Myths About Buying Bike Insurance Online
Published on January 8, 2020. EST READ TIME: 5 MIN
Until a few years ago, bikes used to be a medium of transport for middle-class families. However, as millennials became more travel-friendly with a rising trend of bike trips that cross state lines, a large section of people were seen investing in bikes heavily.
If you are planning to buy a bike, you must know that anyone with a two-wheeler has to buy a mandatory third-party insurance. As per the latest IRDAI (Insurance Regulatory and Development Authority of India) order; it is mandatory to buy long-term third party insurance.
While it may sound complex, buying a bike insurance is a relatively simple process.
It is a popular practice to buy insurance policies from insurance agents, however, buying insurance online comes with an array of benefits. Furthermore, it is, convenient, hassle-free and cheaper and can be easily completed with just a few clicks at the buyer’s convenience
Hesitation to buying online bike insurance can sometimes be attributed toone or more of the following myths associated with online purchase of two-wheeler Insurance
Myth #1 - You Need to Be Highly Internet-savvy to Buy Insurance Online
In reality, the process of buying insurance online is very simple and easy. You need to visit the website of the insurance company, select a plan, fill in your bike and personal details, make payment and you have completed the buying process. You can also avail ongoing offers to get a discount. Once your payment is processed, your policy details will be emailed to you.
The entire process is self-guided and anyone can buy the policy by simply following the instructions.
Myth #2 – Buying Insurance Online is Risky
Insurance companies spend a hefty amount to keep their websites safe and secure. Buying insurance online is completely safe and the entire payment process is well encrypted. However, to be safe, one should only buy insurance from a well-known and reputed insurance company. Do not fall into the trap of middle-men or affiliate websites as there is no established credibility to such outfits and may turn out to be fraudulent.
Myth #3 - Online Insurance Purchase will Cost You More
When purchasing insurance online, you are eliminating the agent and buying it directly from the company. Thus, buying online insurance actually works out to be cheaper. Plus, most insurance companies offer additional discounts for online purchase. And to top it all, you save yourself from the hassle of running around and doing extensive paper work.
Myth #4 – Claim Settlement is Difficult if You Buy Insurance Online
Claim settlement varies from one company to another and is totally independent of whether the policy was bought online or offline. If you have the right policy documents and have followed the correct process to make the claim, the settlement process goes through smoothly.
Myth #5 – You Cannot Renew Policy Offline
The process you want to follow to renew your policy is totally your choice. Even if you have bought the policy online, you can renew it offline and vice versa. However, it is always best to renew the insurance policy online. Along with saving time, you can set reminders from your insurance provider and easily apply the No Claim Bonus and other discounts to renew at the best-possible premium.
As explained above, these are just myths. You can get rid of your apprehensions and enjoy the many benefits that come with buying the policy online.
Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.
Mukesh Kumar| Motor Insurance Expert |36+ years of experience in insurance industry
A veteran in the insurance industry, Mukesh Kumar has the expertise of handling various functions like Business Development, Underwriting, Claims, Human Resources, Quality Management and Marketing. With rich knowledge of the industry, he loves to share his views on topics of insurance sector and takes special interest in educating people on advantages of having insurance.
Mr. Mukesh Kumar recommends "getting your two wheeler insured from HDFC ERGO, a brand serving more than 1 crore+ customers. With overnight repair services and more than 6,800+ network garages, you can be assured of help in event of any damage to your vehicle