Amended regulations which require a vehicle owner to have a motor insurance policy mandatorily has seen a rise in fake insurance plans. False insurance plans have become a menace in recent times. The complicated ways of buying and selecting the right insurance plan make it a hotspot for scammers to lure. These scams find many unsuspecting and credulous people to believe in such counterfeit insurance policies.
A car insurance policy is still considered as a compliance requirement rather than a necessity and leads to ignorance in these crucial areas. The latest amendments in the Motor Vehicles Act makes it mandatory for every new vehicle to have a compulsory third-party cover.
This rise in premiums makes the scammers prey the innocent and unaware people to trick them into buying insurance plans. Since these fake policies are offered at a lower price, it is a lucrative option for the insured too. Staying vigilant and checking if your policy is genuine is the way to go ahead.
Let’s look at ways you can check if you have a genuine insurance policy –
Buying from a Reliable Source
One cannot spot a spurious insurance plan just by looking at it. Thus, you need to ensure that you engage in buying your policy from a trusted source. Buying directly from your preferred insurer has become easier than before. With the financial sector opening its avenues by digitisation, buying comprehensive or third party car insurance has become hassle-free. Moreover, one can confirm the website from different sources too. This cross-verification is not possible when you buy from insurance agents or dealers as they can produce counterfeit documents.
Purchase from Licensed Insurers Only
You must check the insurer’s registration number with the Insurance Regulatory and Development Authority (IRDA), which is the regulatory body. You must purchase from licensed insurance companies only because there could be some forged documents with authentic logos that can deceive you.
No Hassles of Payment
There is an elimination of paperwork while using the online channel to buy your car insurance policy. Also, one gets immediate confirmation for receipt of payment when using online payment modes. Once you have successfully made the payment, in the next couple of minutes, you shall receive the policy document in your mailbox. Physical delivery of your policy can also be opted at the time of purchase.
Use QR Code
Insurance policies may have a QR code placed on their policy documents. It will enable you to scan with ease using your smartphone. Once you scan this code, you can view details of your policy that can be verified before purchasing.
Verification of your policy
It is advisable to visit the website of you insurance provider in order to verify your policy. The validity, as well as the terms, can be confirmed by this method. Ensure you thoroughly read through the policy documents for familiarizing with the terms and conditions.
Make sure you verify the details at the time of car insurance renewal and purchase to check for its authenticity. Be aware and take precaution and choose a genuine motor insurance policy. After all, you don’t want to fall prey to mislead schemes.