Fake auto insurance plans? Can this happen? It’s hard to believe that the motor insurance plan you recently availed, could be a fake. If you buy an auto insurance plan without paying attention, you could be in for a nasty surprise.
1. Buy the policy from a reliable source
To avoid buying a fake insurance policy, you must always buy a policy only through famous and reliable sources. You can buy either through an aggregator’s website or directly from the insurer. If you are buying through an insurance agent, make sure to check his/her IRDA license.
2. Pay via cheque or online payment modes
Payment for your car insurance policy, should be made through a cheque, if you are buying the policy offline. To avoid fraud, the cheque should be issued in the name of an insurer and not in the name of any individual (say the agent). Also, keep in mind, not to make any cash payments. You can also buy the policy online to avoid frauds.
3. Sign the proposal form yourself
To avoid getting cheated by your insurance agent, it is advisable to fill and sign the proposal form, yourself. The information you are required to provide in the proposal form includes details about the car’s engine capacity, fuel type, and existing policy details. For example: If your car is fitted with CNG and the agent mentions that the car runs on petrol or diesel, it will be difficult for you while making a claim.
4. Contact the insurer
Some insurers provide the policy verification link on their website. To make sure that the motor insurance policy is not a fake, you can visit the website and use the verification link to be assured of its validity. You can also call the customer care of the insurer to verify all the details. You can also email the company or visit the branch directly.
5. Use QR code
You can use the QR code to verify the genuineness of your insurance policy. The Insurance Regulatory and Development Authority of India (IRDAI) has made it compulsory for insurers to print the QR code on the vehicle insurance policy. Once you scan the QR code, you will receive information on the policy on a real-time basis.