies available, analyse the benefits and then choose the ideal one. Simply put, you make an empowered decision, instead of leaving the decision making in the hands of the insurance agent.

4. Automated process

One of the biggest drawbacks of buying an insurance policy from an agent is that you have to approach him/her every time you want to renew or pay the year’s premium. With an online policy, the entire process is automated. You can pay the premium online directly from your bank account, or even set up the Electronic Clearing Service (ECS) facility to automate the process. Additionally, you can download all policy-related brochures, track your investments and file claims — all with the help of a single, easy-to-use online dashboard.

5. Quick assistance

If you find that you need some help regarding a policy, further assistance on paying the premium or any other assistance, you can easily reach out to the online customer support agents of your insurer via e-mail, chat or call. Assistance is always at hand 24x7.

Online insurance – The way forward

Just like you purchase all your essential amenities and pay utility bills online, buying insurance online makes perfect sense. However, check out the benefits of policies, compare products before you click on the ‘purchase’ button.

 

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