Since the last decade, there has been an increasing trend for all things digital. While living in a world dealing with a pandemic, social distance has become mandatory, and more and more people are choosing online options for all their purchases. This includes motor insurance and is not limited to clothing, groceries, or other financial services like banking.
As a two-wheeler owner, bike insurance is a mandatory requirement and a part of the regulations set down by the Motor Vehicles Act. Thus, all bike owners need to have at least third-party insurance cover. It is the minimum required insurance coverage to ensure legal compliance. Alternatively, one can also opt for a broader insurance cover that offers better protection for the vehicle by choosing a comprehensive insurance plan. This plan not only includes a third-party cover, but also an own-damage cover in addition to it.
Both these insurance policies can be purchased offline from an insurance agent or the branch office of the insurer. However, in addition, they are available to buy directly from the insurance company via the online channel. Here are some of the benefits of buying bike insurance online in comparison to the traditional offline mode:
- Research on a comprehensive basis
The primary advantage of buying online bike insurance is comprehensive research. Researching about the right policy should be the starting point in your purchase journey. The first policy you see will not always be right for you; hence, thorough research is a crucial step. Comparing the different available plans is a smart way to go about the buying process. Online purchase helps to look up the different available plans and only decide on the choice of policy after a comparison among the shortlisted alternatives. *
- Affordable price tag
The online channel for buying a bike insurance policy eliminates the middlemen and instead directly connects you with the insurance company. Thus, online policies have a lower operation cost in the form of commissions due to the elimination of several middlemen. The insurance company can pass on the savings in commission by way of concession to the policyholders, thereby lowering the bike insurance price. *
- Faster and hassle-free purchase
Buying an online bike insurance policy is simple and hassle-free. You can purchase a policy from anywhere in the world with the click of a button—be it your home, your office, or even when you are on vacation. With no paperwork involved in this process, it is also quick to eliminate any time lag between purchase and the beginning of its coverage. In today’s day and age, there are a few insurance companies that even allow you to buy insurance plans from their mobile apps too. *
- Hassle-free claim settlement
Raising a claim, which is otherwise regarded as a tedious process, has now become simpler with online two-wheeler insurance policies. The various problems concerning documentation, coordination, and even reimbursement is non-existent, and features like cashless claims provide a hassle-free experience. *
* Standard T&C Apply
Other than the above-mentioned advantages, online policy purchase is convenient. The buying or renewing process requires providing a handful of details without the need to submit any physical documents. Further, there is transparency in terms of policy terms as you are dealing directly with the insurance company. Thus, you must at least buy a third party bike insurance to ensure regulatory compliance and safeguarding of liabilities.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.