Is There Any Difference Between Getting Two-wheeler Insurance Online and Through an Agent?

In life, keeping yourself financially secure is important as unforeseen circumstances can hamper your earnings. Similarly, riding a bike without any financial security is full of risks. That is why you must have two-wheeler insurance to protect yourself from unpredicted road risks. If you are wondering is there any difference between buying two-wheeler insurance online and through an agent, read on.

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Buying Two-wheeler Insurance Online

Buying two-wheeler insurance online is one of the most convenient and time-saving options. Digitalization has made everything easy. The online presence of insurance providers and brokers has made it easier for prospective buyers to get the best deals and existing buyers can complete their renewal process on time.

While buying two-wheeler insurance online, you have multiple options available on the internet. It is just a matter of a few clicks, as you can visit the insurer's website anytime and anywhere. You can also consider important factors like coverage offered, premium, exclusions, incurred claim ratio, claim settlement ratio, etc.

Buying Two-wheeler Insurance Through an Agent

When you buy two-wheeler insurance through an agent, it establishes a single point of contact with your insurance provider. You can easily connect with your agent to get a guide for any issues related to your two-wheeler insurance policy.

An agent is referred to as a dedicated person who will help you in choosing and buying the policy. Moreover, he/she will also guide you while raising claims.

If you are not tech-savvy, your agent will act as a point of contact between you and the insurance provider, so you do not have to face any technical issues while making the deal.

Difference between Buying Two-wheeler Insurance Online Vs Through an Agent

To help you understand, here is a comparative chart for buying insurance online vs agents-

Points of Basis Buying Online Buying Through an Agent
Convenience Easy to find and compare claim settlement ratio, customer services, inclusions, exclusions, etc., in a few clicks. On the other hand, when you are buying bike insurance through an agent, you will be choosing something that he/she recommends without any checking or comparing it with multiple other plans. Surely, he/she will come to your doorstep and you can convey all your requirements but there you might not get the best deal.
Commission Pay the specific premium amount without any extra fee or hidden charges. Additionally, many insurance providers have tied up with digital wallets and banks. So, you can enjoy hassle-free transactions and also avail cashback or discounts on specific banking cards. You have to pay the agent’s commission for the services rendered.
Claim Filing Process Here, you will connect with your insurer’s customer care team and find out how to raise a claim on their website. In this case, you can collect all your documents and hand them to your respective agents and they will complete the entire claim-filing procedure on your behalf.
Accessibility While buying two-wheeler insurance online you have more flexibility and accessibility to your insurance company directly. Without the interference of a middle man, you can directly access the insurer’s website. Therefore, there is no scope for miscommunication. With the presence of agents or middlemen, the information is relayed directly to them. If you meet with an accident, you will connect directly with your agent, and might not get immediate assistance.
Chances of Fraudulence When you are looking for insurance online, you can directly refer to the company’s website. There you can read all the terms & conditions and policy wordings before making a deal. Here, your agent may try to sell you according to his/her preferences. Moreover, they have monthly targets like- they have to sell X number of policies. Therefore, there are more chances of fraudulence.

Which One is Better? Online Versus Agent

Looking at the comparative chart, it is clear that buying two-wheeler insurance online holds more benefits than buying through an agent.

Here you have the advantage of comparing multiple plans and choosing a plan that fits your budget & needs. Buying online also eliminates the risks of fraudulence and is considered to be more affordable than buying through an agent.

Moreover, buying insurance online ensures less documentation. You can easily submit required documents sitting on the couch of your home.

Conclusion

As you can see, various factors create a difference between buying two-wheeler insurance online and through an agent. Doing your online research can go a long way. This will help you in making a wise decision to make your investments successful and also help you in saving a huge amount.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.

^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.

#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.

*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)

#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.

*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis