Here’s Why It Is Useful To Buy A Two-Wheeler Insurance Policy Online

Gone are those days when purchasing a two-wheeler insurance policy meant approaching the insurance agent and then buying the policy suggested to you even if it did not have all those features which you were looking for.

It is the internet era where you can buy an insurance policy for your two-wheeler with a few mouse clicks. Buying two-wheeler insurance online entitles you to enjoy the following benefits:-

1.  Cost advantage: – A digital medium helps insurer pare their operational costs, which are then passed on to customers in the form of cheaper premium rates. Usually, the brokerage in motor insurance policies is nearly between 15% and 20%.

The other benefit of the online avenue is speedy sales service and high efficiency. As policyholders can get timely updates on modifications in policies, this too has curtailed policy administration cost. Overall, technology has facilitated standardization and high quality of responses and services.

2. Instant policy issuance: – Online two-wheeler insurance comes with the benefit of easy documentation. Being a part of a digital network, your two-wheeler insurance policy is serviced automatically and all the documentation is managed digitally. It means the soft copy of a policy is issued instantly.

3. Easy comparison: – With so many insurance companies available in the market, how do you find the best insurer? The answer lies in the active comparison of all the available plan options.

With online insurance purchase, it is feasible to compare the pros and cons of shortlisted two-wheeler insurance policies and then pick the one that offers you extensive coverage at affordable premium rates.

Of course, the insurer you pick should be reputed with a high claim settlement ratio, which shows the number of claims settled by the insurer in a year. The insurer with a higher claim settlement ratio should be the preferred choice.

4. Safety net: – Another significant benefit of purchasing a two-wheeler insurance online is the elimination of frauds and misselling by an agent.

For instance, if you buy a two-wheeler insurance from an agent and pay a premium in cash, then it may happen that agent doesn’t deposit your money. Or an agent may compel you to buy those policies and riders which you don’t even require.

However, when someone purchases a policy online, the premium goes directly to the insurance company.

Further, you can fill a proposal form yourself which reduces the chances of giving incorrect information. As the agent involvement is zero, it also lowers the chances of frauds; so, the premium thefts. It becomes easy to spot frauds online.

While doing an online transaction, safety is a prime concern. However, all the insurance companies maintain high safety as all online applications are tested for vulnerabilities and payment requests are routed through proper aggregators, hence no card details are stored with the insurer and thus, there are fewer chances of online fraud.

5. Convenience: – While digital transactions improve the efficiency, a feature that surely triumphs over the offline mode is convenience. You can purchase a policy round the clock from the comfort of your home or even while you are on the move.

When you buy the policy online, all the documents are stored on your online account with the insurer which you can access anytime. Even if you are not a tech-savvy person, you can contact through a toll-free number or drop an email.

You can also use the online chat facility offered by insurers and pick the most appropriate plan as per your needs. As the policy, you pick is well documented, it makes buying two-wheeler insurance online an easy and enjoyable experience.

You can also use the online chat facility offered by insurers and pick the most appropriate plan as per your needs. As the policy, you pick is well documented, it makes buying two-wheeler insurance online an easy and enjoyable experience.

6. Post-sales service: – Most of the policyholders complain that once the policy is sold, insurers forget them. Thanks to social media, this scenario has changed to a great extent. Almost every two-wheeler insurance company in India has a presence on social channels like Facebook, Twitter, etc.; which act as a platform to promote products and features.

As a policyholder, you can leverage the power of these social platforms to communicate with insurers. Such interactions have also simplified the grievance redressal system.

If you have a query or a grievance, you can use a social media platform for speedy assistance. Go to social media accounts of a particular insurer and put forth your views.

Try to give as much information as possible. Such interactions have made it easy to reach out to the insurer in real time.

Undeniably, it is easy to buy a two-wheeler insurance online, however, several factors should be considered:

• Make sure to do thorough research before clicking the purchase button
• Don’t forget to compare before sealing the deal
• Check the insurer’s reviews and comment section
• Do check claim settlement ratio of the insurer

Conclusion

A standard two-wheeler insurance policy has the same features irrespective of your purchase mode. So, when there are so many benefits which you can enjoy by availing a two-wheeler insurance online, there is no reason to hold you back. Even if you have already bought the policy, you can use the internet mode to download the policy brochure, get premium quotes and renew your old policy.

As the internet penetration has increased in the country, adapting to the digital format makes complete sense.

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