Where should I buy my two-wheeler insurance? Online or Offline?

Where should I buy my two-wheeler insurance? Online or Offline?

October 12, 2020 22 By Ruchi Verma

Did you ever think that prevention and safety will become more relevant than anything as it is now? No right? The pandemic has changed the face of life pushing humans to make decisions that refers to necessities or demands to fulfill regulations. 

One such important rule for the bike owners is to own a two-wheeler insurance policy. This is the prerequisite for all the motor two-wheeler owners who plan to put their vehicle to use on roads. Donโ€™t know what is two-wheeler insurance?

What is two-wheeler insurance?

Falling under the category of general insurance, two-wheeler insurance is an essential policy in India. Any person driving a bike or any other two-wheeler must have a policy before putting the vehicle to use on the road.

A two-wheeler insurance policy can be bifurcated into three types as the following:

A. Third-party policy: When you are held responsible for an accident, this policy covers the damages to the third-party vehicle/property and injuries/death of the third party person. This is commonly known as TP Cover and it is illegal to drive without this in India. The absence of a third-party liability policy can cost you a heavy penalty of Rs.2000/- as per the Motor Vehicles Act.

This policy does not cover the damages to your own vehicle.

B. Own damage cover: If you already have a valid/active Third-party policy, you may opt for the OD cover as well. This policy helps you to recover the expenses of your bike caused due to accidents, fire, natural calamity, theft, etc. This cover is not mandatory but you must consider if you want to take good care of your bike.

C. Comprehensive policy: As the name suggests, this policy consists of two components:
i. TP liability cover
ii. Own damage cover:

This single policy covers the third party liability and the damages to your own vehicle in an accident, theft, fire, natural calamity, etc.

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Where can you buy online two-wheeler insurance from?

If you are willing to buy a two-wheeler insurance policy online, here is the detailed list of insurance companies providing bike insurance online through their website or app:

1. Digit Insurance
2. Policy Bazaar
3. Insurance Dekho
4. Acko
5. Coverfox
6. ICICI Lombard
7. Iffco-Tokio
8. Hdfc Ergo
9. Reliance General Insurance
10. Bajaj Allianz

If online does not satisfy you and you think that traditional methods of purchasing a two-wheeler insurance policy are better, you can try the alternative.

two-wheeler insurance

Benefits of buying a two-wheeler policy online.

Buying a two-wheeler insurance policy online turns out to be a better option. Here are the reasons to support the online mode of purchase:

  • Buying a two-wheeler policy online saves time.
  • Quick and convenient comparisons of the quotations from different insurance companies.
  • You get to know about all the coverages and do not have to wait for your agents to clarify the points.
  • You can choose from all the available add-on covers and decide to buy as per your ease. It will be your decision and not biased.
  • As a buyer, you can avoid the involvement of all the middlemen which makes your policy affordable.

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Where can you buy offline two-wheeler insurance from?

For offline purchase of a two-wheeler insurance policy, you can contact :

1. Insurance POSP
2. Vehicle dealer where you bought your two wheeler
3. Approach a broker to provide you with quotations from different insurance companies. You can then compare the quote and ask for clarification if need be.

Difference between buying two-wheeler insurance offline and online.

ParticularsOfflineOnline
Cost of InsuranceBuying a two-wheeler policy offline is an expensive affair comparatively because it includes the cost of moderators.Buying a two-wheeler policy online is comparatively cheaper because it excludes the cost of representatives and other administrative costs.
One-click solutionFor offline two-wheeler policy, you need to approach more than one agent or a broker to provide you the best quote.Under an online facility to buy two-wheeler insurance, you can get to know quotes from different insurers just by one click.
Reduced PaperworkOffline policy purchase methods still involve a lot of paperwork.Whereas, when buying a two-wheeler policy online the time consumed in paperwork reduces considerably.
Time-efficientOffline purchase of two-wheeler insurance policy consumes a lot of time as you have to wait for your queries to be answered by the agents or the insurance companies.On the other hand, under an online purchase method, the time taken is less. The communication is done via emails that you can check from anywhere and at any time.
Convenient ComparisonBuying a two-wheeler policy offline makes it difficult to compare the quotes from different insurance companies.When buying online, it is easy to compare the quotes from several insurers.

Not just for the convenience of purchase, choosing the online mode is better for filing claims also. Most insurers allow the customers for self-inspection as a part of complete digital infrastructure. Finding and buying a two-wheeler policy online will always be a better option. Still not convinced?

Look at these points that will back your thoughts on why online is a better way to purchase a two-wheeler insurance policy.

ยฉ Ruchie Verma.

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