Spend 10 Minutes Before Buying or Renewing Your Car Insurance Policy

Everyone is running short of time these days due to hectic schedules, extensive travelling and workload pressures. Most of us just feel better in letting our insurance agents do the complicated paperwork for us and we whole-heartedly rely on their suggestions when buying or renewing car insurance policy.

But it is your car and policy is in regards to the safety and security of your vehicle and your well being. Then how can someone else take the best decision on your behalf? Spending some time, may be only 10 minutes to select the right car insurance can go a long way to ensure that you gain financially as well as maintain peace of mind.

An insurance agent may not be prudent enough to take a decision which is the best fit for you. His priority is going to be his own commissions and will only suggest you products that work more for him. Therefore, going online is the way to be in control and that’s where the future lies.

Buying online vehicle insurance is the most sensible and smart decision you can take. There are various insurance web aggregators licensed by IRDAI, which are authorized entities like comparepolicy.com that offers a complete range of insurance products with their detailed terms and conditions and allow you to compare.

If you enter your details and the kind of plan you’re seeking, it will offer you insurance quotes immediately based on which you can take a call. Information is the power and it is best that you use that power to your advantage rather than letting someone else decide for you. Otherwise repercussions can prove to be costly.

Let’s give an Example to help you Understand

Mr. Bansal got his car insurance renewal through his agent and left everything to him to decide right from the insurance plan to the coverage details. He was only concerned about the low premiums that he wanted to make. On the other hand Mr. Chopra spent some 10 minutes  doing online research about the various plans available in the market and then bought a plan according to his specific needs.

Benefits that Mr. Chopra Enjoys due to his Smart Thinking:

1. Due to comparing various plans, he was able to buy a policy with the lowest premium without compromising on the sum assured.

2. He didn’t have to do complicated paperwork to renew his car insurance. Just by a click of few buttons he renewed the policy from the comforts of his home.

3. Mr. Chopra selected the add-ons as per his requirements made higher deductibles as well to get proper coverage at low premiums. Mr. Bansal, however, was sold lot of add-ons (most of them fairly useless) with low deductibles making his premiums costly, yet sold as the cheapest plan by the agent.

4. Buying online plan helped Mr. Chopra to keep all his insurance related paperwork in one place and his dependence on insurance agent was eliminated. In case of emergencies, he won’t have to run after his agent for help or for claims.

5. It becomes easier for him to make any changes in his policy. It is called an endorsement. With regular policy, endorsements will include re-submitting the documents with a form and taking help of the agent. Since Mr. Chopra did it online, he only needs a self-declaration for online endorsement.

Online vehicle insurance is designed to make things extremely easier for customers so that not only are they in total control of their policies, but they also know what they are investing in. Comparisons between different plans help to select the best policy and make the entire process of buying or renewing the policy as easy as a walk in the park. Whether it is a new purchase or a car insurance renewal, always get it online and reap the benefits.

The 10 minutes well spent online will prove to be one of the most profitable 10 minutes! Enjoy the profits!

Harjot Singh Narula

Harjot Narula is founder and CEO of ComparePolicy.com, an IRDAI approved insurance web aggregator focussed on selling online insurance for companies. Harjot has more than a decade of experience in software development and has also spent 5 years in US working for the mortgage and risk management industry.

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