All You Need to Know About Vehicle Insurance Documentation
24 September 2018
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.
Documents for Buying Insurance
If you are purchasing vehicle insurance for the first time, you will need the following:
- Your details, such as name, date of birth, address, gender, and occupation
- Your driving license information
- Vehicle registration number and a copy of the Registration Certificate
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.
Documents Required for Filing a Claim
In case you need to file a claim, you will need to submit the following documents to your vehicle insurance company:
- Copy of the Registration Certificate
- Copy of the driving license of the person driving the car
- A copy of an FIR (if applicable)
- Original estimate of repairs
- A copy of the policy
- Filled and signed claim form
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.
Documents Needed for Insurance Renewal
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:
- Details of the policyholder, such as name, date of birth, address, gender, occupation, etc.
- Driving license information
- Vehicle registration number and registration certificate copy
- Old insurance policy number
- Credit/debit/net banking details if you are renewing vehicle insurance online
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:
- Proof of identity, such as passport, driving license, Aadhaar Card, PAN card, or any other government issued photo identity proof
- Address proof, like passport, driving license, Aadhaar Card, PAN card, or any other government issued address proof
- Recent passport sized photos
- Contact details of the policyholder, such as name, address, etc.
- Driving license information of the policyholder
- Old vehicle insurance policy number
- A copy of the vehicles RC
- Credit/debit card/net banking details, if you intend to renew your vehicle insurance online
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.
Points to Be Kept In Mind at the Time of Vehicle Insurance Renewal
- Renew your policy early and keep in mind the expiry date to ensure that you don't drive uninsured.
- Search online and compare policies before renewal. You may find a better policy than the current one, offering greater degree of coverage at reasonable costs.
- Remember to make use of your No Claim Bonus (NCB) to get a discount on the premium.
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.