In this world, Transportation is the necessary one and it cannot be removed from the human life. To travel from one place to another place for their work, trip and any other reason transportation through a vehicle is necessary part. In the event of travelling, to safeguard themselves and their family and also their vehicle used for travel, insurance is used to provide a protection in terms of money due to the loss occurred by any of the incidents. In this article we are going to see what is insurance, insurance policy, motor insurance and how to finding insurance policy number by vehicle number in detail.
INSURANCE
Insurance is defined as a financial instrument that provide a risk coverage against any loss occurred what one could insure. It is an invisible product and pays out a lump sum of money either on the loss or damage to replace it in a certain period of time.
It is also defined as one of the most effective risk management financial tool that provide protection to the thing one could insured from financial losses. The primary usage of insurance is to provide risk coverage against a contingent risk or any uncertain loss.
Insurance Policy
Human life is made up of the happening of unexpected and uncertainties. So, they may not have enough money for the uncertain loss or damage of the things to replace or compensate it. Here the way people will transfer their loss to the insurance company through a contract called insurance policy.
The person or a company who buys an insurance from an insurance company is called as policyholder. For managing a risk, the policy holder transfers their potential loss cost to the insurance company by exchanging a fee, called as premium.
Motor Insurance
An insurance, which is used to provide a coverage from any financial losses and damages for all types of motor vehicles like motor cycle, car, jeep and commercial vehicles is called motor insurance. It is a type of general insurance but unlike any other insurance, the government has made motor insurance mandatory for the safety of the vehicle owner and others.
Third-Party Insurance
It is a kind of insurance that only provide coverage against third-party damage or loss made by the owner of the vehicle to any person or property and third-party vehicle. It will not provide any coverage to the owner’s vehicle.
In India, as per the motor vehicles Act 1988, it is mandatory to have at least third-party insurance for all vehicles to dive legally.
Comprehensive Insurance
The comprehensive insurance policy is whole cover vehicle policy that provide financial coverage to both the third-party damages as well as own damages and losses. The comprehensive coverage includes the coverage against the damage made by the unforeseen events such as flood, theft, fire and any other natural disasters.
Other than the damages covered in the comprehensive policy, one can avail an additional add-on for many other specific coverages along with the insurance like zero depreciation, road side assistance…etc.,
Hereafter we are going to see how to find the policy number of a vehicle by its registration number.
Vehicle Insurance Policy Number
In India for each and every vehicle should be insured by at least third-party insurance as per the motor vehicles Act 1988. Insurance companies provide insurance policies to the vehicle and assured to provide claim in terms of loss or damage occurred due to any incidents by exchanging the premium.
The insurance policy contains the insurance policy number which is unique for each and every vehicle provided by the various insurance companies. The policy number is used to identify the owner of the vehicle, registration number, policy period, type of coverage and other details about a vehicle.
Need of Vehicle Insurance Policy Number
The vehicle insurance policy number is important to identify all details about the vehicle and also in some circumstances the policy number will needed as follows.
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To Renew the Insurance Policy
Generally, the policy period for general insurance will be ranging from 1 year to 3 years only. So, each and every year the renewal of vehicle insurance policy is important. To renew the insurance policy, insurance policy number is needed.
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In the Event of an Accident
If a policy holder met with an accident, both policyholder vehicle and any other third-party vehicle may damage. To get a claim from insurance company for repair their vehicle, insurance policy number is needed.
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At the Time of Checking by the Police
As said earlier, in India, as per the motor vehicle act, every vehicle should be covered by at least third-party insurance. If fails, it could be considered as illegal and that leads the vehicle owner to pay fine.
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To get additional Insurance Copy
In case a policy holder lost their vehicle insurance copy, they will get additional or duplicate copies of insurance policy by using the policy number from the respective insurance companies’ website.
- To Update the Policy Details
If a policyholder wants to change their name, address, mobile number and any other update in the policy document, policy number is needed to provide the request to the insurance companies to update the details.
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To Sell a Vehicle
If a policyholder wants to sell their vehicle, insurance policy will need for that. Because, insurance is a kind of proof that the policyholder maintains their vehicle in good condition. Also, policy number is used to transfer the NCB to their new vehicle before selling the old vehicle.
Finding the Vehicle Insurance Policy Number
To find the insurance policy number by using the registration number of the vehicle, by using the following methods as follows.
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By Visiting the Insurer’s Website
If a policyholder knows the insurer of their vehicle, that will be easy to get the policy number by visiting their respective insurance companies’ website. For that the policyholder login to the respective website by entering the required details, after that by entering the registration number of their vehicle, it will show the entire details of the registered vehicle.
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Through an Insurance Agent
If a policyholder gets an insurance policy for their vehicle through an insurance agent, by contact them to get the policy number. Insurance agents may have a copy or data for the people whom they provide services.
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Through Customer Care Helpline
If a policyholder knows the insurer of their vehicle, by visiting the respective insurer’s website to get the customer care toll free number. By using the number one can get their policy number through their registered mobile or email to provide the registered number of the vehicle.
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By Visiting the Nearest Insurance Office
If a policyholder knows the insurer of their vehicle, by vising the respective branch of the insurer and by providing their vehicle number policyholder will get their policy number.
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Insurance Information Bureau
The main objective for the formation of IIB or Insurance Information Bureau of India is to collect, store and maintaining the accurate data of Indian Insurance Sector in a digital form as a data repository. IIB was formed by IRDAI (Insurance Regulatory and Development Authority of India) in October 2009 and it maintains digitalized automobile insurance records since from 1st April 2010. By using some basic detail of a vehicle, one can get their vehicle policy status through as email or SMS.
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VAHAN e-Services
VAHAN is designed to collate all the details of vehicle registration and made available to be same for both regulators and citizens. This service was started from 2018 and as of now 21.68 crores of vehicle registration details available in VAHAN. As per the motor vehicle Act 1988, all the mandated information is captured by this portal to retrieve vehicle insurance details easily.
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