When insurance as a concept emerged, the only possible way to buy a policy was through an insurance agent. As insurance got more popularity, more and more players jumped in and provided the buyers with umpteen options. Initially, the customers had only two choices - either to approach the insurer directly or through an insurance agent. As the industry progressed further, the insurance agent who was loyal to a single insurance provider turned into an agent of multiple insurers. This led to the concept of an insurance broker. The insurance broker is supposed to study and know everything about different policies they are trying to sell. However, they may try to push for a particular product that offers them a higher profit margin.
With the advent of technology, the way people buy an insurance has completely transformed. Today, there are multiple online platforms available where they can buy or renew online two wheeler insurance policy with ease. Not only it saves time, but it also allows you to compare different two wheeler insurance policies and choose the one that best suits your requirement. However, there also exist different other ways to buy or renew a bike insurance policy. You may check some of the methods explained below and go with the one you are most comfortable with.
A two wheeler insurance agent is someone who represents a bike insurance provider and sells insurance products on their behalf. According to the Indian law, an insurance agent can only represent a single insurance provider at any point of time. They receive training and license to guide insurance seekers with respect to their particular needs and sell products that best meets customers’ requirements.
As the customer is completely dependent on the guidance provided by an insurance agent. They are accountable for misleading the customer or selling them the wrong products. So if you are dissatisfied with the product offered to you by the insurance agent, you can raise the issue with the insurance company, the judicial bodies or the Insurance Regulatory and Development Authority (IRDA). The insurance company may ban the agent or may cancel their license.
An insurance broker, unlike an insurance agent represents the interests of the client rather than the insurance company. They are bound by the law to understand the needs and requirements of the customers and guide them with the available alternatives. He is supposed to know the nuances of different policies in order to suggest the customers the best products based on their expectations from the insurance. You may sue the broker if they mislead you or approach the IRDAI for help. The IRDAI may cancel the license of insurance brokers if they are found guilty.
Agents and brokers can also fall under the following categories:
Independents Brokers And Agents
Independent brokers and agents sell products from a range of bike insurance companies. They review multiple products available in the market and offer you the two wheeler renewal policy that gives maximum benefits at reasonable premium. The insurance industry is always subject to changes in premium rates, benefits and plans. It is the duty of independent two-wheeler insurance brokers to keep track of all such changes and provide customers the right information. They may also offer customized as per the needs of the customers.
Captive Brokers And Agents
By rule, agents are supposed to work in association with a specific insurance provider. They enter into a business agreement with the insurer which binds them to sell policies offered by the said insurance company. That is why they are called captive insurance brokers/agents.
The insurance company may also allow the captive agents to sell other products offered by the company other than two-wheeler insurance.
Why Should You approach An Insurance Broker?
Approaching an independent broker or agent is a better option as compared to buying or renewing your motorcycle insurance policy via a captive insurance agent. The reason is that an independent broker deals with a variety of products and his accountability lies with the client. It is the duty of an independent insurance agent to understand your requirements and provide you the bike insurance renewal policy which offers you the best coverage at reasonable cost.
Why Should You Renew Your Two-Wheeler Insurance Policy Online?
Most people approach motor insurance brokers because they find it complicated to calculate the premium amount as there are multiple factors to be taken into consideration. These factors range from the make and model of the vehicle, year of manufacture, engine displacement, and prevailing premium rates. There are also certain lifestyle factors such as marital status of a person, city of residence, and others which impact the amount of premium when you look to renew your bike insurance policy.
Now, can you calculate your insurance premium online? Sure you can! There are multiple online insurance portals where you may compare different bike insurance policies and also calculate the amount of premium you will be required to pay by entering a few basic details. You can also renew your motorcycle insurance through the official websites of different insurance providers in an easy, secured, and transparent way.
There are umpteen benefits of getting your two-wheeler insurance renewed online. Unlike in the case of offline insurance renewal, the documentation process is quite simple and you may also skip vehicle inspection if your insurer allows you to do so. In case of an offline insurance renewal, you need to schedule an appointment with the insurance company’s representative who inspects your vehicle and determine the premium rate. On the other hand, renewing motorcycle insurance online also helps you explore and analyse other available products that may be more beneficial to you.