For a long time, the insurance industry in India was mediated through agents. Even today, a majority of people are hesitant to buy or renew their insurance online. An important reason for this is the trust in the traditional way of doing things. However, this behavior is changing quickly with the spread of technology. With more and more companies moving their operations online, gone are the days where one used to buy a policy offline. In fact, IRDAI, (Insurance Regulatory and Development Authority of India) has also confirmed growth in the number of direct digital policies underwritten.
Let’s look at the advantages of buying a two-wheeler insurance policy online. Also, a quick step on how to buy two-wheeler insurance online.
Benefits of Buying a Two-wheeler Insurance Online
You have already guessed the major benefits of buying two wheeler insurance online - choosing the right product from the convenience of your home and paying online. But we found some additional benefits:
- Unbiased Recommendation: Since there are no agents when you buy online, you can filter products based on your requirement. You can choose from a variety of options suggested to you by a tech-assisted system based on your inputs. This removes the bias that an insurance agent may have. Moreover, the information provided online is transparent and easy to understand. So, you can make an informed decision based on the features offered under a particular policy, not the opinion of a person.
- Saves Time: All the information related to the insurer as well as the policy, including the coverage amount and cost are available in one place. This reduces the time taken to find the right policy. You can choose the desired coverage amount and premium with just a simple click. There is no need to coordinate with multiple agents or wait for hours just to know the insurance premium amount. You can also make the payment online from any part of the country at any time of the day. Renewing two-wheeler policies is equally convenient.
- Compare before Buying: To help you compare, most platforms clearly list out the coverage amount and benefits offered by different insurers. Tools like a premium calculator help you to compare coverage with premium rates for different insurers. These features make it possible to make the information simple and understandable. Online insurance brokers regularly update their websites with best-sellers and newly launched products. This is also useful when buying the most beneficial plan at an affordable rate.
- Get the Best Price: When compared to the offline process, buying two-wheeler insurance online is a much better option. Since there are no agents, you can research on your own and understand the benefits and premium for each insurance policy at your own time. You can recheck and compare the policy inclusions multiple times before making the final payment. When you compare plans and premiums online of different insurers, you get the best deal for your two-wheeler. Online insurers save a lot of money because of their low cost of operations. This makes it possible to offer buyers the same products at a comparatively lower premium.
- Payment Security: Apart from the above-mentioned benefits, buying two-wheeler insurance online is 100% secured. You can pay for your policy via internet banking or mobile platforms. Once the payment is complete, you receive a receipt of the transaction along with your policy copy on your email ID. Most platforms also have an OTP-verification method to make sure your policy is delivered to you only and so there is no scope of fraud or non-issuance of policy.
- Minimal Documentation: The role of paperwork while buying two-wheeler insurance online is very little. In most cases, there is no documentation. You only need to fill up basic information about yourself and the vehicle. In some cases, especially for verification, you may be asked to submit documents like personal identification, previous insurance policy, etc. You can scan these documents digitally and upload them as and when required.
- Transparent Process: Just like any other digital platform, buying two-wheeler insurance online is a straight-forward process. Policies issued are completely genuine policies, as they are issued directly by the insurance companies.. In fact, the process of getting these policies has been approved by the Insurance Regulatory and Development Authority of India (IRDAI). Apart from legal compliance, these platforms even offer 24*7 help facilities.
There are other advantages of buying two-wheeler insurance online as well. The policy is issued in no time. Additionally, the bike insurance company will send you a soft copy of the two-wheeler insurance policy via email immediately, which means you don’t have to worry about losing the policy document.
Things to Remember Before Buying Two Wheeler Insurance Online
To promote their digital presence, insurance companies are now putting in efforts to explain the meaning of jargon they use. So, you will not require any special knowledge at the time of buying two-wheeler insurance online. However, it is best to follow these few tips:
- Make it a point to buy/renew your policy at least one week before the expiry date of the previous policy.
- Read the terms and conditions before buying your two-wheeler insurance policy.
- Before buying, make sure the policy is issued by a credible insurance company. This will ensure a smooth process at the time of claims.
- Make it a point to go through the various social media handles of your preferred two-wheeler insurer before making the final payment.
- Before buying the policy, read the reviews and user testimonials shared by other customers.
- Make sure you clearly understand all the terms and conditions, especially those related to claims settlement. If you still need clarification, get in touch with the customer support team to get your queries solved before buying.
Wondering, how to buy two-wheeler insurance online?
Well, here’s a brief about it:
Step 01: Enter basic details about your vehicle - You will need to enter the manufacturer, model and registration year of the vehicle you want to insure. A quick tip - for a personalized experience, enter your vehicle registration number.
Step 02: Compare premium rates of different insurers - Once you have entered the required details, you will be able to compare the premium rates of different insurers instantly. Based on your needs, you can use the ‘filters’ option to shortlist. You can also explore additional benefits like Multi-Year Plans, where the duration of the insurance is 2 or 3 years.
Step 03: Pay online - Once you have decided on the policy you want to buy, you can pay online. The transaction is as easy as any other e-commerce platform. Don’t worry about filling detailed forms. Just enter some basic details about yourself and your vehicle. After your payment is successful, your two-wheeler policy will be issued instantly. A copy of your policy is also shared on your registered email address.
Buy Two Wheeler Insurance Online Easily
Today, you can purchase two-wheeler insurance online within minutes. Popular online insurance web-aggregators and insurance brokers, allow you to compare the benefits and premium amounts before buying. All the features and benefits of the policy are explained clearly. You can also connect with a customer support representative via call or email for more clarification.
With technology growing so quickly, you no longer need the expertise of an insurance agent to buy two-wheeler insurance. In fact, you can access all the information you need - benefits, coverage, premium cost, etc of different insurers on a single page with a simple click. From submitting documents to renewals, everything can now be managed from the convenience of your home. Although the process is really simple, it is important to make sure you are making an informed decision.