India has been showing tremendous progress in terms of economic growth with the average GDP hitting 7% in 2016. This growth in GDP can be linked to the online buying behaviour of people in the recent past. Easy access to internet and the proliferation of smartphones are two of the main reasons for the eCommerce industry boom. From ordering a pizza to buying medicines, the customer segment of today relies heavily on online transactions. The same trend is visible in insurance policy purchases as well.

The insurance sector has witnessed a drastic change with technological progressions and it is clearly visible from the pattern of sales— from agents visiting our homes to just a few clicks. Not just life insurance plans, but now you can also buy your vehicle insurance cover online. And all this can happen in just three simple steps without any paperwork:

• Fill out the form

• Calculate your premiums, and

• Make the payments

That’s all it takes to secure an automobile loan these days!

What bothers most of us while going for an insurance cover is the cost. But not many of us are aware that online policies are much cheaper than offline purchases, and the reason is simple. While making a purchase online, you are transacting directly with the insurer which eliminates all intermediary charges. Also, with an online purchase, understanding the terms and conditions, and comparing the policies becomes much easier. This completely removes the concept of mis-selling. It reduces risks and ensures that customers take well informed decisions. Insured Declared Value (IDV) is a key component in auto insurance. An online purchase enables you to compare the IDV of your vehicle and choose a plan that offers the best value.

Since online policies does not involve intermediaries, asking your queries can sometimes be difficult. But with insurance comparison portals such as BankBazaar providing dedicated chat and call support, choosing the best suited plan is no more a herculean task. It is always advisable that you do an online research through the comparison portals before choosing any insurance product.