With the advent and application of technology, the workings of several sectors of the economy have registered a drastic transformation in recent years, and the insurance sector is no exception. Relying on constantly evolving technology has helped businesses and industries improve their functionalities immensely and helped them enhance their customer base through the delivery of quality services.
Whereas earlier, you would have needed to visit the office of a bike insurance company to purchase or renew the insurance for your bike, now you can carry out bike insurance renewal through the online mode. As per the Motor Vehicles Act of India, every vehicle owner must hold a valid insurance policy to drive their vehicles legally on Indian roads.
A vehicle insurance policy provides you with financial assistance if something untoward happens to your vehicle. For instance, if your vehicle is involved in an accident or gets stolen, you will get financial protection based on the type of the policy and the extent of the coverage. The insurance policy you choose must have sufficient coverage for your bike.
Impact of the Digital Transformation on the Two-Wheeler Insurance Sector
With the digital transformation of the motor insurance sector, different insurance companies in the country have launched their official websites to help individuals purchase and renew bike insurance online. Nowadays, insurance companies use their websites to showcase the plans they offer just like window displays with product pamphlets in a physical office.
Due to the benefits of digitisation, the number of insurance policyholders in the country has risen exponentially over the past decade or so. There are several ways through which the digital transformation in the country has helped the two wheeler insurance sector grow at a faster pace, some of which have been discussed below.
- Reduced cost of bike insurance:
The leading bike insurance companies in India, including Tata AIG, have begun offering two-wheeler insurance online. You can purchase a Tata AIG two wheeler online insurance by visiting their official website and following a simple process. With the availability of two-wheeler insurance online, you can explore and compare the different options available, such as third-party bike insurance, comprehensive bike insurance, etc., and purchase the best plan possible.
There is no involvement of insurance agents and professionals in the above purchase or renewal process; therefore, you will not have to pay any additional charges or fees for their services. As these charges get eliminated, the final bike insurance price gets reduced.
- Easy and smooth purchase process:
Purchasing a vehicle insurance policy through the offline mode involves a lot of paperwork since the sale of an insurance policy is generally conducted through different intermediaries, including insurance dealers and agents. Through the application of the digital method, the policy purchase process is extremely stress-free as there is no paperwork required, and the entire process can be completed in a couple of minutes.
You can purchase a bike insurance plan by directly visiting your preferred insurer’s website through your computer or smartphone. You can also upload the necessary documents on the aforementioned portal. Once you have finalised a policy, you can conduct the payment through secure online payment modes. Along with this, you can also easily carry out modifications or post-purchase changes in the policy.
- Higher chances of informed decision-making:
With an offline insurance purchase, the insurance company will send an insurance agent to help you carry out the purchase. However, it is likely that you won’t clearly understand the options available for you as it will entirely depend on the agent’s understanding of the policies.
Furthermore, the insurance agent may try to sell you a policy that won’t fit your insurance requirement. This is where applying for bike insurance online helps you. With an online purchase, you can learn about the different plans available for you and compare them based on your requirements.
Since most insurance companies offer insurance premium calculators on their websites to help customers estimate the premium amount for their plan, you can easily ascertain the cost of various plans. When you have a clear understanding of the different bike insurance options available for you, you can make an informed decision.
- Easy claims process:
Filing a vehicle insurance claim online through your insurer’s website is a smooth process. The method for filing a claim online is quite easy and does not need a lot of follow up. Online insurance companies have made the process seamless for the customers, as it can help them get fast financial coverage during a difficult time.
However, it is advised that you must learn about your insurer’s claim settlement process before purchasing the insurance plan. Learning about the process will help you speed up the process at the required time.
How to Purchase Bike Insurance Online?
If you’re looking to purchase insurance for your bike online, here are the steps you should follow:
- Understand your insurance requirements.
- Compare different bike insurance plans available online based on coverage and cost.
- Select the plan that matches your requirements and budget.
- Include the necessary bike insurance add-ons.
- Use the bike insurance premium calculator to get an estimate of the premium amount.
- Make the payment.
After you have made the payment for the selected bike insurance, the insurer will send you a soft copy of the policy document to your registered e-mail address.
It is possible that you may have purchased or renewed your vehicle insurance manually in the past. This process can be quite strenuous as it involves many intermediaries and substantial paperwork. However, with the help of digitisation, insurance companies in India have launched their official websites and offer bike insurance online.
The digitisation of the insurance sector has helped make the process of policy purchase and renewal efficient and allowed many individuals to protect their vehicles in a hassle-free manner.