Ways To Check Whether A Car Insurance Policy is Genuine

Published On Mar 22, 2021 11:00 AM By InsuranceDekho

It's not as difficult as you would think to spot a fraudulent insurance company. When choosing an insurance agent, you just need to keep a few simple considerations in mind. Here are a few fast ways to double-check the validity of your car insurance policy:

Every car in India must be insured before hitting the lane, according to the Motor Vehicles Act of 1988. Car insurance covers your vehicle in the event of an accident, a crash, a natural disaster, or a robbery. Through your car insurance, you will get a variety of extra benefits such as personal injury insurance, zero depreciation coverage, no claim bonus, and so on. However, buying a car insurance policy comes with its own collection of risks.

Ways To Check Whether A Car Insurance Policy is Genuine

It's not as difficult as you would think to spot a fraudulent insurance company. When choosing an insurance agent, you just need to keep a few simple considerations in mind. Here are a few fast ways to double-check the validity of your car insurance policy:

  • Avoid Buying Policies From Agents : Although many people in India buy insurance policies from brokers, this method of purchase is no longer safe. Many fake insurance brokers offer forged insurance certificates and allow policyholders to pay their insurance premiums offline. Even if they sell you plans with lower premiums and higher benefits, don't fall prey to such con artists. If you want to buy a policy without going through an agent, go to the insurer's official website, read the terms and conditions, and if you agree with them, buy the policy online.

  • Check the Authenticity of the Agent: Many people choose to purchase car insurance plans through brokers because they find the procedure to be more convenient and timesaving. If you share these sentiments, double-check the agent's credentials before finalising the transaction. Check the badge and licence number to confirm his or her identity, then cross-check with the authorities.

  • Do Not Make Any Cash Payment: When compared to offline payment, digital payment is secure and fast. Make a payment with a check, a credit card, or by net banking. When you make an online payment, you will see where your money has gone and see all the transaction details, including the beneficiary's account information. In the event of a future problem, you will have all the beneficiary's information and evidence of payment.

  • Compare Policy Online : If your insurance company presents you with a car insurance policy that you haven't heard of before, check the policy's validity on the concerned insurance company's official website. If the agent is selling you a phoney policy, you'll be able to tell right away and stop doing business with them.

  • Cross Check with Insurance Company: If your insurance company presents you with a car insurance policy that you haven't heard of before, check the policy's validity on the concerned insurance company's official website. If the agent is selling you a phoney policy, you'll be able to tell right away and stop doing business with them.

  • Keep the Payment Receipts: Any payment you make, whether online or offline, must be accompanied by a payment receipt. They can use the receipts as evidence if an unknown problem arises in the future.

  • Be Careful About Critical Information: When purchasing a car insurance policy, you must exercise extreme caution. Check relevant details in the policy paper, such as the insured declared value (IDV), deductibles, and No Claim Bonus (NCB), and contact the insurance company if you have questions. When you are offered a policy at a discounted rate, it is much more important to check the insurance documents. If you see something unusual, contact the branch as soon as possible.

Conclusion

Your car insurance policy is a form of compensation for your vehicle that protects it from crashes, injuries, and other unforeseen events. You don't want to end up with a phoney insurance policy and have to pay for your vehicle's repairs and losses out of pocket.

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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