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How long should you keep car insurance records and why?


How long should you keep car insurance records and why?

It is important to have car insurance, and it is your job to keep track of your insurance records. Pay attention to how long you should keep your car insurance records after reading this article.

It is important to understand how long you should keep your four-wheel insurance records. Some documents can be disposed of, but others must be kept for longer than the time. Tracking your securities is both a need and a good personal exercise. Private and financial records should be stored in easily accessible places, whether digital or physical documents. Even your car insurance policy should remain in a safe place where you can access it at any time, especially if the authorities want it. 

How long should car insurance records be kept?

Many papers should be saved and kept for a longer period of time. The following documents must be kept:

Auto Insurance Card

This card must be kept in your car at all times. You must have a digital insurance card and a printed copy at hand if your phone is misplaced. In some countries, a card is required in your car. If you have an accident, you'll need your insurance card because it contains different facts such as your policy number, registration number, and other important information.

Car Insurance Policy Announcement Page

In addition to your name and address, the statement page contains a description of your policy coverage and discounts. This document must be kept in a safe place until you receive an alternative.

Documents associated with a claim

Keep any repair invoices, receipts and other information with you if you have an open claim. After you get paid and the claim is legally closed, you can ignore these records.

Bill statement every month

If you use your car for work or have a home office, keep your billing statements for tax purposes. If you are audited, you will have to prove all your invoices over the past seven years.

Why do you need a copy of car insurance?

A car insurance policy is a contract approved by you and your insurance companies. From the time the policy is issued until the policy expires, the insurance company provides financial assistance against third-party obligations or vehicle compensation for the premium you pay. Coverage details, exceptions, terms and conditions are included in the car insurance policy. 

When you make a claim, the insurance company will consider your insurance policy and terms and conditions to determine how to deal with the situation. Knowing your coverage details can help you determine what kind of claim to make. Policy terms are also included in the policy document, which you can refer to during dispute settlements. As a result, it is necessary to maintain or save vehicle insurance coverage to help you in the event of a claim.

Take away

You don't have to keep old, void, invalid or expired policy papers unless you have a legitimate need for them in the future. While it's unrealistic to keep all your car insurance paperwork in your records, you may need to withhold some depending on the situation. In most circumstances, car insurance policies can be disposed of quickly after the coverage expires. 

You don't have to worry if you decide to cancel the current coverage. All documents relating to your insurance will be retained by your insurance company and will be able to access them online at any time. However, you must carry with you a large number of documents. Keep your insurance policies until you are sure that the claim will not incur any additional fees.

Read also: 

Importance of non-cash garage facility in India

What do you do if magma HDI's car insurance policy expires?

Disclaimer: This article is published in the public interest and is intended for public information purposes only. Readers are advised not to rely on the contents of the article as crucial in nature, and further research or expert consultation should be conducted in this regard.

The advantages and benefits of buying car insurance from Kotak Mahindra

Here are the benefits of buying your car insurance from Kotak Car Secure. 

1. Reliable and brand reputation

 When purchasing car insurance, you should always ensure the validity and legitimacy of the company to be safe from fraudulent transactions. Kotak Mahindra is one of the most trusted and reputable brands in the country. The RDAI International Centre has been approved and has been providing service since 2014. This means you can rely on Kotak Car Secure to help you in times of need. 

2. Third-party coverage

The presence of third-party car insurance is mandatory for each car owner in accordance with the Indian Automobile Act. This is available as a standard insurance policy or even as an additional cover. You can claim this insurance to compensate for the loss of the third party in the event of an accident. Kotak provides up to 7.5 lakh for the amount of the claim depending on the amount of damage to the third party. 

3. OD and PA cover 

Special damages and personal accident covers are some of the most vital covers in any car insurance policy. These covers keep you financially safe in the event of an accident that causes damage to your precious four wheels. Od cover provides financial assistance to pay for repair of damages in the event of an accident, fire or natural disaster and pays the holder of the document a settlement amount in the event of theft. Kotak Car Secure PA cover provides a settlement of up to 15 lakh in the event of any damage to your vehicle caused by road accidents. It also takes care of medical bills in the event of any physical injury from a car accident. 

4. Additional coverage

Insurance companies offer many facilities that can be added to your car insurance policy for additional coverage in the form of add-ons. Buying this will increase the cost of your premium, but will give you the optimal coverage you need. Kotak Mahindra offers 9 additional covers plus OD and PA cover to help you cover all roads. 

5. Online facilities

With the improvement in technology, most insurance companies have enabled their customers to buy, renew and even claim insurance for their cars online from the comfort of their stay. Kotak Mahindra has a website with a seamless user interface where you can easily buy, renew and claim insurance on your car.

How to buy an insurance car in Kotak a safe car?

Buying car insurance in Kotak Mahindra is simple. You can buy car insurance online and customize your plan by adding your favorite extra coverage at a reasonable premium. Here are the steps you can take to successfully purchase your car insurance online - 

1. Visit the official website of Kotak Car Insurance Company and click on the tab to buy car insurance.

2. You will be asked to provide details of your car such as registration number and date with your contact details such as phone number and email.

3. You will be taken to a page to determine the type of car insurance policy and additions to the insurance plan.

4. Once you select these details, you can get a car insurance quote for your insurance policy and pay the premium.

5. You will receive your policy policies on your mail document indicating the success of purchasing insurance on your car.