In this busy and hectic world, it is not easy to spare some time to carry out various chores on a regular basis. Taking time out to visit a bank or insurance provider is not possible for some based on their work timings. In such cases, online services are quite beneficial especially to renew insurance. An online insurance payment facility has its own benefits and advantages.
Let’s have a look at how buying or renewing car insurance online can benefit you.
Advantages of Buying a Car Insurance Online In Malaysia
- Convenience Factor: Buying your car insurance policy sitting comfortably in your own house is far more convenient than joining a queue with dozens of other candidates waiting for their turn. You can go online and purchase a plan any time as per your convenience as there are no restricted working hours attached to online insurance policy purchasing facilities.
- No Agent Commision: When you are buying an insurance policy online, you do not have to appoint an agent to purchase it for you. This saves you a huge amount of money which you would have paid to an agent/representative as service charges.
- Multiple Options: You can compare different providers and their plans before choosing an insurance policy. All these plans are just a click away, and you can get all the required information about a car insurance plan whenever you want. You can also compare and analyse several options at a time through the online facility.
- Quick Processing: When you opt for an online application method for your car insurance purchaser, the processing time is quicker than an offline way of purchasing. While it takes a lot of time to manually select a policy, fill forms, and submit a set of documents to the insurer provider’s office, this all is just a few clicks away and can be done in shorter time span through the online process.
- No Pressure: When you hire an insurance agent, it is possible that the agent might persuade you to buy a particular policy due to his own marketing interests. Or he may suggest a policy that may not be suitable for your needs. While buying online, you are free from any such persuasion. You can choose a policy without any pressure, considering your own benefit.
Disadvantages of Buying a Car Insurance Online
Along with these advantages, buying a car insurance online also comes with a few drawbacks. Let’s find out more:
- Choosing a Right Plan: A car insurance policy basically offers 3 types of covers: comprehensive cover, third-party cover, and, third-party, fire, and theft cover. A lot of thinking is essential to figure out the perfect type of insurance plan for your car. Information available online and comparison tools may not satisfy all your requirements while buying a cover.
- Common Mistakes: When you are buying your insurance policy without taking any help from an agent or a representative, there is no helping hand to assist you while doing so. This may lead to mistakes in an application form, or you may also end up purchasing a wrong insurance plan for your vehicle. You may have to proceed with incorrect or insufficient information about your policy, such as sum insured, premiums to be paid, etc. Furthermore, you need proper guidance to understand unfamiliar terms and clauses that you might have never come across, which you will not understand while buying an insurance plan online.
- No Discount: When you buy an insurance cover online, you purchase it directly from the official website of a bank or an insurance provider. This may give you a discount which can vary from insurer to insurer. But when you buy a policy from an agent, you may get a better promotional discount.
- Claim Procedure: When you claim an insurance cover online, it may consume more of your time due to requirements involved in the process. You will have to submit a lot of information and documents while claiming, which can prolong the procedure even further. This could be much easier with the help of an agent who will work for you, saving major amount of your time.
Buying or renewing your card insurance online has its own advantages and disadvantages. It can save time and is convenient when compared to the other method. At the same time, the claims process is easy through an agent than online.
Therefore, consider all these pros and cons of buying a car insurance policy online before you opt for any method. Choose one that suits your needs and preferences.