It is imperative to purchase a car insurance policy. But could there be fraudulent ones as well? Indeed, the market is rife with insurance companies that falsely represent themselves as legitimate businesses.
As a result, verifying the legitimacy of your car insurance is a highly essential step. If it turns out that your auto insurance coverage was a hoax, you won’t be able to claim it after discovering the truth. However, this does not imply that you must forego purchasing insurance from any firm.
The following are five checks that can be done to determine whether or not your car insurance is genuine:
- Examine the authenticity via online checkups:
A policy verification link on the websites of many different insurers has made it possible to conduct authenticity checks efficiently and conveniently online. Simply going to their internet portal, clicking on the verification link, and determining whether or not it is legitimate is all that is required to check this out.
On the other side, you can speak with the customer service executives of that particular car insurance business to learn everything there is to know about the policy. To file a successful motor insurance online claim, you are going to need to have current insurance coverage.
- Purchase a single item from reliable sources:
The representatives of the fraud insurance businesses will make it their mission to persuade you that you can rely on them. It is tough to distinguish between genuine and counterfeit automobile insurance policies.
For this reason, you should never get insurance coverage from a company that does not have a solid reputation and credibility.
- Gather all of your receipts together:
When you make payments on your auto insurance policy, you should always get a legal receipt or preserve a record of the digital copy of your policy. Please do so to avoid cancellation of your coverage.
- Carefully read through the terms of the insurance policy:
We frequently need to pay attention to the insurance policy and read it. You are obligated to read the policy wordings of your auto insurance coverage online and carefully examine every granular element both while purchasing and when you renew car insurance. Please verify that the auto insurance coverage receipt contains all the essential details listed on it.
It would help if you did not overlook several crucial facets of it, including the insured’s stated value, the no-claim bonus, and the other deductibles.*
- Verify with the use of the QR code:
It is simple to ascertain whether or not a policy is legitimate if you verify its QR codes. The regulatory and development authority of the industry, the Insurance regulatory and Development authority, included a QR code in all general insurance policies beginning in December 2015 and continuing forward (IRDAI). #
You only need to perform a straightforward step, which is to scan the image of the QR code. A QR reading app on your mobile device is the simplest way to accomplish this task. Scanning the QR code takes you to a new web page where you can quickly access information regarding the current state of your car insurance policy and its specifics.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.