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Documents Required for Car Insurance

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About car insurance

A car Insurance policy or a motor insurance plan is an agreement that a car owner, or anyone with an insurable interest in a car, enters with an insurer. In consideration for a premium to be paid by the insured, the insurer promises to pay commiserate compensation in case of any losses arising from a road accident involving the vehicle, and against liabilities arising from any incidents involving the car. The contract may also provide cover against theft of the car and damage sustained because of causes other than a road accident. A third party car insurance plan and a personal accident cover for the owner-driver are mandatory for all vehicles plying on public roads in India.

Documentation & process for filing a car insurance claim:

1. Copy of the Registration Certificate or RC

2. Copy of the Driving License of the person driving at the time of incident, if applicable

3. Copy of the FIR, if applicable

4. Original estimate of the cost of repairs, if applicable

5. Receipts of any payments made which are to be reimbursed

6. Policy certificate

7. Duly filled and signed claim form.

On receipt of these documents, the insurer would appoint a surveyor to estimate the damage and authenticate the claim. Once approved, the settlement would be paid out to the garage in case of cashless settlement or reimbursed to you.

In case of a theft, you would receive the IDV of the car as settlement. This would be paid out only after giving the police enough time to verify and, if possible, recover the stolen vehicle. You should also report any documents lost with the car and get the duplicates as soon as possible.

Procedure for buying a car insurance

The process for car insurance purchase starts with determining the kind of insurance you need. Follow the steps below to get the best coverage for your requirements.

Step 1: Check the car insurance requirements imposed by the state. In India, every vehicle on Indian roads must at least be covered by a third-party liability cover and a personal accident cover.

Step 2: Determine what your auto loan lender requires. If you are planning to buy a car on loan, most lenders require you to get comprehensive car insurance as it would help repay the loan in case the car is stolen or is a total loss.

Step 3: Decide on any specific motor insurance requirements you may have. For example, if you have a top of the line model, consider getting a Return to Invoice cover. Or, if you live in an area suspectible to floods, consider getting an add-on cover against any water damage to the engine.

Step 4: Select the deductible with which you are comfortable. One of the ways to reduce your car insurance premium is by opting for a deductible. Ensure that you are comfortable paying the deductible out of your pocket. You could also choose to have no deductible at all.

Step 5: Shop for quotes online. Compare covers offered across insurance providers and also the different plans offered by the same insurer. Make sure that you are comparing prices after including the add-on covers you would want so that you look at the total premium and not just the premium for the base insurance policy.

Step 6: Compare the insurance providers as well. Check reviews online. Ensure that the claim settlement ratio is high and the process for a car insurance claim is straightforward.

Step 7: Finalise the insurer and get the insurance plan that suits your requirements the best.

Required Documents for Car Insurance

Which documents are needed to purchase a car insurance policy?

1. A proof of identity, which could be one among:

  • Passport
  • Driving license
  • Aadhar
  • PAN card
  • Government issued photo ID

2. A proof of address, which could be one among:

  • Passport
  • Driving license
  • Bank or post office passbook
  • Government issued address proof

3. A recent passport size photograph

4. Driving license

5. Registration certificate of the vehicle

When buying a car insurance policy online, not all insurers ask you to upload the documents. Nevertheless, keep these handy as they are needed when filing a claim. You only need to provide the document numbers while applying for the policy online.

When opting for a voluntary deductible, consider how much you can pay without it impacting your other expenses. Consider your household budget, income, saving plan and also your access to credit when deciding on the amount you would be comfortable paying.

Remember that a marginally higher premium could save you a lot of headaches in case of an unforeseen accident.You do not have to worry about arranging for money when you may already be under considerable stress.

Frequently asked questions

Which documents needed to purchase a car insurance policy?

Which documents are needed while filing a claim against your car insurance policy?

1. Copy of the Registration Certificate or RD

2. Copy of the Driving License of the person driving at the time of incident, if applicable

3. Copy of the FIR, if applicable

4. Original estimate of the cost of repairs, if applicable

5. Receipts of any payments made which are to be reimbursed

6. Policy certificate

7. Duly filed and signed claim form.

What if someone fails to submit required documents for Car insurance policy?

In case any of the required documents are missing when applying for a car insurance policy, the insurer would contact you for additional documents. If you had applied through the agent, he would get in touch with you for additional documents as well. Only after all the documents are received and verified would the policy be issued.

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