A bike insurance policy is important to protect yourself from unforeseen damages due to accidents or mishaps. With a marked increase in the number of road accidents every year, it is important to buy two wheeler insurance that offers maximum protection. While buying insurance for bikes was primarily offline, and broker-driven earlier, in recent years, insurance providers have started offering options to buy or renew bike insurance online. However, which option is better? Should you buy online bike insurance? Or, purchase bike insurance through a broker? In this article, we will highlight the differences between buying two-wheeler insurance online and through a broker.
The Two Modes of Buying Bike Insurance
Traditionally, people used to purchase bike insurance policies through an insurance agent. Motor Insurance brokers or agents offered recommendations on the best policy based on the needs of the bike owner and helped make the process of purchasing it easy and hassle-free.
In recent years, with digitisation disrupting the way we buy products and services, insurance providers have started offering options for people to buy bike insurance online. People can now visit the websites of different insurers and compare plans to find the best one for their needs. Insurers also provide an online bike insurance calculator to help determine the premium based on the features you need.
Difference Between Buying Bike Insurance Online and Through a Broker
|Factors||Online Purchase||Purchase Through an Agent|
|Finding the right plan||In the online environment, bike owners can find it easy to look for plans and compare claim settlement ratios, quality of services, exclusions, and inclusions. This can help you find the perfect bike insurance plan for your site.||When you purchase bike insurance through an agent, you will depend on the agent for recommendations. Comparing plans and providers is difficult. Hence, finding the right plan will depend on the agent’s efficiency and awareness of the market.|
|Costs||When you buy bike insurance online, the purchase is made directly from the insurance provider. There is no agent or broker involved. Therefore, you don’t have to worry about paying agent commissions or fees.||Since you are availing of the services of an agent or broker, you will have to pay commissions and/or charges accordingly.|
|Filing Claims||When you purchase bike insurance online, you can connect directly with the customer care team of the insurer to file claims.||When you purchase two-wheeler insurance through an agent, you will have to file the claim through the agent too. The agent will then complete the claim with the insurer on your behalf.|
|No miscommunication||With online bike insurance, you have direct access to the insurance company. Since there is no middleman, there is no scope for miscommunication.||Since you make the purchase via an agent, the information is conveyed indirectly through the agent. This increases the scope of miscommunication.|
|Risks||When buying bike insurance online, you can visit the insurance provider’s website and go through the terms and conditions before signing the dotted line.||Many insurance brokers try to sell plans based on their preferences. Hence, there is a risk of being sold a policy that the broker wants, not based on your needs.|
As you can see, buying bike insurance online offers many benefits compared to buying one through a broker. You can go through multiple insurance companies and plans, compare features and plans, and choose add-on covers based on your requirements and budget. Also, with free online bike insurance calculator tools, you can customise the plan as per your needs and get the best protection your bike deserves.