How to Differentiate Between Fake and Genuine Bike Insurance Policy?
It took some time, but you were finally able to find two-wheeler insurance online at a considerably lower premium than the market average. While you might be thinking that all your hard work has finally paid off, are you sure that you are purchasing a genuine policy?
While online insurance is highly convenient and quick, the internet is also the most common place where a lot of people are duped with fake policies.
So, how can you differentiate between fake and genuine two-wheeler insurance? Here are a few tips that can help-
1. Check the Policy Documents
A common method often used is misleading advertisements. In this, the insurer advertises something and then delivers something entirely different once someone purchases an insurance policy for bike online.
For instance, the insurer might advertise higher IDV (Insured Declared Value) or free add-ons. But once you purchase the policy, the IDV might be lesser than promised, or the add-ons might be missing in the policy documents. So, after buying the policy, go through the policy documents carefully to ensure that everything is in order.
2. Policy Tenure and Premium Paid
The policy tenure and the premium you have paid for the bike insurance policy will also be mentioned in the policy document. A genuine policy document will always have accurate details. While there can be errors at times, such mistakes are very rare when you are dealing with a reputed company.
Fake policy documents can have a shorter policy tenure than what was initially promised, or there can be errors with the premium amount. Do get in touch with your insurer as soon as you find such discrepancies in your policy documents.
3. QR Code
The IRDAI (Insurance Regulatory and Development Authority of India) has now made it mandatory for insurance providers to imprint a QR code on every policy document. The QR code can be used for verifying your insurance.
If the policy document does not feature this QR code, it is possible that you might have purchased a fake policy.
4. Policy Verification Link
It is better to always purchase bike insurance online from the official website of the insurer. There are now several online platforms from where you can buy many different types of insurance policies offered by many different insurers.
If you have purchased insurance from one such 3rd party portal, you should get it verified by contacting the insurer. Alternatively, most insurers now have a policy verification link on their website. The link can be used to check whether or not your policy is genuine.
Always Trust a Reputed Insurer
One of the best ways to avoid getting duped is to only rely on reputed insurers. Be it bike insurance renewal or purchase, stick to a trustworthy brand to get the required protection for your two-wheeler.
In a bid to save some money, you might end up with a fake insurance policy which could prove very expensive in the future.