During a survey in 2014, over 1000 participants were interviewed on their auto insurance buying preferences. Of these more than 84% participants said to have searched for auto insurance online and 76% attempted to buy insurance online and over 20% customers ended up buying an insurance. These were early signs for the insurance industry that it is gearing up for the digital platform.
When buying auto insurance online, below are some of the top reasons that are helping people to opt for buying and insurance online:
1. Saves Time
Since you are doing transactions online and there are no middle men involved, you are saving your time in every step of the process. You can browser and compare different insurance quotes, apply and pay for the insurance anytime and anywhere.
2. Lower Premiums
You will generally find lower premiums from online insurance companies as compared to offline ones since the insurance company is saving a lot of expenses on infrastructure, distribution channel expenses among others. Such savings are gladly passed on to the customers. Also insurance companies try to attract customers with discounts on premiums regularly.
3. Ease of comparing
The advantage of buying auto insurance online is that you can take your time to compare different quotes, learn about their policy terms, research and share. You are not pushed to make a purchase and you can take your time to make a highly informed choice. By visiting insurance comparison websites you can browse through different insurance plans easily ad compare their features, understand the insurance plan and the associated company.
4. It is a do-it-yourself medium
Buying an auto insurance online gives you a high degree of flexibility. You are in complete control of every process – from researching to short-listing an insurance plan to filling the form to payment. Moreover during each step you have the choice to review your process.
5. Less Paperwork
Most insurance company websites are easy to use and has engaging interface with clear explanation of each process. Once you decide on a policy, you need to fill an online application form, upload supporting documents and submit them through a secure gateway. There is no need to take photocopies of documents, seek certificates or courier them. It is a hassle-free and easy process.
6. Online reviews
Before buying any insurance plan you can read online reviews of other customers, seek opinions and suggestions and consider several unbiased perspectives about the plan that you have chosen and the associated insurance company.
7. Easy access to complete policy details
Most insurance claims are rejected due to incomplete or incorrect details submitted during filling the application form. Also, there are many instances where the insurer is not sure about the details of the policy he has applied for. With a few clicks online you can now download and view all the features and clauses of your policy. You will have all the necessary details while making an informed decision.
8. Ease of Servicing the Policy
Since there are no middle men or agency involved, you are in complete control of your role and responsibility in every aspect of insurance process. Paying premiums, seeking or updating your information is just a few clicks away.