Igloo, an insurtech firm, encourages online shoppers to insure their purchases for better shopping experience. Its Online Shopping Insurance was designed in partnership with e-wallet app GCash.

Online shopping provides the convenience of purchasing something with just a few clicks. There is no need to spend so much time on traffic and parking. But it has its downsides, too. You don’t have the assurance of the quality of your purchase.

Citing data from data and analytics firm GlobalData, Igloo said nearly 90% of Filipino consumers have shopped online in the last six months. This has put the growth of the e-commerce market at 31.3% in 2022 and is expected to grow by 22.9% and reach a value of P615.7 billion within the year.

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Online Shopping Insurance provides coverage for undelivered goods and uncontactable sellers, partial delivery, or fake goods for up to P150,000 for as low as P15/month. 

Through Igloo’s Online Shopping Insurance, policyholders can file multiple claims until they reach their benefit amount after which the policy expires and will require a shopper to apply for another policy.

The insurtech also advises shoppers to be more discerning with their online shopping and offered tips on protecting tier hard-earned money from online shopping frauds:

1. Buy from official stores or legitimate sellers

Sometimes when browsing through online stores, you’ll undoubtedly encounter a deal that’s too good to pass up but before you bite the bullet and check out, take a few seconds to check the seller and make sure that they are legitimate sellers or official stores.

Buying from official stores and legitimate sellers ensures that the products you’re buying are authentic and are of good quality. Plus, some e-commerce platforms also offer additional perks when you buy from these stores including warranties, free shipping, and even money back guarantees.

2. Check the reviews

You’ll undoubtedly come across multiple products being sold by different stores online and the sheer number of options can be overwhelming. One way to weed out the best deals and items is to check reviews from previous buyers.

Check the review section of the product you’re eyeing on e-commerce platforms or if you’re buying from Facebook Marketplace and other social media pages, see if you can find a business page where previous customers have left reviews.

Reviews are helpful in helping you make informed decisions on your purchase — if the item is worth buying, if the seller is legitimate, cooperative, and responsive, or if there are any watch outs like long delivery lead times or trouble when it comes to repairs, returns, or refunds.

3. Compare prices

If you’re on the lookout for a good deal, it never hurts to compare prices. Several sellers will have the same exact product on sale and it’s good to take a second and look at other sellers before deciding on where to buy.

Some stores may offer the same price but throw in other perks like free shipping for no minimum spend, extended warranties, a small freebie, or the lowest price offered on the platform. A word of caution on super low prices, if it seems too good to be true, it probably is, and it would be beneficial to check if the seller is legit and the products reviews before deciding where to buy.