We know that car insurance is compulsory in India under the Motor Vehicles Act. All vehicles must get third-party liability insurance before they start their journey on the road. The question that arises is, who should you get this insurance from? Is it compulsory to buy insurance from a car dealer?
No. There is no compulsion to buy car insurance from your car dealer.
Getting your vehicle insurance done from a dealer may give you easy access to the insurance plan as he may directly suggest you buy a particular plan. The dealer saves you from the hassle of deciding which insurance to buy; moreover, he may assist you with the claim settlement in the future. But is it really worth it?
When you purchase car insurance from your dealer, your dealer gets a commission. This gets added to your insurance cost. Moreover, the dealer may have just one to two insurance plan options, which might not precisely meet your needs. You might be looking for some specific additional features, and these plans may not have them.
What is the other option available for your car insurance, then?
Buying car insurance online is a practical solution for finding a plan that matches your requirements and budget.
Now, let us look at the benefits of buying car insurance online.
Benefits of buying car insurance online
- Minimal paperwork: Purchasing insurance policies online may involve minimal paperwork. Moreover, some insurers provide insurance with zero paperwork.
- More economical: Buying car insurance online is way more affordable than buying it from a car dealer in the sense that owners can buy car insurance policies by eliminating the car dealer or insurance agent. This way, you are not required to pay any sort of commission to the dealer/agent.
- Instant issuance of the policy: Buying car insurance online provides an additional advantage of immediate issuance of the policy. You don’t have to wait to get your policy, as is the case when buying from a car dealer.
- Online comparison: Hundreds of insurance policies are available in the market. It is not at all easy to sit and compare them when you decide to get the insurance done from a dealer. But while buying it online, it is very convenient to compare all sorts of insurance policies and buy the one that fits your needs.
- Faster process: Buying car insurance online is easier as you no longer need to visit the dealer, fill out those forms, wait for the application to be processed and then receive the policy after a long wait. Whereas, in online mode, you just have to fill in the details about you and your vehicle and get ready to receive your insurance policy in no time while sitting at home.
By now, you might have some clarity as to why you should not buy car insurance from a dealer but rather buy it online. Here, we have covered the various benefits of buying car insurance online. So, next time you consider buying car insurance, try purchasing it online.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the relevant industry. It is advised to verify the relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.