As per the Motors Vehicle Act 1988, it is mandatory for all motor vehicles; be it a two-wheeler or a four-wheeler, to have at least a third-party motor insurance. Motor insurances provide cover against external damage due to accidents, theft, riots, or natural calamities among other things. Motor insurance are further of two types:

  • Comprehensive Insurance: With comprehensive motor insurance, you can remain protected against third-party liabilities as well as get coverage for medical treatment, if required and your own vehicle damage cover.
  • Third-party Insurance: In case of an accident or collision, a third-party cover gives your protection against third-party liabilities. However, it does not cover its own damage to the car nor does it offers any medical cover.

Benefits of Buying Motor Insurance Online

In today’s digital age, insurance can be purchased virtually. However many still feel anxious while buying an insurance policy online. Read on to learn the benefits of buying motor insurance online.

  • Convenience: Online purchase of motor insurance is convenient as one can purchase it any time from the comfort of their personal digital devices. Alternatively, buying the insurance from an insurer would mean that you will have to arrange a meeting with them during their own office hours. This will require you to take time out of your already busy schedule.
  • Premiums: Offline insurers will charge higher premiums as the insurer may have to maintain physical office, staff, agents etc. The overhead cost of offline insurance policies are thus much higher compared with the online insurance.
  • Comparing plans: Navigating the various policies on offer offline is difficult and time consuming as it demands multiple office visits and meetings with different insurers. Online comparison is much simpler. You just need to visit the aggregator’s website to check the features and premium quotes of different plans by different insurers.
  • Influenced Decisions: Since you are at charge of comparing the different plans on offer while buying a motor insurance online; you will not make a decision influenced by a third party. In offline mode the chances of the insurer influencing you to go for an expensive motor insurance which may not be suited for you are high.
  • Transparency: Offline purchase of a policy is always dependant on the insurer’s intent. A malicious intent on the insurer’s end could ensure that important information is kept hidden from the purchaser. This will result in bad decisions by the purchaser. During an online purchase the information are laid out clearly in the website. They are presented clearly and in great detail.
  • Renewal: The process of renewing the insurance policy online is easier since the relevant information is saved on the insurer’s website. You will simply need to log in to your account and enter the policy number for your renewal. But in the offline process you will need to visit the office of the insurer to go ahead with the renewal of the insurance.

These are in a nutshell some of the key reasons for purchasing motor insurance online as opposed to from an insurer. Buying the car insurance or bike insurance online comes with a wide range of benefits. So tap into them, and buy your motor insurance at the earliest.