KYC Process In Car Insurance
Published On Jan 23, 2023 10:00 AM By InsuranceDekho
KYC Process In Car Insurance
Table of Contents
From 1st January 2023, KYC or Know Your Customer is now mandatory for all types of insurance, including car insurance plans. Insurance Regulatory and Developmental Authority has instructed all the insurers to start with the KYC process. The implementation of KYC happened in order to make insurance process more convenient as well as reduce the fraud claims associated with insurance. While KYC is mandatory for all types of insurance, in the section below, we have enlisted the KYC process for car insurance.
Features of KYC Norms in Car Insurance
Listed below are the features of Know Your Customer norms in car insurance:
- In order to complete KYC norms in car insurance, you need to submit documents like aadhar card, photograph, identity proof, etc
- For new buyers of car insurance plans, they need to submit KYC documents at the time of buying the car insurance plan
- For existing car insurance policyholders, insurers are requested to start collecting the KYC documents within 1 year
Benefits of KYC in Car Insurance
Some of the benefits of KYC in car insurance are as follows:
- KYC in car insurance will enable the insurers to keep the complete record of policyholders in one place
- KYC will help in reducing the chances of fraud claims
- With KYC greater customer satisfaction is also ensured
IRDAI Approved KYC Process
IRDAI has approved different KYC procedures such as the following:
- Aadhar based KYC which allows policyholders to do the KYC either online or offline
- Digital KYC
- Video-based identification where the insurer and policyholder will interact and complete the KYC process
- By submitting the Form 60 along with your PAN card and other official documents
Documents Required for KYC Process in Car Insurance
Listed below are the essential documents required for KYC in car insurance:
- Passport
- Driving License
- Aadhar card
- PAN card
- Voter’s Identity Card
- Passport size photograph
Take Away
Thus, KYC has now become a mandatory requirement for all policyholders so that the number of insurance-related frauds is reduced. So, in case you already have an insurance policy, make sure to contact your insurer and get your car insurance KYC done at the earliest.
Also read: Reasons for Car Accident in India
