Bike Insurance: Online vs Offline, which one to choose?

Bike insurance or two-wheeler insurance are plans that keep you financially equipped against damages that may be caused to your bike or two-wheeler due to accidents, natural disasters, etc. It provides complete coverage for your bike, and having one is mandatory in India.

Although buying a two-wheeler insurance plan is a mandate, it is essential to figure out the best option for you based on the components covered by your plan. Moreover, policy seekers willing to buy a bike insurance plan are usually in the dilemma of choosing between the online and offline modes of purchase.

In this article, we have tried to highlight different factors that would help you comprehend the best choice for you.

Mode of Buying the Insurance Plan

One can buy the bike insurance plan either online or offline. However, the online process being automatic saves a lot of time and is comparatively easier than offline/manual mode. Moreover, online purchases of the insurance plan can be easily made from any part of the world using a mobile, laptop, etc., in just a few minutes, which is not the case in the offline mode.

Type of Coverage

Through online mode, you will get the chance to view multiple plans of the different insurance companies, understand their coverage and figure out the best option that would fit your budget and needs. Of course, things would be different in case of the offline purchase of the plans, as you would have limited options depending on the specific insurer you prefer to opt from.

Premium Rates

While opting for an insurance plan offline, there involves agent commission or middlemen charges. This can lead to an increase in the premium rates of the plans. Since the involvement of insurance agents or any intermediaries is eliminated in the online process, you need not pay anything extra.

 

Comparison Option

This is one of the most favorable reasons for a policy seeker to opt for an online bike insurance plan instead of an offline one. The comparison option offers the list of insurance plans provided by different insurers. You can view the different features, add-on benefits, exclusions, etc., and compare the different plans based on these factors. Moreover, this option allows you to figure out the best deals or discounts offered by different plans/insurers. Talking about the offline mode, there would be limited comparison options.

Application Procedure

Involvement of technology in any process reduces the efforts gradually, which can be observed while buying bike insurance online. Here, you need not figure out loads of applications and fill them separately. You can get everything done in one place with no additional effort, which is not the case in offline purchases. Also, the insured can add additional covers or amend the policy whenever needed using the online portal.

Paperwork

While the entire world is moving towards paperless approaches, even you can contribute your part by opting for the online mode. Moreover, during the online process, the insurer makes the process easier by asking for less paperwork. This also saves the energy and time needed to physically submit the papers or get in touch with your agent multiple times to get the paperwork done. If you choose the online mode, all you have to do is provide the details, make the payment and receive the policy document within few minutes.

Premium Calculator

This option is available only in the online mode and plays a critical factor while deciding the desired plan. It helps you calculate different premium rates quickly compared to manually calculating the premium rates during the offline process.

Renewal & Raising a Claim

The offline mode might take few days for the renewal process, whereas the online method is extremely quick and instant. Adding cherry on the cake, insurers or insurance brokers tend to send digital reminders to the insured, which helps you get the renewals done on or before time and enjoy its continuing benefits. Furthermore, raising a claim can be time-consuming using the offline mode; however, it is instant and easier using the online mode.

24×7 Assistance

Several insurers or insurance brokers provide round-the-clock support to their customers through Chatbots, digital supports, toll-free numbers, etc. This ensures that the queries or complaints are addressed anytime without any delay. Moreover, it eliminates the stress of running behind the agents or intermediaries and getting things done as per their availability.

Bottom Line

As you see, the above factors clearly state the online method exponentially eliminates the time constraints and makes the process smarter and easier. However, if you find the online mode inconvenient or are not very friendly with the digital mode, you can opt for the offline mode as the agent can help you go through the process.

However, one must ensure that no matter the mode of purchase, one should always go with the reputed insurer and never miss to check the exclusions and inclusions well in advance. Not going through the coverage or policy documents beforehand may lead to unpleasant surprises during the claim process.

 

Authored By-  Mr. Goyal – Director, Probus Insurance, an Insurtech Broking Company

To head one of the leading Insurance firms with 230 + Crore premium in a year, customarily from the retail clients paired along with its pan-India presence and also balanced by an equal mix of Life and Non-Life Insurance, is both a coveted and challenging job. The job mix makes the person most sought after in the Insurance Industry – Mr. Rakesh Goyal, Director and the man behind the very successful ‘Probus Insurance Broker Pvt Ltd.’ (Top 5 Insurance Brokers in India).