Team AckoMay 16, 2022
Insurance is a necessary cover that ensures you are financially secure in the face of adversity and that you won’t need to burn your cash in such situations. Therefore, having insurance for your two-wheeler becomes very important since your bike will be on the road and could be exposed to accidental damage. However, what should be the mode of buying insurance? Should it be offline or online?
While the offline or traditional mode of purchasing insurance is widely utilised, there are drawbacks compared to the online mode. Here are 5 things that can go wrong while buying bike insurance offline.
The below table offers an overview of the difference between online and offline two-wheeler insurance.
|Parameters||Online insurance||Offline insurance|
|Cost||Affordable||Expensive than online insurance|
|Validation||There is no validation or inspection while insuring your bike.||It takes a reasonable amount of time for insurance validation or issuance of the policy due to the cumbersome process.|
|Benchmarking||Customers can easily compare policies and select the best for themselves.||No such benchmarking option is available.|
|Paperwork||Nominal or no paperwork required.||Lots of paperwork is required.|
|Claim settlement||Instant claim settlement for minor damages.||Excruciating and delayed claim settlement process.|
|Availability/issuance of policy||Instant||Slow|
|Policy renewal process||Easy||Difficult|
A lot can go wrong while buying two-wheeler insurance offline. Here are some of the consequences you will have to face if you decide to buy two-wheeler insurance offline. You must go through the following reasons diligently to understand the drawbacks of buying bike insurance offline.
From loads of paperwork to slow approval processes, offline bike insurance applications and authorisation procedures can take too much time. Customers have to go through a lot of hassles to validate the insurance on their bikes. The lack of a single window or stakeholder is also a significant factor, as customers have to interact with agents or intermediaries to complete the process.
Offline insurance policies, in most cases, do not provide discounts either in their premiums or in the upfront fees, preying on the customer’s inefficiency to bargain in such situations.
Due to a shortage of options for an offline bike insurance policy, there isn’t any benchmarking facility available to the customers who plan to buy two-wheeler insurance offline. It leads to decreased ability to avail of low premiums wherever possible. If summed after insurance tenure completion, the reduced premium amounts to a fortune that customers could have saved if they had not chosen an offline insurance policy.
Lack of accountability plays a huge role in a delayed response from the insurer or support team. The responsibility towards 24*7 support for offline insurers may end as soon as the offline insurance policy is sold. Therefore, when customers try to reach out to the support team in case of an emergency, they are welcomed with a delayed, restrained and unenthusiastic response.
If the support cycle time is delayed, you do not get any prizes for guessing how slow and painful the claim settlement process can be. Hefty paperwork, which takes time and creates frequent disturbances, is a major reason for delayed claim settlement. Furthermore, an inspection can add to the time delay significantly. If you have bought offline bike insurance in India, you must be ready to go through some major drill sessions to avail of a claim settlement.
Here are the advantages of buying two-wheeler insurance online.
The online insurance platform is a one-stop shop for all customers looking to insure their two-wheelers. There is less or no paperwork, committed authorised personnel and automated processes at your disposal that ensure that insuring your bike is as smooth as it gets.
Online two-wheeler insurers provide meaningful discounts to customers during festivals or special occasions. Often, market forces and competitiveness determine the discount rates on online insurance policies.
The online world is replete with data and adequate tools to leverage that data. One great advantage of this environment is that customers can compare online insurance policies on various parameters and choose the most suitable policy for them. Mostly, the online insurance policies with the lowest premium options are the ones that customers tend to go with.
Online insurers are professional and have committed authorised personnel who deal with the customers. Since the feedback system is transparent and is considered by potential customers before buying insurance, a certain standard of accountability is set and adhered to when it comes to customer support.
Online bike insurance providers, such as ACKO offer instant claim settlement for minor damages, a feature almost non-existent in the case of offline insurers. There is a decreased amount of paperwork and practically no inspection required to settle the claim.
Compare all the online insurance policies before buying one.
Take a solid stance on your needs and preferences before buying a bike insurance policy online. This can help you efficiently narrow down on the best bike insurance policy.
Plan your budget for premiums. Since you will be paying the premiums during the entire coverage period, effective long term planning of the budget is essential.
Read all the terms and conditions carefully before selecting your policy.
If you have bought a second-hand two-wheeler, make sure that the existing insurance is transferred in your name or buy an online insurance policy for instant coverage.
Here are some of the common questions about offline and online bike insurance.
Buying online bike insurance is the best way to insure a bike since it is cheaper than offline bike insurance, requires less paperwork, is more flexible, provides better discount opportunities, helps you compare policies, and helps you claim instant settlements.Can I buy third-party bike insurance online?
Yes, you can purchase a Third-party Two-wheeler Insurance Policy online. You can access our website or mobile app to instantly insure your bike with third-party insurance.Is online payment for bike insurance legitimate?
Yes, you can pay the premium online for buying bike insurance from an authentic source, such as ACKO. Online payments at ACKO are safe and secure.
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