June 25, 2024

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How To Avoid Ending Up With a Fake Motor Insurance Plan?

Motor Insurance Fraud | What to Do to Avoid | Direct Asia

Since the beginning, the market has been swamped with counterfeit and phoney items. This also applies to services, and auto insurance is not an exception to this rule. It is essential to have the appropriate information to avoid parting with one’s hard-earned cash for purported insurance coverage that turns out to be a fraud. Keep reading for some helpful advice that will assist you in maintaining your vigilance and preventing the purchase of fraudulent vehicle insurance:

Choose your payment method with great care

When purchasing auto insurance in person, the payment should be made by check to avoid being a victim of fraud. When you avoid paying with cash, you help prevent your money from going to any source that is not legitimate, and you also ensure that all of the activities taking place are legal and aboveboard. 

When making the payment to renew motor insurance, an additional safety measure that should be taken is to make sure that the check is made in the name of the auto insurance provider and not the name of any specific individual, such as an insurance agent. This helps prevent insurance fraud in an additional way.

Buy Insurance Over the Internet

By purchasing insurance online from a reputable and well-known website or the official website of the relevant insurance provider, you protect yourself from becoming a victim of fraud and the potential of inadvertently obtaining a phoney auto insurance policy. Therefore, it is in your best interest to acquire your insurance policy online since this provides the additional benefit of comparing several policies and their associated prices.

Maintain a Relationship with Your Insurance Company

On the website of every licenced insurance provider, there ought to be a link labelled ‘Verification’ that, when clicked, will take you to information proving the organisation’s credibility. In addition, it is beneficial to get in touch with the customer service lines of the organisation to inquire about the specifics of the insurance provider and policy and obtain all of the relevant information. 

Ensuring you have this contact will assist you in determining whether or not the insurance company is legitimate. In addition, consider going to the branch personally to establish that the insurance provider you are working with is authentic and to ensure that you are not dealing with a phoney business or policy provider.

Verification of the Policy can be done using a QR Code

It is now required by the Insurance Regulatory and Development Authority of India (IRDAI) that all insurance companies include a QR code with their policies. This contains companies that provide auto insurance. When a QR code is offered to you, you can use it to verify the legality and legitimacy of the provider. #

This will allow you to guarantee that you are interacting with a genuine insurance provider and not a fraudulent or counterfeit business. You can use your smartphone to scan the QR code associated with your auto insurance policy in India. Then you will be presented with real-time information regarding your policy, its coverage and the motor insurance claim process.

Takeaway

The market is teeming with phoney and counterfeit insurance policies, in addition to insurance fraud on a widespread scale. It is critical to verify the reliability of your insurance provider and the policy at issue to ensure that you are paying enough for both. By keeping these precautions in mind and ensuring that you are watchful and doing adequate research on the vehicle insurance provider in question, you can protect yourself from fraud and guarantee that your financial security is not jeopardised.

# Visit the official website of IRDAI for further details.

‘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.‘