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Bike Insurance Online Vs Offline: Which One to Choose?

Team AckoJul 22, 2021

The world is moving forward at a fast phase and technology is at the centre of this change. Mobile phones, laptops, smart devices help a person save time and get things done quickly. Online services have enabled people to work at an exponential rate by eliminating time constraints. One of such services is buying bike insurance online. Traditionally, insuring a bike took weeks but now it can be done within minutes if all parameters are right. Through this article, you will know which method to choose for buying bike insurance is better, online or offline. Read on to know more.

Bike Insurance Online Vs Offline: Which One to Choose?

Sr No. Parameter Bike Insurance Online Bike Insurance Offline
1 Process Automatic Manual
2 Coverage Types All type of available coverages Can be limited to a few depending upon the insurance company
3 Comparison between various bike insurance plans A quick comparison with multiple options Manual comparison with fewer options
4 The premium of the insurance policy Lower due to no middle-men More due to the involvement of middle-men or insurance agents
5 Application for buying bike insurance Separate application not required Proposal form (bike insurance application) required to be filled manually
6 Paperwork Usually, online insurers do not need paperwork Required
7 Policy document Instant in case of no inspection 5 to 7 working days. More in case of inspection
8 Renewal Instant if no gaps in policy 5 to 7 working days irrespective of gaps in policy
9 Raising a claim Instantly from the insurer’s website or mobile application Manual claims by filing a claim form
10 Premium Calculator Available Unavailable

What to Expect From a Two-wheeler Insurance Policy?

Here is a list of things that your two-wheeler insurance provides when kept active at all times:

1. Financial Aid

The main aim of buying bike insurance is to avail financial aid in the time of need. This need arises when you face an unfortunate incident related to the bike in terms of using your savings or arranging money. Bike insurance provides the right amount of money for repairing the bike, compensating the third party, or compensation for bike theft or total loss.

2. Extensive Coverage with the Right Policy

Bike insurance can be of two types, one is Third party Liability bike insurance coverage that does not cover your bike only third-party compensations, but is the legal requirement. Second is the Comprehensive coverage which is more extensive in nature and covers your bike, the legal requirement, and can be customized to suit additional needs.

3. An Option to Customize Coverage

The bike owner has an option to customize the coverage of a Comprehensive two-wheeler insurance policy with additional coverages. Most popular add-ons are Zero Depreciation, Roadside Assistance, and Return to Invoice cover.

4. No Chance of Penalties

Since insurance is a legal requirement, it is fulfilled when you get the bike insured. Thus, no chance of being penalized under the corresponding law when you have an active bike insurance policy.

5. Peace of mind

The above factors ensure that you achieve peace of mind when it comes to taking care of the financial requirement related to an incident involving your bike.

Why Is It Important to Buy/Renew Two-wheeler Insurance?

Buying or renewing an insurance policy for your bike is a legal requirement and you comply with the law by ensuring to take these actions. Moreover, insurance provides monetary help to get the damaged bike repaired or to compensate the affected third-party. Additionally, a Personal Accident cover offers a cover of Rs. 15 lakh in case of death or disability caused to the owner/rider of the bike. Thus, it is important to buy and renew a two wheeler insurance policy.

Top 5 Benefits of Buying Bike Insurance Online:

Here is a list of top benefits you will receive if you buy or renew your buy a bike insurance policy online:

  1. Quick comparisons: It is very easy to quickly compare bike insurance plans from various insurance companies and choose the most suitable coverage at the lowest price.

  2. No paperwork: Online bike insurance does not require you to carry out paperwork. All the relevant details are asked online and can be verified with corresponding portals by the insurance company without you being involved in the process.

  3. Convenience to buy/renew bike insurance: One can buy or renew bike insurance from any convenient place with an active internet connection and an internet-enabled device.

  4. Saves times: Since most of the processes are automated, you save a lot of time while buying bike insurance as compared to the traditional process.

  5. Secure payments: Online payments are totally secured if made on the authentic website of the insurance company.

Buy/Renew Two-wheeler Insurance Offline:

Opting for the traditional route would need an investment of time and money from the policyholder. He/she has to dedicate a decent amount of time for choosing and reviewing coverage, filling out forms manually, getting approval from the insurance company, and finally, the hard copy of the policy will arrive by post. This is a tedious process.

Benefits of Buying Two-Wheeler Insurance Offline:

The traditional method may have a few upsides to the process as compared to buying insurance online. Take a look at the following benefits:

  1. Direct communication with the insurance agent: The insurance agent will be right in front of you while you go through the process of buying or renewing your bike insurance policy. 

  2. Guidance with documents: Since a lot of paperwork is involved in buying bike insurance offline, you may have doubts about how to go about while filling forms or submitting documents. Your insurance agent can guide you in this matter.

  3. Instant query redressal: Bike insurance can be confusing for many if they are not familiar with the concept. An insurance agent can resolve your doubts and queries instantly.

The Bottom Line:

As far as Bike Insurance online vs offline is concerned, buying bike insurance online is better than opting for the traditional method. It is more convenient and saves time. One also has to pay low premiums when buying bike insurance online. This is because the policy is bought directly from the insurance company and may not involve agent commissions. Thus, choose bike insurance online and enjoy the benefits this process offers.

Frequently Asked Questions:

Here are some commonly asked questions about the topic:

Are online bike insurance policies genuine?

Yes, buying bike insurance online provides you a genuine policy if bought from an authentic source.

How to check if an insurance company is authentic?

You can check for the IRDAI registration number of the insurance company’s online portal (website or mobile application) and verify the same on the IRDAI’s website. Additionally, you can get in touch with the insurance company and get your doubts clarified, if any.

Is it a good idea to make an online payment for buying bike insurance through a mobile application?

Yes, absolutely. It is a good idea to purchase a bike insurance policy from an authentic source and make an online payment. Online payments are secured and safe.

What is meant by online bike insurance 1st party?

The first party in bike insurance is the policyholder, the second party is the insurance company, and the third party is anyone else who is affected by the insured bike.

Is buying motorcycle third-party insurance online time-consuming?

No, on the contrary, buying bike insurance online will save time and is more convenient as compared to buying it offline.

How to check the insurance of bike online?

One can check the insurance of a bike online by visiting the insurance company’s website and searching for suitable coverage.

How to find online bike insurance renewal at a low price?

Compare bike insurance online and buy only required add-ons from a digital bike insurance company to renew the policy at a low price.

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CIN: U66000KA2016PLC138288

IRDAI Registration No: 157

Category: Non-Life Insurance

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