As a two-wheeler owner, one of your first responsibilities is to purchase insurance for your vehicle and renew the coverage on time. This saves you from penalties and allows you to recover the expenses of any unanticipated damage to your bike/scooter.
In the past, the only way to get your two-wheeler insurance renewed was through an agent. However, there are several alternatives available today.
The rise of online marketplaces and comparison sites has upended the market for insurance, but traditional avenues still have many takers. This is because the tech-savviness of the general populace is yet to catch up, resulting in steady demand for the older and more traditional forms of business.
The insurance market has undergone several quantum leaps in recent years, and it is exciting to see what the future holds for this segment. In this post, let us discuss a few popular ways you can use to renew your two-wheeler insurance.
Insurance Agents
In this digital age, getting your insurance renewed through an insurance agent seems to be old-fashioned. However, it is the perfect way for people not comfortable using technology. Insurance agents are trained and licensed professionals who can help resolve any queries or problems you may have with your two-wheeler insurance.
An insurance agent represents a two-wheeler insurance company and can recommend the right product based on your needs and budget when renewing the insurance plan. Most customers rely completely on the agent’s advice for their insurance renewal and can be held accountable for misguiding or selling the wrong products.
Consumers must be aware of dealing with agents as they often work on commissions and are incentivised to sell policies that are most beneficial to them. It is often recommended to stay informed on the terms and rates of the policies before approaching an agent for the same. In this regard, an agent is mainly a distributor than an advisor.
Insurance Brokers
While a common notion is that an insurance agent is the same as an insurance broker, it is important to know that they serve entirely different roles. In general, an agent works for a company and primarily serves a single insurer’s interest, while an insurance broker represents clients, not insurance companies.
Insurance brokers have a legally-binding responsibility toward customers. They generally understand your needs and compare insurance schemes to help you find the best products and plans. As they are customer representatives, they can be dragged to court in case they misguide you in any possible way.
Brokers are often approached for a higher value and more specialised requirements, such as insuring an entire fleet of vehicles. They maintain a good understanding of actuarial practices that allow them to provide their clients with the best advice while negotiating with insurers to get the best outcomes in terms of both premiums and coverage.
Online
While most people feel comfortable relying on the nearest insurance broker or agent for their two-wheeler insurance renewal, doing it online offers better convenience and ease. You don’t need to visit any firm or professional and can choose to renew the policy from the comfort of your home.
Moreover, there is no need to submit physical documents or fill out forms; you just have to share the vehicle-related details and policy information to renew the insurance quickly.
Most bike insurance companies let you log in from the website or mobile application and apply for a two-wheeler insurance renewal. You can fill in the details of your vehicle and policy to see your renewal options and pay for the premium through one of the supported payment methods. The process is simple, hassle-free, and instant.
As there is no third-party intermediary or agent involved, you get the facility to choose from the available options without any biased opinion. Renewing the two-wheeler insurance online lets you compare plans in terms of features, price, and inclusions.
You can take a look at the pros, cons, and premium rates of different plans to make an informed decision about your renewal. You can also save the fees paid to the insurance agent or broker by renewing the policy directly with the insurer.
These intuitive comparison features have upended the insurance market, giving rise to fiery competition among insurers and effectively ending the business of agents and brokers. All of this adds substantial value to consumers in terms of transparency, lower prices, better service, and policy terms.
Final Words
A leading new entrant in the space of insurance marketplaces and comparison sites is Paytm Insurance. It offers an intuitive interface listing the various options that insurance buyers can avail of, along with add-ons, prices, and terms.
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