Documents required to buy bike insurance online in India

Introduction

Securing your bike in India involves adhering to specific documentation requirements essential for legal compliance and protection. From verifying your identity to providing vehicle details, these documents form the foundation of your insurance coverage. Failure to fulfil these requirements can result in significant consequences, as exemplified by the experience of many riders across the country. Today, we’ll explore the vital documents necessary for purchasing bike insurance in India, ensuring a seamless and secure journey. 

Documents required for new bike insurance : A step-by-step procedure

1. Registration Certificate (RC) of the Bike

This is the official document that proves the ownership of the bike. It contains details like the registration number, the color of the bike, and the name & address of the owner of the bike. This document is required to check the policyholder’s eligibility for identity verification and calculate the IDV value.

2. Identity Proof of the Policyholder 

This includes the documents that need to be given by the bike owner to the insurance company, such as an Aadhaar card, PAN card, driving license, voter ID card, or passport. These documents are required to prevent fraud and any misuse of the insurance policy.

3. Address Proof of the Policyholder 

This document verifies the address of the policyholder. It includes documents like an Aadhar card, bank statements, electricity bill, rent agreement, voter ID card, etc. It is required to ensure the right delivery of insurance documents.

4. Invoice for the bike purchase 

The invoice highlights the purchase details of the employees, like the date, price, dealer, and taxes paid. This document is required to calculate the bike’s IDV based on the bike’s original costs. When you buy a new bike, its IDV is equivalent to its showroom price, but the value decreases over time as the bike grows older.

5. Passport-size photograph

The policyholder needs to submit 2 passport-size photographs that are further used for the identification and verification processes. 

Documents for Renewal of Bike Insurance

1. Previous Insurance Policy Documents

The previous insurance policy documents are required to check the validity of the insurance policy and its continuity and to calculate the policyholder’s renewal premium and NCB. It also provides documents like the previous policy number, expiry date, NCB, etc. 

2. RC renewal 

RC should be renewed every 15 years. RC renewal is required to ensure that the bike is registered and can ride on the road.

3. NCB certificate (if applicable) 

NCB is a discount the insurance company offers for being a responsible and aware driver. It is given when the policyholder never issues any claim for the first five years. One can get up to 50% discount for not claiming bike insurance in five years. This is required to avail of NCB’s benefit at the time of renewal of bike insurance. 

4. Updated address and Identity proof (if changed) 

This document shows the updated address and the identity of the policyholder if there have been changes since the last renewal. This is required to facilitate the easy communication process during renewal.

Documents for Two-Wheeler Insurance Claim

1. Fill claim form 

This document contains the details of the bike, the policyholder, and the incident that led to filing the claim. This document must claim the liability and access the insurance company’s compensation. 

2. A copy of the FIR 

The FIR is required for theft, fire, third-party injury, or death involving the insured bike. 

3. Repairs Estimates from authorized workshops 

This document is necessary to estimate the extent and nature of the damages as well as to determine the amount of the claim. 

4. Policy copy

This shows the details of the policy, such as the policy number, coverage, premium, etc. A copy of the policy is required to confirm the policyholder’s validity and claim the bike.

Online vs Offline Documentation Process

Common mistakes to avoid in documentation

1. Incomplete or Incorrect Information:
   • Ensure all the details provided should be accurate and complete.
   • Mistakes in policyholder information can lead to claim rejections.
2. Ignoring No-Claim Bonus (NCB):
   • NCB rewards policyholders for claim-free years.
   • Failing to claim NCB can result in higher insurance premiums.
3. Not Updating Personal Details:
   • Regularly update your contact information with the insurer.
   • Incorrect details can hinder your communication and claim processing.

Key Takeaways

We’ve listed the key documents required to buy bike insurance online in India above. This applies whether you’re a new buyer or renewing an old policy. Having all these documents readily available will ensure a smooth and hassle-free experience. Additionally, consider platforms like PhonePe for a seamless and hassle-free insurance purchase experience.