Advantages And Disadvantages Of purchasing Online Insurance

This is a guest post from  Neo Zack, a Tech writer from London with an interest in topics relating to Insurance, Finance, and green living. You can follow him @financeport on Twitter.

The Internet has become an integral part of our life. Consumers are using online platforms to purchase products and services, pay bills and do their banking and to communicate with family and friends.

Online purchasing when it comes to insurance definitely has its advantages. It is more flexible, faster and cheaper when compared to other modes of purchasing. Of course, there are also some disadvantages in buying insurance online as shown below.

Advantages of buying online insurance

  • You can get the quotes in a matter of minutes.  You can compare the rates and services offered by various companies very easily
  • You don’t need to travel to anywhere to get your insurance. Simply fill up the online form, get the quote and pay at the same time.
  • Online insurance companies hold your information in a secure manner and prevent it getting out of their system.
  • There are also online complaint tool boxes on the online insurance company websites. If something unusual happens you can just drop a complaint. For example in some countries PPI has been mis-sold to many people. These tools made the process Claim back PPI an easy task
  • You can also get rid of the sales people who take up your time convincing you to buy from them. Buying online conveniently takes out the middle man leaving you in charge.
  • You can contact them through email, phone call or chat online to clarify your doubts and to get the additional information.

Disadvantages of buying online insurance

  • Some of the online insurance companies that provide insurance coverage don’t have a physical location. If you need any clarifications there is no specific place to go.
  • Some companies offer low premium and a fantastic policy but they offer slow claim processing services.
  • Some companies may not offer insurance coverage for particular situations. You need to keep it in mind and sift through while searching for a policy. Also make sure to read all your policy documents carefully and make copies.
  • In many cases, you are not assigned a person to help you out. The only option you have is to research on the website.

Considering all the advantages and disadvantages the final decision is up to you. Besides a few disadvantages purchasing insurance online seems an overall better way for quick and easy insurance.  Improved online platforms will soon have options for mobile devices and tablets so that consumers can buy the insurance on the go.