How online bike insurance is different from Offline bike insurance

How online bike insurance is different from Offline bike insurance

According to the recently introduced Motor Vehicles Act 2019, the fines levied on uninsured vehicles has increased by nearly 100%. This was done to improve road discipline and increase the number of insured vehicles plying on the roads, especially the bikes.

In India, a bike is considered the among most convenient mode of transport in cities and towns. Thanks to its ability to fit into tight corners, offer easy parking and occupying less space, it is not surprising to know that India is the world’s leading two-wheeler market.

However, despite repeated awareness programs, most people do not own bike insurance or remember to renew their expired insurance. For starters, this is illegal because the Motor Vehicles Act 1988 mandates that all vehicles must own third-party insurance. Second, not owning insurance means you will have to pay for any damage to your bike and any injury to a person caused by your bike from your pocket.

Thankfully, the increased fines and the risk of a three-month prison time has awakened the bike owners. Bike insurance purchase is at a high today and the trend will not abate for a while. And while this is heartening to read, many bike owners find it hard to choose the mode through which they can buy a bike insurance policy.

There are two ways to buy insurance-online or offline. Most insurance buyers preferred going for the latter. However, in the last decade, the former has taken centre stage and you too should choose the same.

Why should I buy insurance online?

Insurance companies sell two types of two-wheeler insurance policies: third-party and comprehensive. You should aim to buy comprehensive insurance online because it includes third-party coverage too.

Why online?

Here are three reasons why:

  • Reduced paperwork: When you approach an insurance agent to buy Bajaj bike insurance, the sheer number of pages to fill, places to sign, and documents to submit can unnerve you. Buying the same insurance online is like a breath of fresh air. Yes, you will have to fill paperwork but it is minimal. Documents only need submission once and the time taken is considerably lower than it takes while buying insurance offline.
  • Lower premium rates: All insurance policy buyers worry about the premium they have to pay. Many factors go into deciding the amount you have to pay but when you choose to buy a policy online, the amount is lower. That’s because, in online buying, there is no agent fees or advertising costs in between, you directly buy the policy from the insurance company.
  • Easy edits: Say you want to edit your name mentioned in the comprehensive insurance policy because there was a spelling error. Doing it the offline way would mean regular and wasteful visits to the agent’s office. Do it online and all you have to do is fill the endorsement form available on the website. The whole process is simple and over in a jiffy.

Buying insurance is mandatory but how you go about is equally important. Do it the right way and you will save time, money, and a lot of stress.