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How to Check If Your Car Insurance Policy Is Genuine?

Wish

Written by Udit Varshney

Updated Jan 03, 2024

While there are many options to buy better car insurance on the market, the chances are that if you get an offer that sounds too good to be real, it may not be genuine. To verify the reliability of your car insurance policy, here are a few effective tips.

Any car in India should be insured before it reaches the road, as per the Motor Vehicles Act 1988. However, buying a car insurance policy often entails some risks. Although there is an abundance of reputable car insurers, there are also many fake businesses and agents. In reality, car insurance fraud cases are on the increase.

How to Check If Your Car Insurance Policy Is Genuine?

Tips to Identify If Your Car Insurance Policy Is Genuine

When deciding on an car insurance company, you need to bear in mind a few simple points. To verify the reliability of your car insurance policy, here are a few effective tips

1. Check the Insurance Provider: Several fake insurance providers offer fake insurance documents and push the policy buyer to pay off-line insurance premiums. Visit the official website of the insurance provider if you want to purchase a policy via an agent, read the terms and conditions, and if you agree with their terms, then purchase the policy online. If you bought your car insurance policy long ago and are not certain that whether it is genuine, call the customer care of the insurance provider and confirm your policy's present position.

2. Payment Mode: Don't ever pay with money. Compared to traditional payment systems, new-age payment transfers such as digital payments (cheque/credit card/net banking)) are both safe and swift. You are aware of the details of the beneficiary account by paying through such mode of payment.

3. Check Policy Online: If you are presented with a car insurance policy from your insurance provider that you have not heard about before, search the same on the official website of the insurance firm concerned and find out about its genuineness. If you are given a fake policy by the agent, you can immediately find out and stop making any agreement with the company.

4. Keep the Payment Receipt: Make sure that you get a receipt for the premium paid and save it as it acts as evidence of payment. You will get a soft copy of the receipt by email or you can easily log in to your account and download the payment receipt.

5. Check Critical Information: Making sure that all of the essential policy details are accurately stated. This comprises the IDV, No Claim Bonus (NCB), and deductibles. To lower the premium quote, it may be likely that the insurance company manipulated the NCB and IDV prices.

6. Verify the QR Code: Both insurance firms must have an app with a QR code in compliance with the strict guidelines of the IRDAI. This assures the genuineness of the policy as the customers regularly get all updates on the app regarding their insurance policy.

7. Check Before Signing: When signing the policy statements, do not be in a rush. Be careful and properly read any term and condition. Besides, verify all of the critical details specified in the application form. Ensure that the final sign on the document is yours and not someone else,

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Take Away

The authenticity of the provider that offers a generous car insurance policy must be verified. It is obvious from these tips that only paying the premium timely is not enough; you need to read the terms and conditions before signing the policy document. There is a range of new-age insurance providers that work directly with clients and provide online services, keeping them safe and hassle-free.

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.

Wish

Written by Udit Varshney

Udit has built B2C segments across various industries and has had significant contributions to the insurance sector. Read More

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.

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