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Buying Two-Wheeler Insurance Policy Online is Safe?

It is evident that the two-wheeler industry is showing no signs of slowing down. The total number of two-wheelers sold in India in 2018-2019 alone was a mind-boggling 21 million with an annual growth of over 5%.

If you are among those 21 million two-wheeler owners, then apart from the kind of two-wheeler you own, you would be aware of the fact that your bike would need two-wheeler insurance; otherwise, you would not be allowed to ride on the road! Not only does your bike need two-wheeler insurance when you buy it, but it also needs to be renewed every year by payment of an annual premium.

There are two ways in which two-wheeler insurance policy can be bought and premiums can be paid: online or offline. Online policies are convenient and more economical because they don't involve waiting in a queue, filling up the form, or dealing with the insurance agent. But the question is - are online two-wheeler insurance policies safe?

The answer is yes, they are! However, you ought to be aware of a few considerations before you purchase two-wheeler insurance online.

What You Need to Know About Online Two-Wheeler Insurance

When you are buying two-wheeler insurance online, here are some things you should be aware of:

  • Certification by IRDAI : The IRDAI or Insurance Regulatory and Development Authority of India monitors the insurers or the companies who sell insurance in order to protect the interest of customers.

    • The first thing you need to do before buying two-wheeler insurance online is to check whether the insurer is certified by IRDAI or not. The IRDAI website also ranks the general insurance companies empanelled with them. You can choose any general insurance provider from the list. Moreover, if you have any problems after buying the policy, you can always complain to IRDAI.
  • Incurred Claim Ratio: The Incurred claim ratio signifies the two wheeler insurance claims which the insurance company has settled in the past. The higher the ratio, the better your chances of getting your claim. The individual rankings of the companies based on their incurred claim ratio can be found on the IRDAI website, so you can choose an insurer accordingly.
  • Customer Reviews: One of the best ways to select an insurer for two-wheeler insurance would be based on the online reviews provided by existing two-wheeler insurance customers. This will give you clarity regarding the quality of service offered by the insurer. You can make your decision accordingly and choose an insurer that has the highest positive ratings.
  • Terms and Conditions: When it comes to buying your two-wheeler insurance policy online, you should take the time to read through the terms and conditions given by the insurer and understand them properly. There are some things which are not included in the policy cover and for which you need to go for a rider. Be sure to find out what is excluded before you buy the policy.
  • Terms and conditions vary based on your insurance provider, and you may find differences in what the two-wheeler insurance policy includes. These may entail wear and tear due to natural causes, mechanical or electrical breakdowns, driving under the influence of alcohol, loss due to war, and if you are using the two-wheeler for a different purpose other than that mentioned in the policy.
  • Check Policy Details: Be very careful while filling up your details in the online application for a two-wheeler insurance policy. When you get the policy, double-check the details to make sure there are no errors. Immediately notify the insurer regarding any errors and have them corrected immediately. If there are any errors in the policy, your claim under the two-wheeler insurance policy will not be entertained.

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