KYC Process In Bike Insurance

Square Insurance - 11 Apr 2023

Know Your Customer (KYC) is a process of verifying the identity of a customer or client before conducting any business with them. This process is followed by both financial institutions and insurance companies. The KYC process for buying bike insurance involves collecting customers’ personal information and identity documents.

Steps involved in the KYC process for bike insurance

Provide personal information

The customer must provide personal information such as

Name
Date of Birth,
Address
and Contact Details

Submit identity proof

The customer must submit a valid document. This can be done by submitting a copy of a Government-Issued ID card such as an

Aadhar Card
PAN Card
Voter ID
Driving License
Passport - as per the insurer’s requirements.

Address Proof

The customer has to provide proof of address to verify their Residential Address, which can be done by submitting a copy of a utility bill, Bank Statement, Aadhar card, or any other document that shows your address.

Vehicle Registration Certificate (RC)

This document proves that you are the registered owner of the vehicle and provides important information about the bike, such as its make and model, year of manufacture, etc. Insurance companies make sure of the information provided and the validity of the documents handed over by the customer. And for KYC purposes, a Registration Certificate (RC) is necessary.

Confirmation

Once the information and documents are verified, the insurance company will confirm the customer’s identity and proceed with the issuance of the bike insurance policy.