The ultimate guide to insurance—learn everything you need to know about buying and managing your insurance digitally.
3 min read
Let’s be honest, buying insurance is not an exciting task—it can be confusing and time-consuming. You probably haven’t brushed up on the best ways to buy insurance lately, so we’re here to walk you through the basics and what’s new—like buying insurance online.Insurance purchased online provides the same comprehensive coverage as traditional products, but it’s easy to buy, accessible 24/7, and there’s usually less paperwork. But, now that there’s so many options available at the tap of a finger, finding the coverage that’s right for you can be overwhelming. Read on to find out everything you need to know on how to buy insurance online.
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What is online insurance?
There was once a time when the insurance industry was hesitant to move online due to concerns about regulation and security. But thanks to advancements in online security and data handling, those days are gone and the online insurance market is booming.Online insurance works just like traditional insurance—you pay for a policy that will cover your financial losses in certain situations. For example, phone insurance helps you out if your phone is stolen, medical travel insurance is useful if you get sick on vacation, and so on. The only difference is how you purchase the insurance—in person vs. online. And all types of insurance—including travel insurance, medical insurance, pet insurance, phone insurance, car insurance, and much more—is now available online.
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Just like traditional insurance, if you have an insurance policy that you purchased online and something unfortunate happens—like falling ill abroad or being in a car accident—you can contact your insurer and claim back any losses that are covered by your policy.When it comes to online insurance, you’ll not only purchase your coverage digitally, you’ll also access your forms and policy documents online as well.
How to buy insurance online
One of the advantages of buying insurance online is how easy it is to compare plans and the number of options available. You can buy insurance online from a number of places, including:
On price comparison sites
From insurance companies who sell to customers directly
Through financial advisors or insurance brokers
From a trusted source you already have a relationship with, like your bank provider
Once you’ve decided where to purchase your insurance, you’ll need to provide them your information and pay—which can also be done online.
The benefits of online insurance
Convenience is one of the biggest benefits of online insurance. You can buy travel insurance online at the airport, look into pet insurance while at the dog park, or file a claim as soon as your phone screen shatters. And instead of sifting through a mountain of paperwork, you’ll likely be able to view and manage your policies online as well. Because online products don’t need staff or a brick and mortar store to make a sale, they often end up being cheaper too. And they often sell flexible policies for short-term situations like needing coverage for borrowing a friend’s car, which traditional insurance doesn’t sell.
How to make a claim with online insurance
Your insurer will provide you with their contact details should you need to make a claim—you can usually find these on your policy documents. But lots of online insurance providers have a more efficient process where users can start a claim through an instant messenger function, or in an app. Look into your individual coverage to see the best way to contact your insurance provider. Insurance at N26We know life happens, so N26 includes a variety of lifestyle insurance—from travel delays to phone damage—with our premium N26 Metal and N26 You bank accounts. We’ve also recently rolled out on-demand insurance, starting with electronics insurance for all our customers. Easily view, purchase, manage, and cancel your insurance coverage directly from within the N26 app. Get N26 Insurance and enjoy total peace of mind. Keep a lookout for new insurance products coming soon!
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Online insurance is just like a traditional insurance product, only it’s been purchased through an app or a website. Historically, traditional insurance products might have been purchased through an insurance broker or a financial advisor, but as businesses move online, so has the insurance industry. You can find almost any type of insurance online, including travel insurance, pet insurance, phone insurance, rental car insurance, and much more.
You can buy insurance online on your phone or computer—all you need is internet access. There are comparison websites that will let you compare the costs and quality of online insurance products, and you can even purchase them directly through their site. Other types of insurance come bundled with another digital product, like a premium N26 bank account. This can be even more convenient, as you pay just one provider for multiple services.
You can pay for online insurance just as you would anything else online. Debit or credit cards—including via a digital wallet—are accepted by many online insurance providers. A digital wallet will safely store virtual versions of your debit and credit cards in an app, so you can then enter your card details with just a few taps on your smartphone.
Because online insurance providers don't need as many in-person staff or retail locations, their products are often more affordable. But, as always, do your homework because the costs can vary depending on the coverage you need.
Technology and cyber security has evolved, so buying insurance online is very safe. Security checks and a strong password will keep your personal details secure, and companies have invested in making sure their systems can withstand cyber attacks and fraud. Just make sure you buy from a trusted provider and don’t share your online details, like passwords, with anybody else.
