It is mandatory by law for every bike owner to have at least third-party insurance for their two-wheeler before taking it out for a ride. Not having this coverage will not only attract a hefty penalty but also leave the rider at the risk of heavy losses in case of an accident.
Now, you may unintentionally happen to lose a hard copy of your bike insurance policy. This can prove to be a major problem due to the possible risk of fraud if the documents fall into the hands of a miscreant. Thus, it is essential that you follow the right steps of reporting loss of policy documents and application for duplicate policy immediately. Any delay in taking immediate action can go against you.
If you are not aware of what needs to be done if you misplace your policy papers, don’t worry for this article will help you out. Here is an overview of the steps you need to follow if you lose your bike insurance documents.
- Call up your insurance provider
If you lose a physical copy of your bike insurance policy, the first thing you need to do is call up your insurance provider. You can contact them through the toll-free number mentioned on the insurer’s website. The customer service representative will guide you on the next steps to take as per their system. It is also considered good practice to inform your insurer immediately if you lose a copy of your two- wheeler motor insurance policy.
- Get an FIR filed
Next, you need to file an FIR at the nearest police station in your area. Filing an FIR is an essential step as your insurance company will require a copy of this FIR in order to issue you a replacement bike insurance policy. The insurance service representative you speak to will remind you to file an FIR to get a duplicate policy too, but it is good to know this on your own too in case they skip out on mentioning it.
- Publish a notice in the newspaper
You are also required to publish a notice in the local newspaper that states you have lost your bike insurance policy. This notice should contain certain important details such as name on the insurance document, policy number and RC number of the bike. Ask your insurer if any other details need to be mentioned. You would need to send a copy of this advertisement to the insurance company when you apply for a duplicate policy copy.
- Sign the indemnity bond required by the insurer
Finally, you would also need to go to a notary and sign an indemnity bond. This bond indemnifies the insurance company against any fraudulent claim made by anyone who might find a copy of your policy. You might also require two witnesses while signing the indemnity bond.
After you have completed these 4 steps, your insurance provider will be willing to initiate the release of a duplicate bike insurance policy for you. You can make a request for this duplicate bike insurance copy offline by sending the insurer an application or visiting one of their offices for help. Or, you can check whether the duplicate copy can be procured online. Do make sure to call up your insurance provider and note down the exact steps they need you to follow if you lose your policy.
Remember to always renew your coverage on time to stay protected while out on the roads.