Despite my parents’ opposition, I got into a lot of trouble when I bought my first car. The hardest part of buying a car was getting the car insured because the agent I was talking to was asking a lot of commission for the insurance. It was very annoying for me.
In the age of the internet and technology, it has become very easy for me to get insurance without any agent.
Auto insurance premiums are already an expensive monthly expense – the last thing you want to do is pile up extra fees. Here’s what you need to know to avoid them.
You can easily buy a car from any car company or showroom but in India, one can buy car insurance from different sources. One of the oldest and most common ways to buy car insurance is to go through an agent. Agents can be divided into two types:
Captive agents –
These are the people who are eligible to sell insurance plans from a particular company. They are responsible for finding and influencing customers to buy projects from their companies. They charge their clients some of their commissions. In return, they fill out the insurance form after checking all the required documents of their vehicle.
Independent Agents –
These agents sell insurance policies for various insurance companies. They are free to sell any insurance policy to their customers. Because they are not employed in any one company which gives them a good package, they look for clients for that.
When does one have to pay commission?
At insurance companies, agents possess a lot of power as they are the ones who sell policies to individual customers. They may not be authorized to enter into a formal agreement with the company and so there is a chance that the customer could be cheated if one assumes that the agent has any kind of official relationship with the insurer. Even when provided with all necessary details, the customer may still misunderstand what a policy offers because of a lack of knowledge or poor understanding.
How to Buy Car Insurance Without Paying Commission?
You can buy car insurance without an agent by going online to a company’s website and doing the leg work yourself.
(1) First, you need to search for companies that sell car insurance online. It may take some time, but with research and a little patience, you will find suitable insurances that fit your needs and style.
(2) There will be a number of factors some of which are important such as cost, amount of coverage, etc. These websites will allow you to enter everything you might possibly be interested in obtaining from the services being offered by various insurers. They also provide calculators where you can compare different plans according to your qualifications and budget which really helps because it saves you the hassle of calling up different insurers for quotes!
Benefits of Buying Car Insurance Online
Insurance is easy to use online and hassle-free.
Processing and distribution costs are eliminated while insurance is sold online. The need for an agent is useless and thus not paying commission to the agent will save a lot.
Anyone can research different policies and find out what is offered on online platforms. Product transparency makes it easier for consumers to understand what they are going to buy.
Buying insurance online is very safe and no one needs to worry about agent fraud.
Since everything is available online, it’s easy to upload documents, make payments, and renew a policy from the comfort of your own home with just a few clicks.
One must remember that not all agents are immoral. There are authorized agents from whom anyone can buy policies that will not ask for cash payment. If you want to go through an agent, never pay in cash and make sure you have a receipt. If you want to buy car insurance without any hassle, you can always choose to buy insurance online.