Purchasing a bike insurance policy is an important step in safeguarding your two-wheeler against unforeseen circumstances. However, many vehicle owners often find themselves perplexed about the paperwork required to obtain coverage. Failing to submit the necessary documents can lead to delays or even rejection of your insurance application.
As per a recent survey conducted by the Insurance Regulatory and Development Authority of India (IRDAI), a significant percentage of policyholders face challenges while gathering the required documents for their bike insurance. This article aims to provide a comprehensive guide on the essential documents you need to keep handy when buying or renewing your two-wheeler insurance policy.
The importance of timely bike insurance purchase
Before delving into the document checklist, it is essential to understand why you should buy bike insurance promptly. In India, it is mandatory to have at least a third-party liability cover for your two-wheeler under the Motor Vehicles Act, 1988. Riding without valid insurance can lead to hefty fines and legal consequences.
Moreover, a comprehensive bike insurance policy offers financial protection against damages to your own vehicle due to accidents, theft, or natural calamities. It also covers third-party liabilities in case of injury, death, or property damage caused by your insured bike. Timely purchase and renewal of your policy ensure uninterrupted coverage and peace of mind while riding.
Eligibility criteria for bike insurance
Before buying the insurance, make sure you follow the eligibility criteria of the insurance company. To be eligible for a bike insurance policy, you must meet certain requirements:
· The insured individual must be at least 18 years old and hold a valid driving licence.
· The two-wheeler must be registered in the name of the policyholder.
· The bike should be in a roadworthy condition and have a valid Registration Certificate (RC).
· The policyholder must have a clean driving record without any major traffic violations or criminal offences.
Documents required for bike insurance
The document list is in compliance with the Motor Vehicles Act, 1988. So, when you are planning to buy a new bike insurance policy, keep the following documents ready:
1. Registration Certificate (RC) with fitness certificate
The RC is a crucial document that establishes your ownership of the two-wheeler. It contains details like the vehicle's make, model, engine number, and chassis number. The fitness certificate confirms that your bike is in a roadworthy condition and complies with the prescribed emission norms.
2. Valid driving licence
The insurance company will require a copy of your driving licence to verify your identity and eligibility to ride a two-wheeler. Ensure that your licence is valid and up-to-date.
3. Previous insurance policy (if applicable)
If you are switching from another insurer, provide a copy of your previous bike insurance policy. This document helps the new insurer understand your coverage history and any No Claim Bonus (NCB) you may have accumulated.
4. Passport-sized photographs
Most insurers require recent passport-sized photographs of the policyholder for identification purposes. Keep a few copies handy while applying for your bike insurance.
5. Address and identity proof
You will need to submit valid address and identity proof documents such as your Aadhaar Card, Passport, Voter ID, or utility bills. These documents help the insurance company verify your personal details and prevent fraudulent activities.
Additional documents for bike insurance claims
In the unfortunate event of an accident or theft, you may need to file an insurance claim. Keep the following bike insurance documents ready to ensure smooth processing:
1. Duly filled and signed claim form
The insurance company will provide a claim form that you must fill out with accurate details about the incident, including the date, time, location, and a brief description of what happened. Sign the form before submitting it.
2. Repair estimates, bills, and payment receipts
If your bike has suffered damage, obtain repair estimates from an authorised service centre. Keep copies of the bills and payment receipts for the repairs undertaken. These documents will help the insurer assess the extent of the damages and settle your claim accordingly.
3. First Information Report (FIR)
In case of theft or any incident involving a criminal offence, file an FIR at the nearest police station. Submit a copy of the FIR to your insurance company as it serves as a crucial piece of evidence for your claim.
4. Other documents as required
Depending on the nature of your claim, the insurer may request additional documents such as the original RC, Pollution Under Control (PUC) certificate, or your bank details for claim settlement via NEFT. Cooperate with the claims team and provide any necessary paperwork to expedite the process.
Key considerations before buying bike insurance
Before finalising your bike insurance policy, keep the following factors in mind:
· Compare quotes from multiple insurers to find the best coverage at a competitive price.
· Carefully read the policy wordings to understand the inclusions, exclusions, and deductibles.
· Opt for add-on covers like zero depreciation, engine protection, and roadside assistance for enhanced protection.
· Provide accurate information about your bike and personal details to avoid any discrepancies during claims.
· Renew your policy on time to avoid lapses in coverage and maintain your NCB.
Final thoughts
Having the right bike insurance documents is essential for a hassle-free insurance purchase and claim experience. By keeping the necessary paperwork organised and up-to-date, you can ensure that your two-wheeler stays protected against unforeseen circumstances.
Remember, a little preparation goes a long way in safeguarding your prized possession. Don't let document-related hurdles come in the way of your peace of mind. Stay informed, stay insured, and ride with confidence! Visit Generali Central and choose the best insurance after talking to their team of experts.
FAQs
1. What happens if I fail to renew my bike insurance policy on time?
If you don't renew your policy before its expiry date, you risk losing your No Claim Bonus (NCB) and may have to pay a higher premium for the new policy.
2. Can I buy bike insurance online?
Yes, most insurers offer the option to purchase and renew bike insurance policies online through their websites or mobile apps.
3. Is it mandatory to have a Pollution Under Control (PUC) certificate for bike insurance?
Yes, a valid PUC certificate is mandatory as per the Motor Vehicles Act. It confirms that your bike meets the prescribed emission norms.
4. How long does it take for a bike insurance claim to be settled?
The claim settlement timeline varies depending on the insurer and the complexity of the case. However, most insurers aim to settle claims within 7 to 14 working days after receiving all the documents required for bike insurance claims.
5. What should I do if my bike insurance claim is rejected?
If your claim is rejected, you can reach out to the insurance company's grievance redressal cell. If you're still unsatisfied with the response, you can approach the Insurance Ombudsman for further assistance.
