Two Wheeler Bike Insurance 372 views March 16, 2019

What to Do After Getting Your Two-Wheeler Insurance Policy Documents Lost/Misplaced/Stolen?

Summary:- The Motor Vehicles Act 1988 mandates every owner of 2 wheeler vehicle to buy 2 wheeler insurance as an essential way of securing cover against any kind of unforeseen damage. It is possible that policyholders misplace or lose their documents, thus, making it difficult to file a claim when required. To ease the claim settlement process, it is important that the policyholders apply for a duplicate copy of the 2 wheeler vehicle insurance policy they had bought from their choice of insurer.

Whether you choose to buy your 2 Wheeler insurance online or offline, it is important that you look into the details of the documents you have received from your insurance company. For claim settlements of any kind of insurance including 2 wheeler vehicle insurance, it is important to keep your documents handy. Losing them can affect your chances of claim settlement, if and when necessary. However, if you have lost your two-wheeler insurance documents, it is important that you apply to your insurer for a duplicate of the same.

How to apply for a copy of your insurance policy?

  • The first step involves informing the nearest police station about the loss and filing a complaint in regard to the same.
  • After you have received a copy of the FIR from the police station, it is important to share details of your missing insurance documents with your insurer.
  • Submit an application informing about the loss and requesting a duplicate copy to your insurance company. Mention the details of the policy in your application. These include your name (as submitted while buying insurance), policy number, policy issuance date and nature of the cover bought. Since insurers enquire about the reason behind issuing the duplicate copy, it is important that you mention about the loss and validate the same by attaching the FIR copy with your application.

It is important that you submit correct details about the policy to the police and then to your insurance company to avoid rejection of the claim in the future. The insurer in lieu of issuing a duplicate of the insurance document charges a nominal fee from the policyholder concerned.

Signing the indemnity bond

This is a bond essentially signed while reimbursing the holder or submitting a duplicate of the original document to the holder for any loss suffered by the concerned party. The indemnity bond is nothing but a non-judicial stamp paper that needs to be submitted while requesting for the duplicate policy. The indemnity bond contains all details of the policyholder including name and policy details like policy number. To add reliability and integrity to the document, it is important that the indemnity bond is signed by two witnesses excluding the policyholder’s family members.

Conclusion:-

Claim settlement is not possible without the requisite policy documents. If you have lost your two-wheeler insurance documents, it is important that you apply for a duplicate copy of the same. Remember to submit every detail carefully to avail the claim in case of loss or damage caused to your 2 wheeler vehicle. Since it is mandatory to buy 2 wheeler insurance to keep your vehicle secure, keeping your documents safe is very important.