How To Differentiate Between Fake & Genuine Bike Insurance Policy? | RenewBuy

How To Differentiate Between Fake & Genuine Bike Insurance Policy?

How To Differentiate Between Fake & Genuine Bike Insurance Policy?

In India, every two-wheeler owner is mandatorily required to insure his/her vehicle as per the Motor Vehicle Rules 1989 to be able to ride the same on roads. Non-complying to this requirement is an offense and can make you liable for fines and penalties.

 

While purchasing a two-wheeler insurance policy or any bike insurance online many people fall prey to fraudsters and fake insurers. Sometimes, the fraud is committed in terms of inflated insured amount while sometimes, a completely fake policy is issued. Cases of fraud insurance policy in India is very common in the motor vehicle sector, which results in hardships to the people along with huge financial losses.

 

Hence, before investing in any new bike insurance policy, make sure to keep in mind the following points to save yourself from fraudulent practices:

 

Buy from Known Insurer

While buying or investing in any two-wheeler insurance policy, it is of utmost importance to know the insurer. Buy only if you are familiar with the insurer’s name. If there is any slightest of doubt, reach out to the insurer to find out the genuineness of the policy. All major insurance providers in India have their dedicated helpline desks, which can be connected to with email or call. Make sure to get in touch with them through their helpdesk. Also, if needed you can make a visit to their nearest branch office in your city.

The names of all the authorized insurance providers in India are maintained on the website of the Insurance Regulatory and Development Authority of India (IRDA). If you come across an insurance provider whose name doesn’t ring any bell in your mind then the easiest way to verify its existence is through IRDA’s website. If its name does not appear on the website, then it is surely a fraud institution.

 

Ask for Receipts

Be it a new bike insurance policy or renewing an old one, always ask for receipts while making any financial transaction. Many people do not bother to collect receipts for the money paid, which later propels them into trouble. It is recommended to make it a habit to ask for receipts for any financial transaction. Insurance providers provide a separate receipt acknowledging the receipt of the sum of money for premium. If you are buying any policy from an agent or intermediary or dealer, make sure to ask for a receipt.

 

Read the Offer Document Carefully and Sign Yourself

It is always advised to read the features, benefits, and conditions of the policy before signing on any document for obtaining the insurance policy of bike. Also, do not let someone else sign on your behalf. It is always recommended to sign on proposal forms only by the person who is investing in the policy.

 

Ask for Verification Link

Insurance providers provide a verification link to their websites for completing the purchase. Clicking on the link is the last step to verify your bike insurance online. Always ask for the verification link while making a purchase of insurance policy. Even if you are buying the policy from an intermediary, insist on the verification link. Once you have clicked on the linked and verified the purchase you can be assured of its genuineness.

 

Ask for QR Code

IRDA has made QR codes mandatory for all insurance service providers. QR codes help in checking the verification of insurance policies. The QR code needs to be scanned through an app in your smartphone. Verifying through QR code will help you in accessing the genuineness of the policy.

 

Avoid Low Premiums

It is a common nature of people to opt for a low premium while buying an insurance policy. Taking advantage of the same, fake insurance providers try to lure customers with an excessively low premium amount on their insurance. People often get swayed away by such offers and make the purchase. If you come across any person offering such low premiums, then make sure to look at the features and benefits to confirm its genuineness. Also, try to find out the validity of the insurance provider through other means.

 

Payment Mode

Major credible insurance providers accept payments through online mode. Online payments are more secure and genuine. While making an online payment for new policy or bike insurance policy renewal, make sure it is done through some secured payment link redirected by the insurer’s website. If a bank transfer is being made, make it to the credit of the insurer’s account of the nearest branch. If payment is being made through cheques, issue a bearer cheque in the name of the insurer and not in someone’s personal name. Try to avoid cash payments.

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