Buying bike insurance isn’t as hectic as it used to be. Today, you can purchase a policy of your with just click of a button. However, it is equally important to weigh the cons of online purchase. In this article, you will find out the advantages and disadvantages of buying two-wheeler insurance online.
Every bike driver knows the importance of two-wheeler insurance. It is unsafe and illegal to drive a bike which is not covered by a two-wheeler insurance plan. A bike insurance plan covers the policyholder against a variety of threats, including natural and human-made calamities like earthquake, flood, terrorism, riot, etc. A two-wheeler insurance policy also covers the policyholder against accidental damage.
Mainly, bike insurance is available in two types- Third-party insurance and Comprehensive insurance. Third-party bike insurance covers the policyholder against damages caused to third-party property. However, it doesn’t include the policyholder’s bike. A comprehensive policy covers the insured person’s bike as well as the third-party property. Therefore, many experts recommend comprehensive bike insurance over third-party bike insurance.
Today, several people prefer buying two-wheeler insurance online but there a few people who still prefer buying an insurance policy offline.
With that in mind, here are some pros and cons of buying two-wheeler insurance online-
- Compare Offers
An individual can choose from a variety of policies online. The Internet makes it convenient for policy buyers to compare prices, features, benefits, and customer reviews of multiple insurers. By reviewing policies online, a customer can select the most affordable two-wheeler insurance plan.
- Select a Cost-Effective Plan
A policy buyer doesn’t need a broker in case of online purchase. Hence, he/she can save on the agent’s commission. At the same time, insurers too can save on overhead costs. Therefore, the entire procedure becomes cost-effective. This leads to lower premiums for customers.
- Save Time
While online insurance purchase helps a customer save money, it also reduces the time required to buy a policy. It is one of the reasons why many individuals prefer to buy two-wheeler insurance online. Also, a customer can complete the transaction process at any time as most online insurance portals are active 24×7.
- Renew Policies Easily
Whether a customer wants to buy a policy or renew an existing plan, he/she can do both online. It is another significant benefit that insurance companies provide to their customers.
- Select a Plan Based on Your Needs
When you buy a policy offline, you will have to deal with a middleman or an insurance company’s salesperson. To increase their profits, these individuals may guide you into buying a product you don’t need. However, you can avoid this hassle by purchasing a policy online.
- Unfamiliar Terms
Most of the customers are unaccustomed to insurance terms. These unfamiliar terms and clauses can confuse policy buyers into purchasing the wrong product.
- Online Scams
Online scams are one of the reasons why most customers don’t prefer online purchase of insurance. However, to make sure that a policy is authentic, a customer can reach out to the insurance company before paying the premium.
Now that you know the merits and demerits of buying a policy online, you can consider them before purchasing two-wheeler insurance.