5 Ways to Check Whether Your Car Insurance is Genuine or Not?
Can an insurance policy turn out to be a fake one? Many would struggle to answer this question. But, the truth is that there are many fake policies in the market masquerading as genuine ones. There have been many instances of policyholders being fleeced by fly-by-night companies and link-and-you-miss-it kind of agents. So, it is important to acknowledge the existence of such fraudulent activities, and tread cautiously while buying a car insurance policy.
It can be terrifying for you to find your motor insurance policy is a fake one, as it means you are no longer eligible for any kind of car insurance claim. But, such instances should not deter anyone from opting for car insurance as there are many renowned insurance companies that you can trust. At IFFCO-TOKIO, we pride ourselves on the trust and faith that our customers show in us. The challenge, however, lies in identifying a fake insurance policy from a genuine one. Now, the question foremost on everyone’s mind is: how to distinguish between the two? There are certain checks with which you can ensure whether the policy is genuine or not. These include: -
Check for Genuineness Online
Several insurers of repute these days have apolicy verification link on their websites. To check the genuineness of a car insurance policy, you can visit their online portal and use the verification link provided to assess its validity. You can also talk to the customer care executives of the relevant insurance company to find out the truth about the policy.
Buy Only and Only from Credible Sources
It would be easy to get swayed by the sweet talks of an enthusiastic agent of an unknown company. This is where the problem crops up. You can easily burn your hands by dealing with such unorganized players. It is true that the task of spotting fake motor insurance is akin to looking for a needle in a haystack. So to be on the safer side, it is always better to purchase an insurance policy through reputed and credible sources, either through our website or directly from the branch office.
Collect Your Receipts
Don’t leave anything to chance; always seek a valid receipt for the payment you make. In case you are buying the car insurance offline, then Cheque is the ideal mode of payment. Always mention the name of the company, not of any individual, on the Cheque you give. If you face any problem or issue with the car insurance policy in the future, you can use these receipts as evidence in a court of law to strengthen your case.
Go Through the Insurance Policy Carefully
It is very important to read the insurance policy thoroughly. Devote as much time as possible to read every minute detail of your car insurance policy online. Upon the receipt of the car insurance policy, ensure that you have checked all the important information printed on it, such as the Insured Declared Value, No-claim Bonus, and other deductibles. These aren’t aspects you should ignore.
Verify Through QR Code
QR codes are very useful to check the credibility of a policy. The governing body of the sector, Insurance Regulatory and Development Authority (IRDA), has made QR code compulsory for every insurance policy that is being sold from December 2015 onwards. The code assistsin checking the veracity of the car insurance policy. You only need to scan the image of the QR code, using a QR reading app on your smartphone. Once you scan the QR code, you can find the status and the details of your insurance policy on a new web page.
The bottom line is that it is always ideal to check the credibility of your car insurance policy. In case you are thinking of buying a new policy, you can get the best insurance quotes here at IFFCO Tokio, and a policy which provides ample coverage and quick claim settlement.
**To understand exactly about the policy coverage, exclusions etc read the Policy Wordings carefully.**