Car and bike insurance are crucial aspects of vehicle ownership in India, providing financial protection against accidents, theft, and damages. With the increasing adoption of digital technology, vehicle owners now have multiple ways to purchase and renew insurance policies. The two primary options available are online platforms and traditional insurance agents.
While both methods have their own advantages and limitations, understanding the key differences can help vehicle owners make an informed decision. This article explores the various aspects of purchasing car and bike insurance through online platforms versus traditional agents and highlights which method may be more suitable for different types of buyers.
Online Platform for Purchasing Vehicle Insurance
In the age of growing digitalisation, online platforms are the most preferred mode of purchasing vehicle insurance plans. You can find the best car insurance in India by searching online, visiting the official websites of different insurance providers, and comparing multiple plans.
Most online platforms for vehicle insurance also offer customisable options through which you can tailor the coverage based on your specific requirements. Therefore, with the help of the internet and necessary devices, you can research, purchase, and receive coverage instantly. It does not require you to visit any office branches or go through lengthy paperwork physically.
Traditional Agents or Offline Mode for Purchasing Vehicle Insurance
The offline mode of purchasing an insurance policy for bike and car is the traditional method in which the purchasing process involves contacting an insurance agent offline. A conventional vehicle insurance agent is a licensed one who represents an insurance company, guiding customers and offering personalised suggestions based on their varied requirements.
Your needs, budget, and risk factors will be assessed thoroughly during a discussion with the agent. Based on these factors, you will be offered plans they provide. The agent will explain the inclusions, exclusions, and costs associated with each plan. After going through the policy terms, the agent will initiate the purchasing process once you agree to buy it.
Online Platform vs Traditional Agents
The following table explains the significant differences between the two:
|
Points of Difference |
Online Vehicle Insurance |
Offline Vehicle Insurance |
|
Definition |
It is the process of buying vehicle insurance plans through online platforms without physical visits or paperwork. |
It is the process of buying vehicle insurance plans through offline modes by meeting an agent at a physical office space. |
|
Transparency |
There is more transparency since there is no intermediary involved in the process. |
The amount of transparency is comparatively less because of the involvement of intermediaries in the process. |
|
Process |
The online process involves visiting the insurer’s website, checking the details of different plans, and making the necessary payment to buy the plan virtually. |
The offline process involves meeting an agent at the office, filling out forms, making payments, and submitting the required documents. |
|
Cost |
Online insurance purchases are comparatively cheaper since they do not require infrastructure maintenance. The absence of intermediaries also leads to lesser premiums. |
Offline mode of purchasing insurance comes at comparatively higher prices since these have an infrastructure to maintain. The presence of intermediaries or agents in the process also leads to higher premiums. |
|
Time |
You can purchase vehicle insurance plans almost instantly through online platforms. No appointments are required, allowing you to buy your insurance from anywhere, anytime. |
Offline purchases of vehicle insurance plans can be lengthy since they involve appointments to meet the agents. You must also go through a documentation step, which takes a few days to process. |
|
Influencing factor |
The chances of making influenced decisions are lower because you are in control of choosing which plan to buy. |
The chances of taking influenced decisions are higher since you can be influenced by the intermediaries or agents involved in the process. |
|
Claim settlement |
Because of the tech-based features of online platforms, it offers a quick, instant, and hassle-free claim settlement process. |
Raising and settling claims involves a manual process which can take a little time. |
|
Customer support |
You can seek support from a support team that is available 24 hours a day. You can also resolve your queries from the FAQ section of the website. |
You need to rely on the intermediaries or support team, which can be made available over the phone or by email. |
|
Renewal |
It features a hassle-free online plan renewal process. If you renew with the same insurer, your data will be automatically saved. |
You must go through the same process of purchasing an insurance plan offline. |
The Bottom Line
To wrap it up, both online platforms and traditional methods of purchasing vehicle insurance policies come with specific sets of advantages. You can compare the two based on your needs and proceed accordingly. Nevertheless, if you are planning for an insurance plan for your vehicle, make sure to analyse your requirements, understand the pros and cons of the two modes and opt for the preferred one.