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When it comes to vehicle insurance, most of us tend to overlook this necessity. Even a minor accident can lead to considerable expenses and vehicle insurance ensures that these expenses are taken care off, providing financial relief to you. Also, The Motor Vehicles Act, 1988, mandates that every motorized vehicle plying on Indian roads should have a valid insurance. So, by getting insurance for you vehicle, not only will you be protecting yourself from the expenses on repairs, you will also be complying with the legal requirements of the land.
There are various reasons why people are hesitant to get vehicle insurance and one reason is that many of us are not aware of the documents needed for insurance. So, let us take a look at the documents needed in different scenarios, right from purchasing vehicle insurance to insurance renewal.
If you are purchasing vehicle insurance for the first time, you will need the following:
If you intend to buy vehicle insurance online, you will also need to provide your credit/debit card/ net banking details for making online payments.
IRDAI has also issued a notification that forbids insurance companies from insuring vehicles without a valid Pollution under Control (PUC) certificate. This notification comes in the light of recent order issued by the Supreme Court, which had directed insurers to not insure a vehicle unless it possess a valid PUC certificate on the date of purchase or renewal of the insurance policy. The pollution certificate is mandatory for every vehicle, as it acts as proof that the vehicle complies with the prescribed emission norms.
The PUC certificate can be obtained from computerized facilities for checking pollution levels that are available at many petrol pumps and workshops.
In case you need to file a claim, you will need to submit the following documents to your vehicle insurance company:
Once you have submitted these documents, the insurance company will send a surveyor to check the damages and verify the genuineness of the claim. After that, you will be asked to submit the copies of the bills for repairs. The final estimate will be checked by the car insurance company, while the appointed surveyor will make another verification of the car. Once all this is done, you would receive a settlement for the claim as per your vehicle insurance plan.
In cases of theft, you would receive the entire amount of Insured Declared Value (IDV) as settlement. If your car gets stolen, report it to the nearest police station as soon as possible. If your RC is also missing, you should inform the concerned authorities and get copies. The claim will be settled by the insurer after giving the police enough time to recover vehicle.
Remember to buy vehicle insurance that is perfect for your needs. For example, if there are any additional accessories in your vehicle, opt for an insurance plan that offers an appropriate cover for them.
The list of documents needed for vehicle insurance renewal is issued by the Insurance Regulatory and Development Authority of India(IRDAI), making them common for both private as well as public sector insurers.
Along to the policy renewal form, you will need to submit the following documents:
There is also a possibility that you might wish to change your insurance provider. As per the directives issued by the IRDAI, individuals can switch insurance companies either during or on completion of their existing policy period. So, if you want to change your insurance provider and renew your vehicle insurance policy, you should submit the following document at the time of renewal:
These documents are required to be submitted to the insurer along with the insurance renewal form, and after verifying the details; the vehicle insurance will be renewed.
Vehicle insurance is not a choice as it is a requirement under the law. With digitalization touching every feature of our life, insurance companies too have streamlined their processes and have made vehicle insurance policy renewal and purchase simpler. You can easily find various insurance policies online and choose the best out of the ones available. In any case, don’t opt for an insurance policy just because it is cheaper. Carefully assess the essential factors, such as coverage offered, things not covered, etc. before deciding on a policy and always read the terms and conditions in the vehicle insurance details before finalizing one.
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