In this modern world, vehicles like bike, car, auto, van, lorry and other motor vehicles are used by the people for their transportation. The motor vehicles are most necessary part of human life for their travelling around the world. In that 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 and about motor insurance. Also, to see how to know your vehicle insurance policy status in detail.
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.
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.
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.
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.
Other than third party insurance, to protect the damages made by the owner and damages caused by any other incidents like theft, fire, natural calamities, an optional insurance is used, called comprehensive insurance.
Hereafter we are going to see how to check the status of the above vehicle insurance policy in online.
Various Ways to Check the Policy Status
It is important to know the insurance policy status if you have a vehicle for your own. Because, as per the Indian Motor Vehicles Act 1988, it is mandatory to have third-party insurance for all vehicles. In case if a person met with an accident, to claim the amount from the insurance company in the damage and the death of an insured, policy status will be used.
For checking the status of the vehicle insurance, the following methods are used,
- Insurance Information Bureau (IIB)
- VAHAN e-Services
The two ways are commonly used to check the policy status of the motor vehicles in India.
1) Insurance Information Bureau (IIB)
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.
Guidelines for Checking the Insurance Policy Status of a Vehicle
Before knowing the insurance policy status of a vehicle, we need to know some guidelines to get the status from IIB.
- The basic thing is to know the registration details of a vehicle to check its policy status. By entering the vehicle registration number is an important one to get the status.
- For getting the Insurance policy status, the proper mobile number and mail id is important because, the maximum of 3 times only one can access the website.
- To get and store the vehicle insurance details from insurance companies to IIB portal, took 2-month time period. So, one can’t able to get less than 2 months new vehicle details in this portal.
- As said earlier, IIB was formed in October 2019 and start storing insurance policy data the data from 1st April 2010. So, the data before April 2010 only available in IIB.
- Insurance companies provide only the engine and chassis number to IIB after the issuance of the policy.
Processing Steps to Find the Insurance Policy Status
People may need the status of their insurance policy under the following circumstances,
- Due to their loos of vehicle
- Due to an accident of their vehicle and to know the policy details of the opposite person’s vehicle
For both the above circumstances or any other reason to know the insurance policy status, some of the basic details are needed as follows,
- Registration Number of a vehicle
- Owner name of a vehicle
- Address for the owner of vehicle
- Email and Mobile number of a vehicle
- Date and Place of an accident
By having the above data and following the below steps leads to know the status of insurance policy
Enter in to the ‘Insurance Information Bureau of India’s official website.
In the home page of IIB, select the icon name ‘V SEVA’ under the ‘Quick Links’ module, it will take in to the ‘Accident Vehicle Information Retrieval System’ page.
Enter the details asked in that page which already need to have mentioned above.
After entering all the details correctly and click ‘Submit’ button. Then the page shown the vehicle insurance policy details if entered vehicle details and registered vehicle details in IIB is same.
2) 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.
Processing Steps to be Follow in VAHAN
To know the vehicle insurance details by following the below steps are necessary.
Enter in to the ‘VAHAN e-Services’ official Website
On the home page click ‘Know Your Vehicle Details’ option to enter in to the page
Enter the ‘Registration Number of a Vehicle’ and click ‘Vahan Search’ option after entered the verification code.
The whole details of the vehicle which entered displayed in the screen. From that the status of the insurance policy will get easily.
The above two methods are used to get the status of an insurance policy in online and also the vehicles which are all registered from the year of 2010 only available in that sites.
To know the policy status of a vehicle in offline is made possible by the following two ways,
- If a person knows the insurance company of where they insured their vehicle, they will visit directly to the insurance company or their official website to know the status of the insurance policy.
- To visit the respective RTO location of the registered vehicle and enquire the details of that vehicle to get the insurance policy status of a vehicle.
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