Buying Bike Insurance online vs. buying through an agent: Pros and Cons

Introduction

The internet today has turned our lives around in several ways. This includes how we get our news, how we learn, how we conduct our business, and how we shop. Today, you can also buy insurance plans online. But the debate is which way is better, buying bike insurance online or the traditional way via an agent?

Buying Bike Insurance Online

Nowadays, almost all insurance companies offer their policies online. This method is very convenient and allows us to enter certain details and get different quotes.

Pros of Buying Bike Insurance Online

As we know, buying online is quick and simple. You arrive at a command decision choosing what suits you without any pressure. You can easily get the coverage you require. As you’re not hiring an agent, no service fees will be required, which would have been the case otherwise.

The major pros of purchasing bike insurance online are as follows:

–          Buying bike insurance anytime from anywhere

With our busy schedules today, buying bike insurance online is a blessing. Now, a person can seamlessly purchase bike insurance online at any time and from anywhere within a couple of minutes in just a few clicks.

–          Pocket-friendly

Buying bike insurance online is nothing but a cost-effective way of purchasing an insurance plan that suits you the best. Also, it completely removes the role of the middleman, the insurance agent. Thus, as the insurance company no longer needs to pay money to a middleman, it directly translates to lower costs, helping you save money.

–          Easily compare bike insurance policies

You can easily compare bike insurance policies provided by various insurance companies online. Also, the premium quotations for different insurance plans can be calculated and analysed individually with the help of an insurance premium calculator freely available on an insurer’s website. These calculators can help you choose a bike insurance plan from a range of options available.

–          Easy access to insurance-related documents online

You can quickly access all the necessary policy documents online by logging on to the official website of whichever insurance company’s policy you have purchased. Usually, you only need to enter your policy number and passwords and log in to the insurance portal. However, it’s important to note that this process of accessing your policy documents may vary for different insurance providers.

Cons of Purchasing Bike Insurance Online

When you compare quotations to buy a policy online, you must carefully read the fine print and clearly understand the plan thoroughly since you do not have an agent to feed the data to you. However, as a customer, you can still ask questions and ensure that you completely understand the plan. Generally, you can get in touch with your insurer by phone or email. However, you may not necessarily connect with the same representative every time. That being said, most companies allocate specific agents to certain clients.

How Buying Bike Insurance Online Works

With the help of the online comparison system, you can be prompted for information, receive feedback, and be provided with choices by the support team whether you want to know about some existing policy or a new one. When you enter your zip code through the online process, various established insurance providers will be displayed on your computer screen. These might include any special offers they may offer. You can then submit all the required information about your insurance needs through these prompts, compare quotations, and choose. Once you like a policy, you can get the insurance receipt, pay the premiums, and successfully finish the process online.

Buying Bike Insurance through an Agent

An agent can provide you with recommendations based on your requirements. There can be two types of insurance agents who can help you decide: independent and captive.

–          An independent agent

An independent agent compares several insurance quotes and shows the cheapest one to you. You can believe that this agent, a consultant and not an employee of any insurance provider, will provide reliable service to you, as they ideally won’t have any brokerage arrangements with an insurance company.

–          A captive agent

Unlike the independent agent, a captive agent is a representative of an insurance provider. A captive agent will consider your coverage requirements and design recommendations based on them.

Pros of an Agent

An independent agent should ideally have your best interests in mind and suggest various plans accordingly for consideration. A captive agent will also work for you to make suggestions but only based on policies with which they are very familiar.

Cons of an Agent

An independent agent will add his service fee along with your premium. Although a captive agent is an employee of an insurance provider, you might have to pay a slightly higher premium than you would otherwise pay to factor in the agent’s compensation.

If you don’t already have agents in your contacts, you can approach an insurer or an agent of your choice. Your agent will understand your bike insurance requirements, share the types of coverage you can consider, and get back to you with a specific policy suggestion. You then make your choice based on what you think suits you the best.

Conclusion

Now that you are aware of the benefits and the drawbacks of buying bike insurance online and through an agent, it’s up to you to make an informed decision. You can easily choose the purchase method that suits your preferences and needs. However, it is recommended to stay updated about various insurance-related latest bike news so that you can avail extensive coverage for your precious vehicle!.

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