Buying Car Insurance Online: Pros and Cons
By TLB Contributing Financial Writer: Martin
Nowadays, an increasing number of companies are moving their business, or at least a part of it, online. This approach works for many industries, and people enjoy shopping from home and having items delivered to their front door.
However, when it comes to insurance, the part of the price is the experience. You are paying not only for the policy but also for the agent to help you pick the best one. If you’re well-versed, you may also do it alone, but sometimes, help is necessary.
So, today, we’ll be looking at the advantages and disadvantages of shopping for coverage online.
Insurance Brokers
To properly outline the benefits and drawbacks of shopping car policies online, we first need to discuss its main competitor – insurance brokers. The question we’re asking today is whether you should go online to compare quotes or hire a broker.
A broker is a contractor who searches auto insurance rates from many companies. Their goal is to help you find the best offer. As those at BrokerLink car insurance say: they are ‘insurance experts in your corner.’
You’ll get a resource of knowledge helping you get the most out of your chosen coverage. Plus, unlike agents, brokers are independent so that they won’t push one company onto you.
Now, if you have enough knowledge, you can be your own broker. Let’s go to the crucial advantages and disadvantages of doing so.
The Advantages
Below, you’ll find the three most notable advantages of shopping online for insurance.
Convenience
Each call to an insurance company is a struggle of having to talk to automatic answer machines before you even reach a human. Besides, even if you succeed in getting an agent on the phone, they may be pushing the insurance they want to sell, not the one you need.
Online insurance platforms, on the other hand, provide you with a list of agencies to choose from and all pricing in one place. All you need to do is fill out a form and compare quotes.
Resource Variety
Buying insurance can drown you with its mass of information. It’s hard to know which one you need. Online platforms make insurance less convoluted and more digestible, too.
On most of them, you’ll also find a blog post that clears up any questions. Besides, the customer support there is independent and ready to solve all confusing matters.
Less Work
Due to the increased competition amongst online insurance platforms, finding a reasonable price is easier than ever. The market transparency online is a must so that nobody will be selling you lies.
There will be no bargaining and no information discrepancies. Instead, once you choose the coverage, you’ll be on the same page with the provider.
The Disadvantages
Of course, doing anything on such a vast platform carries potential risks. Here are the three most prominent ones.
Getting Scammed
There are fake companies that open online platforms to monetize the data you enter in the form. Sharing your contact information and even credit card numbers is dangerous if you don’t trust the platform.
To avoid this, check the privacy policy and make sure the site is secure before you enter any information. If possible, also avoid sharing sensitive data.
Being Misinformed
Some online platforms may oversimplify their content to provide biased info and boost sales for a particular carrier. So, don’t always assume that what you’re reading is in your best interest.
Also, the platforms can overemphasize the prices, making you forget about the other essential coverage characteristics.
Artificial Customer Service
When choosing the platform to use, consider the trade-offs you’re making. Yes, people are working to fulfill your requests on the other side of the screen, but many companies don’t make it easy to talk to customer service.
So, if you decide to do it alone, be sure that the platform you choose provides convenience as well as a person ready to answer any questions.
The Bottom Line
Buying an insurance policy online is indeed a good option, but it’s not the best choice for everyone. So, take the time to weigh the benefits and drawbacks before making any decisions.
No matter which way you choose, get as many quotes as you can, so the decision you ultimately make will be well-informed. Vehicles are expensive, and getting them insured is a serious business. Understand exactly what you’re buying to make the most of it.
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About the Author: Martin is a freelance writer who researches and publishes info/facts concerning our ever morphing global financial system. His work is carried by many websites and media outlets globally.
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