Did you know that almost 60% of Indians purchased a two-wheeler insurance policy online in 2018? This comes from the data collated by Policybazaar’s Product and Innovation Centre, where they noted over 10 lakh individuals purchasing their two-wheeler insurance policy online.
India has one of the largest two-wheeler markets in the world and yet, approximately 75% of two-wheeler owners do not possess an insurance policy, which by the way, is mandated by law. It comes as a direct result of the fact that purchasing an insurance policy in person is cumbersome and requires heavy documentation which discourages most people from taking up the hassle.
But why should you purchase your two-wheeler insurance online? What difference does it make?
Find out below!
Some of the reasons why you should consider purchasing a two-wheeler insurance policy online are –
No Intermediary Intervention
Imagine an insurance agent trying to sell us their policy as the best policy available, avoiding its adverse points. We have all been there.
Well, while purchasing an insurance policy online, you do not need to listen to any agent. You can simply conduct your own research on different insurance policies and make an informed decision.
You can decide if you want to go with a comprehensive plan or third party insurance for bike.
Secure and Easy Premium Payment
When you purchase an insurance policy online, you make the payment for your policy premium through bank-to-bank transactions directly to the provider. Hence, it ensures your payment goes into the right hands and is not lost to any fraudulent activity.
You can also save when paying online.
When you pay online through your debit or credit card or any mobile wallet, you can earn cashback and redeemable points; a facility which you will not find offline.
Purchase Directly from the Insurer
How does purchasing an insurance policy directly from an insurance provider sound?
Secure and satisfactory, right?
When you purchase a two-wheeler insurance policy online, you are directly buying it from the insurer instead of dealing with an agent to conclude your purchase.
Do Not Shell out More to Purchase Your Insurance Policy
Now pay less to purchase your two-wheeler insurance policy online! How?
As mentioned earlier, when you purchase an insurance policy online, it is a direct process and not through an insurance agent. On that account, you are also not required to shell out more as brokerage fees, which resultantly cuts down on your expenses.
Save Time on Your Purchase
Time equals money.
When you buy a two-wheeler insurance plan in person, it takes up a lot of your time. In comparison, purchasing an insurance policy online is a matter of a few clicks. You can comfortably browse through different bike insurance policies available on the internet, decide which one best meets your requirements and purchase a policy accordingly. It’s that simple!
In the midst of the digital era, it has become all the more hassling to fiddle with hard copies. Fortunately, when you purchase an insurance policy online, there is zero to extremely limited paperwork involved. Therefore, you can avail it more quickly.
Compare IDVs Easily
What is IDV? IDV or the Insured Declared Value is the amount that is paid by the insurer as compensation when a bike is either stolen or damaged beyond repair.
So, when you compare bike insurance, make sure you compare the Insured’s Declared Value provided under different insurance policies by the insurance providers. There are certain insurance providers who also offer the facility of customizing your IDV when you purchase a bike insurance policy.
Seek Assistance 24*7
Queries do not occur only during office hours.
What if you could clear your concerns regarding certain policies whenever you find it convenient? Sounds more assuring?
When you purchase an insurance policy in person, it is not always possible to get through to your agent at all times and clear your doubts. Resultantly, you either go forward with it with reservations in your mind or delay it.
On the other hand, when you purchase an insurance policy online, you can clear your queries through an online chat room where you find your answers directly from such a provider.
Get Renewal Reminders
Imagine you are breezing through the roads with your bike when suddenly you get stopped by traffic police. Upon inspection, they find out your two-wheeler insurance policy has already expired. Horrible experience, right?
When you purchase an insurance policy online, you receive notifications reminding you that your policy has expired, and you need to renew it.
Read Online Reviews
We read online reviews almost always when purchasing anything these days. Why not do the same for insurance policies?
Before you purchase an insurance policy online, you can read the reviews on different bike insurance policies before making a decision.
These are a few of the reasons why you should consider purchasing a two-wheeler insurance policy online.
Tell us what you think int he comments section below.