How to differentiate between a fake and genuine bike insurance policy?
Updated On Mar 20, 2021
To differentiate between a fake and genuine bike insurance plan is essential for every policyholder. Read this article to find out how to do so.
When it comes to purchasing bike insurance, it is best to go with the online option and compare all the different choices available to you, for heightened convenience as well as to ensure that you get the best premium and coverage based on your needs and preferences. However, when purchasing insurance online, you may have a doubt as to whether the insurance you are purchasing is in fact genuine. With online policies, it is common for people to get duped with fake policies. Let’s learn about some tips and tricks to understand whether a bike insurance policy is in fact genuine or not.
How To Ensure That A Bike Insurance Policy Is Genuine?
1. Policy Documents
A common problem is misleading advertisements, wherein a fraudulent insurer would advertise something and deliver something else when the customer purchases insurance online. This could be a different IDV or free add-ons that are not in fact there in the policy when it is purchased. To avoid this happening to you, make sure to check the policy documents thoroughly to ensure that they match what you have agreed to pay for. A fake policy document may have errors in the stated policy tenure, or in the premium amount. It may contain a shorter tenure than what you have agreed to or a higher premium amount. If you find any such discrepancies in the policy document, contact your insurer and also be wary that it might be a fraudulent policy.
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2. QR Code
IRDAI (Insurance Regulatory and Development Authority of India) has made it compulsory for insurance companies to provide a QR code imprinted on every single policy document that they issue. This QR code is extremely useful when it comes to verifying your policy document to ensure that it is genuine. If the QR code is not included in the policy document, you have likely purchased a fraudulent policy.
3. Policy Verification Link
When purchasing insurance online, it is best to do so from the official website of either the insurance company or an official platform which allows you to buy insurance policies from different insurance companies. Most insurance companies will have a link on their website which will allow you to verify a policy that you have purchased, which makes it easy for you to tell if your policy is genuine and verifiable or if it is fraudulent.
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You now have the necessary knowledge to make sure that any policy you purchase online is genuine. Make sure to check all these factors after purchasing an insurance policy for your bike to make sure that it is not fraudulent, and that you are receiving the services you have paid for.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.