Why Do We Prefer Taking Bike Insurance Online?
Digitalisation has uncomplicated a lot of things, and one of those is the convenience of buying bike insurance online. Imagine having to walk up to each of the insurance companies and understanding every policy they have, to be able to finally compare and buy one policy that actually fits your requirement.
Buying bike insurance online has reduced all these unwanted hassles and made the process more comprehensive and simple. You can now not only compare and choose from an assortment of available policies but also check for bike insurance online before buying. The onus is that by buying bike insurance online, you are making an eco-friendly choice of a paperless transaction.
However, that being said, you need to be careful while buying a bike insurance policy online. Since you don’t have a person or company that you could hold responsible for your decision, you have to ensure that the place you are buying your bike insurance from online is reliable and trustworthy. This would minimise any claim rejections in the future.
Concerns About Buying Bike Insurance Online
Here are few things that could go wrong while you are opting for bike insurance online.
It is extremely important that you complete all your online documentation procedures at the time of purchasing the bike insurance online. If you have not completed your documentation when you claim insurance for your two-wheeler, then it might lead to a lot of complications or even lead to your claims getting rejected.
This is something you need to be absolutely clear about. Often, insurance companies would charge you the standard low deductible in case you don’t specify the amount you want to pay. Though this may look favourable to you, it actually might mean a higher premium.
#3. Renewal of License
Since your bike license is valid for a long period, you may forget to check its expiry date. In case you meet with a bike accident post the expiry of your bike license, your claims will get rejected, and your bike policy will be rendered invalid.
#4. Missing out the Renewals
Every insurance policy comes with an expiry date which you need to be aware of. Missing out the renewal date would essentially mean that your policy has gone void and would be useless in case you meet with an accident.
Differences in Premiums between Bike Insurance Online and Offline
Apart from the fact that you would be able to compare your policies and can choose from a lot of available options, buying your bike insurance online would also mean a lot of cost-cutting. You would be ideally paying lesser premiums for the same benefits and plan when you buy your bike insurance policy online. There are several reasons attributed to this difference in premium amount:
#1. Cost Saving
In case of online policy, the insurance company would be saving a lot of money on paperwork, brokerage commission, and distribution. This saved cost would be directly passed on to the customer, and hence you get the same policy with the same benefits with a lesser premium when compared to its offline counterpart.
#2. Shorter Processing Work
When you buy a policy offline from an agent, you would be basically filling an application form that has to get underwritten in the respective hubs of the insurance company. This would, however, be a real-time process when you apply online and would save a lot of time, resources and paperwork for the insurance company resulting in lesser premiums.
#3. Fixed Criterions
Since the buying process is real-time, you would be able to invest in a bike insurance policy only if you meet the criteria. A customer who meets all the criteria is less risky for the insurance company leading to lower premiums.
Buying an online insurance policy is by far the simplest and the best alternative to securing you and your vehicle financially against any damage or accidents. However, nothing is fool-proof, and hence, you must be cautious of the website that is selling you the policy. Don’t fall for huge discounts and low premiums when you look for bike insurance online and look for the relevance and credibility of the policy as well. Before finalizing an insurance policy for your two-wheeler, check Coverfox.com to compare policies and get the right deal from a wide range of available options.