In India, it is mandatory for every car owner to secure themselves with at least a basic third-party motor insurance policy that covers legal and financial liabilities towards the third-party during an accident. Not having this basic form of motor insurance can see you pay a hefty fine or face huge financial losses during an accident.
Now, the importance of having four-wheeler insurance in the country has led to many unscrupulous individuals taking advantage of the situation. Fraudsters are known to issue fake motor insurance policies that leave many innocent people trapped. It is thus important that you are aware of how you can protect yourself from being trapped in such an insurance scam.
Tips to stay safe from fake four-wheeler insurance policies
Here are a few tips that can help safeguard you from falling prey to miscreants who try to cheat you with fake four-wheeler insurance policies.
- Do a bit of research on the insurer
No matter how attractive a motor insurance policy appears to be, it is always important that you do a bit of research on the insurance provider before buying it. Visit the insurer’s website to check if they have listed a physical address and whether they have a valid helpline number. Call up on the contact number provided and cross-check a few things about the policy with the service representative before buying the policy. Do consider buying your coverage only from well-known insurance companies that enjoy a good market reputation for high claim settlements and excellent customer support.
- Only purchase from authentic platforms
When buying your car insurance policy, make the purchase only from the insurer’s official website. You may also consider buying the policy from a genuine aggregator website. Avoid any random links that put out offers which seem too good to be true as these might be a scam. If you are unsure whether the offer on a link is genuine or not, call up the insurance company and ask them to help you verify the authenticity of the deal.
- Look for the QR code
The IRDAI has made it mandatory for car insurance policies to have a QR code. This QR code will help you verify the authenticity of the document and help you spot a genuine policy from a fake one. Download a QR scanner on your smartphone and make sure to look for this code and verify it when you get your car insurance policy.
- Make online payments
If you are buying four-wheeler insurance from an agent, always opt to make electronic payments. Use your credit/debit card or net banking to pay the insurer directly through their official online portal; never make payments to a person’s private account. You may also pay with a cheque issued in favour of the insurer and not paid to an individual.
Keep these tips in mind while buying your four-wheeler insurance to stay safe from scamsters out there. Hope this article has helped alert you to the prevalence of fraud in car insurance and how you can stay protected.