Gathering luminaries, thought leaders, and industry experts, the conference explored the latest trends, challenges, and opportunities shaping the future of finance
As per recent reports, the UAE Motor Insurance Market generated revenue of around $1.48 billion in 2022, with an anticipated compound annual growth rate (CAGR) of two per cent over the next five years.
The UAE car insurance sector is bustling due to its crucial role in supporting the national economy. Since 2016, there has been a steady increase in the gross written premium (GWP) in the UAE insurance market, which demonstrates the growing market penetration by various insurance providers over the years.
To make insurance plans more accessible, many providers now offer their products on online platforms. The rise of digital platforms in recent years has made purchasing insurance products more convenient and streamlined than ever before. However, some customers may have unique needs, and their questions may not always be addressed online. As a result, it becomes essential to consider the pros and cons of buying car insurance online before making a decision.
Without further ado, let’s take a look at the key advantages and disadvantages of buying car insurance online in the UAE.
Pros of buying car insurance online
Let’s first go through the major advantages of buying car insurance online in the UAE:
Unparalleled Convenience: The rise of online car insurance in the UAE has redefined the entire buying car insurance process for unparalleled convenience. With a stable internet connection, you can explore, compare, and buy insurance online anytime from anywhere. In addition, with instant policy issuance and easy access to customer support, it also saves your time and energy.
Effortless Comparisons: Comparison is the key to finding the best insurance policy aligning with your needs and budget. Buying car insurance online in the UAE has transformed the tedious process into a seamless experience.
With just a few clicks, you can access a lot of information on top-notch insurance providers, comparing their features, benefits, and premium side-by-side in real time. This hassle-free comparison not only saves time but empowers you with the ability to make informed decisions just from the comfort of your home. One of the best platforms for comparison and buying car insurance online is Policybazaar UAE.
However, it is crucial to ensure that you compare similar types of policies for a meaningful comparison. For example, comparing a third-party liability policy with a comprehensive policy won't yield useful results. Instead, compare the same type of policies from different providers to find the one with the most attractive quote.
Minimal to no paperwork: A remarkable benefit of buying car insurance online is that minimal or no paperwork is required to obtain the policy. By answering a few straightforward questions about yourself and your vehicle, you can select the right coverage and enjoy a hassle-free purchasing experience. In most cases, you'll sidestep the traditional paperwork involved, making the online process more environmentally friendly and efficient as well.
Easy credibility check: When purchasing car insurance, it's essential to select a reputable insurance company to ensure a smooth claims process. Going for an insurer with a slow turnaround time or sub par services could lead to dissatisfaction even if you pay the necessary premiums for coverage.
When you buy car insurance online, you can easily see reviews and user testimonials. This can be of great help in choosing an insurance provider with proven reliability and quality service.
Affordable premiums: Online insurance providers benefit from lower operational costs compared to their offline counterparts, as they don't need to maintain physical sales offices or employ as many staff members. These reduced expenses translate into more competitively-priced policies without compromising coverage quality. By buying car insurance online, you can enjoy the same protection at a more budget-friendly rate.
Security of policy documents: Losing or misplacing physical policy documents is not an unusual situation for policyholders. The process of obtaining duplicate documents can be quite cumbersome. However, by purchasing your car insurance online, you minimise the risk of losing these crucial documents, as you'll have a digital copy readily accessible whenever needed.
Cons of buying car insurance online
Although there are several benefits of buying car insurance online, you may find a few issues with the same. Here are some prominent disadvantages you may have to face while purchasing car insurance online in the UAE
Essential computer skills: To purchase car insurance online, you will need a basic understanding of computers and the internet, as you will be required to fill in the information digitally. If you are not entirely comfortable using computers, consider seeking assistance from an agent or a family member to help you navigate the process of buying a car insurance plan online.
Queries remain unanswered: When purchasing car insurance online, you may encounter various queries that require immediate attention. Providing incorrect information could lead to claim denial. For instance, if you lack adequate knowledge about policy functions, claim settlement procedures, available add-ons, or whether to purchase them, numerous questions may go unanswered during the online policy-buying process.
Possibility of confusion: The multitude of options available when purchasing car insurance online can be both a blessing and a source of confusion. When buying car insurance offline, you can rely on an insurance agent to narrow down the choices, making it easier and quicker for you to reach a final decision. While the online process offers more options, it may require additional effort to navigate the vast array of plans available.
To wrap up, the digital age has revolutionised the way we purchase car insurance, offering a myriad of advantages such as convenience, cost-effectiveness, and easy comparisons. However, it's essential to be aware of potential drawbacks, including the possibility of confusion due to the vast array of options, the need for basic computer skills, and more. By carefully weighing the pros and cons of buying car insurance online, you can make an informed decision that best suits your needs and preferences.
Let’s embrace the online world of insurance and drive confidently, knowing you have made the right choice for your financial protection and peace of mind.
— Ammar Tarique is the content strategist at Teamology Softech and Media Private Limited.
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