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.
The customer must provide personal information such as name, date of birth, address, and contact details.
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, or passport, as per the insurer’s requirements.
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.
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.
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.
In addition to the above, some insurers may require other documents, such as a photograph or a signature, to complete the KYC process.
The KYC process may vary slightly depending on the insurance company's requirements and the type of bike insurance policy purchased online. So, prior check the specific requirements with your insurer.
Also, most insurers today offer the option of completing their KYC process through an online bike insurance site, which can be faster and more convenient than submitting physical copies of documents.