Simple Ways to Check Whether Your Car Insurance Policy is Genuine or Not?

While there are many car insurance providers available in the market, there are chances that if you get a policy that sounds very good, it may not be genuine. There are some simple ways to find out the reliability of your car insurance policy. These ways are effective, and if you follow them, you can easily know whether your car insurance policy is genuine.

Read more

Ways to Check Whether the Genuineness of Your Car Insurance Policy

As per Indian Motor Laws, it is mandatory for every car owner to get a car insurance policy. However, purchasing genuine car insurance can be pretty tricky. While buying the cheapest car insurance policy may be tempting, there are also good chances of it not being authentic. Thus, you must be cautious enough and follow these simple ways to check the genuineness of a car policy before purchasing one. Take a look:

• Speak with the Insurance Company: The first and simplest way to check the genuineness of your car insurance policy is to speak with your insurance provider. This you should do before buying a policy. However, if you have already bought a policy and want to check whether it is genuine or not, you can call the insurer's customer support and ask for the status of your policy there. Generally, contacting the insurer's toll-free number and customer care gives you a fair idea of its genuineness.
• Choose the right medium to buy car insurance: Choosing the right medium to buy car insurance is essential. You can either go with the offline mode (agents and insurance providers directly) or buy vehicle insurance online. If you choose the offline mode, make sure to buy a policy from a reputed insurance provider/ agent. However, purchasing car insurance online can be beneficial as it lets you compare car insurance plans from multiple insurers before buying one. You can choose websites like Policybazaar.com to compare and buy the right motor insurance plan.
• Get to know about the authenticity of the Insurance Agent: Many people choose to buy a car insurance policy through agents. If you, too, have the same sentiments, then check the authenticity of your insurance agent. This you can do by checking the credentials of the agent. Double-check his/her license number and badge for getting to know his/her identity. After this, you can check his/her details by authorities.
• Avoid making any cash payment: When compared to offline payments, digital payments are fast and secure. Try to make payments with credit cards, cheques, or net banking. When you make payments online, you become eligible to see where your money is going, and you can see the details of all the transactions, including the information of the beneficiary account and your payment evidence.
• Keep all the payment receipts: You must make sure to get and keep all your premium payment receipts with you. These receipts work as evidence of your payments. A genuine insurance provider emails you all your premium payment receipts, or you can log in to your insurance provider's account to check these receipts. You can also download the premium payment receipts from your account at the insurer's website.
• Verify the QR Code: According to the regulations of IRDAI, it is compulsory for every insurance policy sold by the insurer to have a QR code. This code enables you to check the genuineness of the insurance policy. You can quickly scan this QR code through the QR code scanner app of your smartphone. Upon scanning this code, you can see the information and status of your car insurance policy.
• Check all the essential details carefully: Ensure all your important documents are correct. All your details like ‘No Claim Bonus’, deductibles, and Insured declared Value (IDV) are accurate. One of the best ways to find out the authenticity of the insurance policy is that it is available at a very low premium. If you find that the IDV and NCB are not mentioned accurately in your policy documents, get them corrected immediately. This is to avoid inconveniences in the future.
• Sign insurance cover note/ proposal by yourself: The cover notes or the proposal form includes various information related to your car insurance policy. Therefore, you must sign these documents carefully after checking all your details correctly. The proposal form contains your car's engine capacity, its make and model, and whether it runs on petrol or diesel, etc.

You May Also Read: Your Guide to Reducing the Chances of a Rejected Motor Insurance Claim

Why is it Essential to Check the Genuineness of the Insurance Policy?

A car insurance policy is not only legally necessary; instead, it acts as a protective cover for your car. It safeguards your vehicle against any kind of damage, collisions, or any other unfortunate events. So, you do not want to end up spending money from your pocket on your car’s repair if it gets damaged in an accident.

Moreover, you do not want to be legally liable because of a fake insurance policy for your car. Therefore, it is essential to check the genuineness of your car insurance policy before purchasing.

Summing It Up!

You can easily get tempted by the lower premiums offered by an insurance company for your car insurance policy. But as it is said, “Prevention is better than cure”, so make sure to check your car insurance policy's genuineness by following the ways mentioned above and staying safe without worrying much. Also, if you plan to buy a car insurance policy through an agent, don’t forget to check his/her authenticity beforehand.