A two-wheeler insurance policy is a must-have document besides your license, vehicle registration and PUC certificate. The Motor Vehicles Act specifies the mandatory requirement to have insurance coverage at all times of your vehicle. But just having an insurance policy is not enough. You must be able to produce such document when asked, failing which, you attract hefty fines. Hence, despite being under the coverage of a policy, you shall be fined as if you do not have an insurance policy at all. Thus, keeping them safe is also essential. Losing important documents is not uncommon, but it is a major problem, especially when it comes to bike insurance. But if you have lost your insurance policy, here’s what you can do.
First things first, check at your home. It might be a false alarm. Sometimes you might have stored it well and you might have misplaced it in that process. If you do not find this document anywhere at home, you need to reapply for the bike insurance policy and that’s when a duplicate insurance policy shall be issued. Here are the steps to apply for one.
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Intimate your insurance company
The first and foremost course of action is to inform the insurance company about such loss. This can be done either by submitting an application or writing an email to the insurer. This prepares the insurance company to look up in its records and verify the validity of your policy. *
Filing a First Information Report (FIR)
The next step after intimating your insurance company filing a first information report (FIR). The FIR acts like a conclusive proof that you have lost the existing policy and wish to apply for fresh insurance cover. Hence, you need to visit your local policy station. You need to submit a copy of the FIR so do not forget to collect one. *
Placing an advertorial in the newspaper
Publishing an advertisement in the newspaper ensures anyone in possession of your insurance document can return it you. Hence, you need to furnish details about the policy and also the policyholder, including the insurance company’s name, the vehicle’s registration number etc. A copy of such advertisement also needs to be submitted to the insurance company. *
Signing an indemnity bond
On filing an FIR and publishing an advertisement, you need to sign an indemnity bond on a non-judicial stamp paper indemnifying the insurance company for any loss due to such misplaced policy document. You also need to affirm such bond and get it notarised too. *
* Standard T&C Apply
Once you have submitted all the above documents to the insurance company along with an application form, it issues a duplicate general insurance policy for your bike. However, with internet penetration across all walks of life, you can now store vehicle documents electronically too. mParivaahan and DigiLocker are two authorised applications by the IT Act that are accepted as valid proof of document. When you purchase an online two wheeler insurance third party or comprehensive plan, you need not undergo the entire hassle of paperwork. All you need to do is simply login to your insurance company’s portal and request for a duplicate policy that will be shared to your registered email address. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.