Digital revolution in the country gave a boost to all things online — be it shopping for groceries or even conducting businesses online. There was a time when people browsed for things online but eventually bought it offline. This scenario has changed since a couple of years where logistic services have improved and even processing for payments has become possible using digital channels.
A car insurance is a regulatory requirement as per the Motor Vehicles Act and digitisation in the country has now enabled people to buy it via online too. While you might be still in two minds whether you should buy it online or offline, this article will help you arrive at a conclusion of what is best for you. Let’s have a look:
| Sr No | Points of distinction | Online car insurance | Offline car insurance |
| 1 | Meaning | Online car insurance plans are directly purchased from the insurance company eliminating any middlemen in the process. * | Offline car insurance policies are bought either from an insurance agent or by visiting the insurance company’s office. * |
| 2 | Buying process | Buying a policy online is straightforward as with minimal to no documentation formalities. All documents that are required must be uploaded in soft copies. * | Offline purchase involves filling out an application form and submitting necessary documents as attachments to the form. * |
| 3 | Transparency | Online policies are highly transparent as there are no intermediaries involved in addition to reviewing all the policy documents before paying for them. * | In comparison to online plans, offline policies are less transparent in terms of the process. * |
| 4 | Premium | Online plans are generally lighter on your wallet as there is low operation cost. Some insurance companies even offer online-exclusive plans with certain concessions in premium. * | Offline plans are comparatively priced higher since a small portion of the premiums paid are used to meet the insurers operational costs. * |
| 6 | Comparison | Comparing plans online is a simple process with easy-to-use tools like a car insurance calculator that allow not only premium-based comparison, but also considering its features. * | In comparison to online plans, an offline car insurance can often be tedious to compare as you need to obtain several policy documents from different insurance companies and then look for the similarities and differences among them. There is no tool that simplifies this process. * |
| 7 | Claim settlement | Online policies have a quick and hassle-free claim settlement as any incidence is reported to the insurance company via email or telephone and the claim process begins immediately. * | Offline plans on the other hand are time-consuming as several documents are required when you raise a claim. * |
| 8 | Renewal | Similar to buying an online car insurance plan, it is convenient to renew your policy online and the coverage begins instantly with the policy delivered directly to your mailbox. * | Just like buying a policy offline, its renewal process faces similar challenges. * |
* Standard T&C Apply
Which policy is better: Online or Offline?
There is no right or wrong answer to this question but it depends on what you are comfortable with. If you are a tech-savvy person, an online plan will be convenient as you can buy or renew it in a few minutes from your busy schedule. On the contrary, someone who needs assistance when buying will prefer the personalised services offered by insurance agents. Whether buying online or offline, make sure to not base your purchase solely upon car insurance prices as other factors play a critical role too. *
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.