Life is a blessing and amidst all the excitement there may be some unpleasant events you often have no control over. Such untoward and unexpected incidents can often result in emotional and financial setbacks. While emotional disturbance is something that takes time to settle down, you can look ahead and indemnify the losses to help you tide through financial emergencies.
Casualties also revolve around things such as home, car, loan, health, travel, and other forms of insurance relevant to commercial and industrial sectors. Any type of insurance other than life insurance falls into the bracket of general insurance. Your valuables often run financial risks and the non-life insurance plans offer financial security from fire, storm, theft, earthquakes, car/two-wheeler accidents, and other travel-related risks.
While life insurance protects against the risk of death of you or your loved ones and the financial debacles thereof, general insurance offers protection to the other aspects of life and personal assets.
Why Should You Buy General Insurance Online?
The internet has taken over the world with a storm and it was just a matter of time that the insurance industry would create a strong presence in the virtual world. While insurance companies are able to reach their target audience much better on the internet, there are also many advantages policy owners enjoy when buying the latest general insurance plans online.
· No Paperwork and Documentation
With no physical documentation required when you purchase a policy online, the process is faster and you don’t need to wait in long queues. You can weigh your options and purchase a plan that provides a suitable cover from the comfort of your home.
· Cheaper Premium Rates
Offline or physical purchase of general insurance policies involves dealing with agents who get paid for each sale in the form of commission from insurance companies. Agents can sometimes get pushy in their efforts of closing a sale and such situations can be avoided when you choose to purchase online.
When you buy online, you deal directly with the insurance company that may pass on the cost benefit to customers in the form of cheaper premiums. Besides, the lack of processing and distribution costs also brings down the premium, resulting in savings for the customer.
· Informed Purchase Decisions
Insurance portals such as Coverfox.com help you draw a comparison of policy offerings from several companies so that you are able to make an intelligent choice, based on your specific needs and situation.
· Secure Transactions
When you make a payment on the portal of a reputed general insurance service provider, you get the assurance of security if it employs a trusted payment gateway that encrypts your personal information and keeps it safe from unscrupulous use. Clarify any doubts you may have about online payment with your service provider.
· Accuracy of Information
When you personally fill out your insurance policy form online, chances of errors are less as compared to an agent filling it out for you offline. In case you are trying to make a claim and there are errors in the information the agent fills on your behalf, it may result in the claim being rejected altogether.
· Renewal of Policy
Online integration of your policy makes sure you get renewal reminders so that not a single day goes without the insurance umbrella. Renewal is simple and you can do it with just a handful of clicks of the mouse!
Buying a policy online avoids the need to make trips back and forth to the insurance company’s office, thus, saving time and money. Online application and renewals also benefit your service provider for it cuts down the need for manual intervention and saves manpower. Online or offline, the choice is yours and depends on what suits you the best.
Is Your Insurance Provider Right For You?
Having realised the importance of insurance and the financial security it gives in the event of contingencies, you’ve decided to opt for a suitable general insurance policy but how do you know if the insurance provider is the right one?
- If your insurance service provider enjoys a healthy reputation in the market, you can trust the company to cover you in contingency situations. Do a little research offline or online to know the history and track record of the company.
- Checking the official website of the company gives a fair idea of the insurance establishment, its tie-ups, TPAs (particularly important for health insurance), investors, and partners.
- A simple claim process is important. For example, if your vehicle gets involved in an accident or theft, an immediate intimation to the service provider should initiate the claim process. Likewise, if it’s a medical emergency or planned hospitalisation, intimating the Mediclaim Company and TPA within a pre-determined timeframe should make you eligible for cashless hospitalisation if your policy mentions such a clause.
- Read reports on the financial strength of the company so that you are sure it is capable of settling claims, should there be a need.
- If online facilities of purchase, renewal, claim intimation, and policy management are important to you, choose a company that has a well-established internet presence helping you stay connected with them anytime, anywhere.
- 24/7 helpline support is good to have to be able to get in touch with the company anytime. Text notifications on phone for policy changes and renewal reminders are also some services you can look for.
Insurance needs vary from one individual to another and it’s very important to ascertain what works for you in your situation. Having figured that out, you can always seek the best term plan general insurance quote from a trusted service provider after weighing its services on the points chalked out here.