Every bike owner needs and deserves an insurance policy. When you take your bike out on the roads, it is exposed to the risk of damages due to an accident or mishap. In fact, bikes are also exposed to the risk of getting stolen.
While a third-party liability two-wheeler insurance policy is mandatory for every bike owner, a comprehensive bike insurance policy can help manage such costs without burning a hole in your pocket. Traditionally, insurance policies were issued offline.
However, most insurance companies like Tata AIG have started offering policies online to help customers buy the best two-wheeler bike insurance policy in recent years. This article will discuss online and offline modes of buying bike insurance and look at some potential drawbacks of the offline mode.
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Potential Drawbacks of Buying Bike Insurance Offline
If you are planning to buy or renew insurance for a bike and are considering the offline mode, then here are some potential drawbacks that you need to keep in mind before making the purchase.
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The Process Takes Time
In the offline mode, a lot of paperwork is usually involved. Also, the approval process is slow, and policy issuance can take time. Further, there are different departments for different approvals without a single window of communication offered to customers. This can make the process cumbersome and time-consuming.
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Fewer Discounts
Usually, offline policies offer very few discounts since the policy issuance process comes to the insurers at a cost too because of the paperwork and multiple processes. In comparison, you can find various discounts while purchasing a bike insurance policy online.
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Losing On The Best Offers From Competitors
Since comparing policies in the offline mode is very difficult, you can lose out on offers or discounts from different insurers. Premiums can add up to a reasonable sum over time. Hence, even a small discount on the premium can help you save a lot of money.
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Delayed Support
It is usually found that online insurers offer better after-sales service than offline insurers. In fact, on many occasions, customers experience a delayed response from the support team when it comes to offline policies.
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Claim Settlement can Take Longer
In the offline mode, the claim settlement process usually involves a lot of paperwork and a lot of to and fro for documentation. Additionally, offline insurers also inspect the vehicle before settling the claim. This is not the case with online bike insurance policies. Hence, if you are opting for the offline mode, then you need to be prepared for a significant time lag between raising a claim and receiving the settlement.
While the online mode offers a range of benefits, it is important to leverage these benefits while buying a two-wheeler insurance policy. Compare policies, ask for discounts, check the claim settlement process, and read reviews from existing customers before buying an online policy.
Difference Between an Online and Offline Bike Insurance Policy
While most bike owners have started buying bike insurance online; some are still comfortable with the paper-based offline mode of buying and renewing bike insurance. Here is a quick comparison between the two:
| Online Bike Insurance Policy | Offline Bike Insurance Policy | |
| Cost | Offline insurance policies tend to be costlier. | Online insurance policies tend to be cheaper. |
| Inspection | In the offline mode, your two-wheeler will be inspected, and your insurance will be validated before the issuance of the policy. | In the online mode, there is no inspection, and policy is issued in no time. |
| Comparing policies | If you are buying bike insurance offline, then comparing policies is cumbersome since you have to manually talk to insurers to get an estimate of the premiums and features. | In the online mode, this is easy and can be done in no time with the help of an insurance premium calculator.
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| Paperwork | Offline mode usually involves a lot of paperwork. | There is minimal paperwork for policy issuance. |
| Renewal process | The policy renewal process is cumbersome and time-consuming. | The policy renewal process is easier and more hassle-free in the online mode. |
| Claim settlement | Policies purchased offline tend to have long and cumbersome settlement processes. | The claim settlement process is instant for minor damages in the online mode. |
Summing Up
Remember, whether you opt for the third-party liability-only policy or a comprehensive bike insurance policy, the premium amount will be a recurring cost as long as you own the bike. Hence, before you buy a policy, research the market and look for options that offer the maximum value for your money.
The insurance for the two-wheeler online landscape is highly competitive since customers can access information in no time. Hence, most online insurers offer affordable premiums and good discounts to customers. Also, renewing your policy online is easy and hassle-free. This makes the online mode a better option than the offline mode. Choose wisely. Good Luck!