• Insurance frauds have been widespread for many years, and the reality is that it cannot be entirely eradicated. Various estimates suggest that the Indian general insurance sector could be facing losses between Rs. 2,500-3,500 crore annually due to such frauds.

• Clearly, it would be disheartening for a customer to find out that the click here!

Best Ways to Verify If Your Motor Insurance Online is Authentic

1) Reach out to your insurer

This is the most straightforward and easiest method to verify whether the policy given to you is accurate or not. You can get in touch with the insurer by sending an email to customer care or calling their toll-free numbers, which will be listed on the policy document. If the toll-free number is not available, you may visit the nearest branch office.

2) Request a Receipt

Always insist on getting a receipt for premium payment. Some companies include this on the policy document (under premium payment details) but also offer a separate premium receipt, if requested. It’s always wise to ask for a premium payment receipt if you pay in cash. Confirm that the details indicated on the receipt are correct, such as information about the cheque provided by you (Cheque No. , Date, amount, Payee Bank). Be aware that the validity of the policy will depend on the validity and clearance of the cheque.

3) Verify IDV, NCB, and Deductibles

Upon receiving the policy, you should examine the IDV (Insured’s Declared Value), NCB (No Claim Bonus), and the deductibles (such as voluntary excess, compulsory deductible, and Additional Compulsory Deductible) to ensure that the policy issued is legitimate. Although these may seem like minor checks at the time of receiving policies, they can cause significant issues during claims. For instance, your current car insurance or two-wheeler insurance might have been issued based on incorrect declaration of a claim made on the prior policy. This might seem cost-effective initially, but it could result in substantial expenses when your current insurer uncovers this during a claim. Occasionally, your agent could also entice you with a more economical deal. Nevertheless, it is your responsibility to accurately disclose this information when submitting details in the Proposal form. If the NCB is incorrectly mentioned, promptly address this with your Insurance Company to ensure a hassle-free claim settlement later on.

4) Signature on Proposal Form / Cover Note
Never permit anyone else to sign the proposal form on your behalf. Always demand to sign it yourself. This is necessary since you know your requirements and can verify the features of your vehicle. For instance, if your vehicle has CNG installed, which the agent is unaware of, and he states that the car runs on Petrol / Diesel, then you would encounter an issue during a claim. Likewise, you are more knowledgeable about whether your vehicle is registered as private / commercial than the agent from whom you obtain this product. Therefore, it is consistently recommended to complete the proposal form/cover note and sign it yourself.

Also Read: How to Identify a Fake Car Insurance Policy?

Why is it Essential to Verify the Authenticity of your Motor Insurance Policy?

• Ensuring the authenticity of your motor insurance policy is vital to prevent possible fraud and guarantee full coverage. A fraudulent policy can expose you to financial loss in the event of an accident, theft, or damage. Verifying authenticity aids in confirming that your insurance provider is legitimate, and the terms are valid. It also guarantees that your policy complies with legal standards and circumvents complications during claims.

• To verify, examine important details like the policy number, insurer’s contact information, and the document’s validity. Additionally, you can visit the insurer’s website or utilize their customer service to authenticate your policy’s legitimacy. By taking this measure, you shield yourself against financial risks and attain peace of mind knowing your coverage is secure.

Why is Checking if the Insurer is Genuine Important?

• Determining if the insurer is genuine is essential to avoid potential fraud and ensure you receive adequate coverage when making a claim. A legitimate insurer will offer clear policies, provide dependable customer service, and adhere to legal regulations. This assists in protecting your financial interests and guarantees that your insurance claims are processed swiftly and effectively. Moreover, a trustworthy insurer provides reassurance, knowing they will fulfill their promises in times of need. Always check the insurer’s credentials before acquiring any policy.

FAQs

How can I verify if my insurance policy is valid?

You can confirm the validity of your insurance policy by examining the policy document or reaching out to your insurance provider. The document will indicate the policy’s start and end dates. You may also verify your policy status online on the insurer’s website by entering your policy number or vehicle registration details.