Car insurance is mandatory according to the law, also, to secure your travel of any kind. It helps us to raise claims during accidents or any harm which may happen to the vehicle while its utilization. We all want the best deal for our car insurance, but that should not let us forget to check the genuineness of the insurance and its provider. You might fall prey to fraudsters if you are not doing your due diligence while purchasing the policy.
Becoming a victim of fake insurance policy can create problems while claiming the policy.
However, there are some methods through which you can check the authenticity of the policies –
Easy Ways to Check Whether your Car Insurance Policy is Genuine:
Speak With Your Insurance Company:
One of the easiest ways to validate the authenticity of your insurance policy. You can contact them through their toll-free number or by sending an email to the customer service team, which can be found on their website or mentioned in the policy document.
In case you are not satisfied with these ways, you can visit the nearest branch office of the insurance company and get your answers. You may also reach out to them through their social media handles such as Twitter or Facebook account.
If you have purchased your car insurance policy long back and not sure if it’s genuine, call the insurer’s customer care and verify the current status of your policy. This way you can eliminate surprises when you raise or register a claim.
Pay by Cheque/Credit Card/Online:
Never pay by cash. Some of the most accountable modes of payments are through cheque/credit card/online (net banking), which are the recorded verified transactions. Also, new-age payments transactions such as digital payments are secure and fast compared to conventional methods of payment. One great pro of such payments is that you can know the beneficiary account details for future.
Collect Your Receipts of the Premium:
Ensure you take a receipt for the premium paid and save them as these serve as a proof of payment. With new-age digital transactions, you’ll receive a soft copy of the receipt by email, which is the policy document, or you could simply log in to your account and view or download the receipt of payment.
Check Policy Verification Links:
Many insurance companies have a policy verification link to check if your insurance policy is fake or genuine. You’ll find ‘Online Policy Verification’ option on the insurance company’s website. Enter the policy number to check if your insurance policy is genuine. If you find out that the policy number is invalid, call the insurance company’s customer care or write an email to check the authenticity of the policy.
You could also log in to your account on the insurer’s website after buying the policy to verify the authenticity.
Check the Existence of the Policy:
If you are approached by an agent or an insurance company that you have probably not heard off, verify the details in the official website of the insurer. If an agent is trying to sell an unknown policy, you can verify the details online and avoid making an unwanted deal with the agent.
Check Essential Details:
Make sure important information is mentioned in the policy document correctly. Details such as No Claim Bonus (NCB), Insured Declared Value (IDV) and the deductibles need to be accurate. One of the easiest ways to identify fraudulent insurance is if the premium offered by the insurer is very low. There’s a possibility that the agent might alter the NCB and IDV to reduce the premium. If you find that the NCB and IDV are not mentioned correctly in the policy document, get it immediately corrected with your insurance company to avoid any unfortunate circumstances in the future.
Sign the Proposal/Cover Note Yourself:
The proposal form has the information about your vehicle and it’s important that you sign it and ensure all details are correct. Online form can also be filled if you have opted for an online insurance. This includes information such as the make and model of your car, engine capacity, whether it runs on diesel or petrol, etc. You can enter all the required details on the form or verify the details entered by the agent or the insurance company before you sign the proposal form to ensure the authenticity of the policy.
Verify Through QR Code:
The Insurance Regulatory and Development Authority (IRDAI), which is the governing body of the insurance industry, has made it mandatory for every insurance policy that’s being sold to have a QR code. This code helps you to check the genuineness of the policy. You can scan the QR code on your smartphone by utilizing a QR scanner app. Upon scanning the code, you’ll be able to view the status and the information related to your insurance policy.