Top 5 Benefits of buying Two Wheeler Insurance Online
There are several benefits to purchasing two wheeler insurance online. For most millennials, in any case, online transactions are seen as preferable as most millennials consider dealing with a screen to be far less tiresome than dealing with a customer care executive or any other seller. As a result, you will notice that most people today buy groceries online, shop for clothes online, do online courses rather than physical courses (even before the pandemic), stream their entertainment shows online rather than dealing with a cable operator and have even chosen to find their better halves online.
If you do everything online (including clocking in to the office roster on time amidst the ongoing pandemic), but you’re still buying the insurance offline, that’s already a good reason to switch over to buying bike insurance online.
Benefits of Two Wheeler Insurance Online
- Comparison between different insurers
When you buy insurance online, especially on the IIFL platform, you get the opportunity to compare the premium prices, Insured Declared Value (IDV) and benefits being put on offer by different insurers.
Many people who are in the market to buy motor insurance are very concerned with what IDV they will get, which is the maximum amount payable by the insurer in case of total loss or theft of their two wheeler. Similarly, every insurance buyer wants to pay the lowest amount of premium possible. Make comparisons as required; do your research as you shop around. It’s all possible when you buy insurance online.
- Third party support from IIFL
Although you are zeroing in on the best possible deal, while you use the IIFL platform, you are only working with IIFL’s network of nearly 20 trusted and verified insurance associates. Moreover, IIFL provides you with end to end support throughout your process of purchasing and claiming your two wheeler insurance policy. This isn’t the same as buying this insurance online from a cheap insurance provider without knowing whether you can trust them. IIFL works exclusively with brands that boast superior reputations and claim settlement ratios.
- Get the best deal
When you buy two wheeler insurance online via the IIFL platform, IIFL brings you a handful of offers so that it is not too confusing or burdensome, which helps you to compare offers from different insurers and choose the best deal, or the one that you find most affordable.
Moreover, the insurers are well aware that IIFL will be sharing offers of multiple insurers with you and as such, you can expect each insurer to bring the best deal to the table in order for them to capture your business.
- Quick and convenient
Buying insurance on the IIFL platform is a quick 5-minute process. After all amidst demanding jobs, busy social media feeds, caring for pets, staying fit and binging on your favourite shows (not to mention all those curated-for-the-gram DIY meals) who has time to spend hours on a job like getting two wheeler insurance? Don’t worry, we’ve got you covered! On the IIFL platform you need to simply follow the given steps :
Step 1. Visit the IIFL website at www.iiflinsurance.com
Step 2: Fill up a quick and easy online form that asks for vehicle registration details and personal details
Step 3: Don’t forget to check the box allowing IIFL’s insurance associates to get back to you.
Step 4: Click on add filters and choose TP insurance or OD + TP insurance.
If this is your first two wheeler, here’s a quick note on these acronyms:
- TP stands for third party insurance and this type of insurance is mandatory if you want to ride your two wheeler legally in India. It covers damage to a third party’s vehicle by your vehicle and it also covers your financial obligation in case you injure the third party or if they die in the accident in question.
- OD stands for own damage insurance and although this is not mandatory, it is definitely advisable because you do need to take care of your own vehicle and assure yourself of financial support in case you injure yourself.
In the same add filters tab, you can put up an IDV as per your estimates
- Toggle add ons etc without added pressure
You can choose from a range of add ons as per your budget and requirements. The list of add ons available on IIFL is extensive for the convenience of two wheeler insurance buyers:
- Zero depreciation
- No Claim Bonus Protection
- Roadside assistance
- Engine protector
- Key replacement
- Tyre secure
- Return to invoice
- Loss of personal belongings, wherein the insurance buyer gets a further four tiers to choose from.
Whether it is this or the choice between TP and OD insurance, all of these choices escalate your premium or your cost. When you buy insurance offline, especially from a known party, you might feel pressured to buy in to all the extras being pushed and promoted. Often, you might walk away annoyed that you had to spend more than you bargained for. Online purchases are anonymous and without such social or personal pressure. Pay for only what you need and afford and make no unnecessary justifications.
I lose my bike keys often and have to pay an arm and a leg for replacement. Is there any component in insurance to avoid this twice or thrice yearly cost burden?
Absolutely! Simply opt for key replacement in the add ons in the last step of buying two wheeler insurance from IIFL.
I want to send my Bullet closer to North India as I would like to do a riding trip to Ladakh. What insurance should I buy ahead of the trip?
You should definitely get an OD, that is your own damage insurance, for your trip in case you don’t already have it. This will cover any damage to you and your two wheeler, not only in the trip, but also when the bike is in transit.
Is it really necessary to buy OD if it is compulsory and mandatory for everyone to buy TP insurance and illegal for them to not do so?
Yes, because there will always be some unabiding citizens and while the law will take them to task should they cause you an accident, you will not be financially reimbursed by the law for another citizen’s failure to abide.