How To Check The Authenticity Of Your Motor Insurance Policy?
There’s nothing like driving your dream vehicle and enjoying smooth rides on the city roads. However, these sweet dreams might translate into nightmares if your vehicle isn’t insured. You might be a responsible vehicle owner who has taken every measure to insure his car or two-wheeler. But, you are completely unaware of the authenticity of your insurance policy!
The real scenario
Motor insurance companies and the vehicle insurance sector, in general, are going through tough times. It is becoming difficult to identify the authenticity and genuineness of claims as well as insurance policies. As a consequence, insurance providers are bearing the brunt of huge financial losses. That’s not the end of the story.
Consumers are also taking a backseat when it comes to insuring their vehicles. The presence of fake companies and fraudulent insurance providers is instilling a spirit of distrust, fear, and unreliability amongst them.
Tips to identify genuine policies
If you have a vehicle that needs insurance, it’s high time you analyse the present scenario and then take a decision. There are different ways to check the authentication of your insurance and here are the tips to do so:
- Know your insurer
While receiving the policy papers, make sure you know your insurers. Even in the case of slightest confusion, email them at their registered email-id. You can also give them a buzz on their toll-free phone numbers to verify the details. Address and location of the nearest branch or registered office will also be present in the policy document. If it’s genuine, you will surely find it and can visit the office whenever it’s required.
- Put your sign on cover note
When it boils down to making a claim, it becomes important to take additional care. You should check the details of the claim-proposal, verify the points mentioned in the papers, make necessary corrections, and then sign the final papers. Steer clear of allowing someone else to sign these important papers. That’s certainly not the right thing to do and can pave the path for fraudulent practices. When it comes to proposal forms or cover notes, nothing but your sign should be present.
- Check deductibles, IDV, NCB
If you want to check whether the policy you received is genuine or not, you must check these three documents:
- IDV: Insured’s Declared Value
- NCB: No Claim Bonus
- Deductibles: additional compulsory deductibles, voluntary excess, and compulsory deductibles.
Declare everything in detail and maintain transparency while doing so. You might get influenced by your insurer who will lure you to crack a profitable deal. But, you shouldn’t give in and agree to whatever the insurer says.
- Pay receipts
It’s better to make payments through cheques or online transfers, as that helps you keep a comprehensive and tangible record of the transactions. Even if you are giving cash, make sure you take receipts for every payment.
It’s great to ride your mean machine and rule the challenging terrains! With these strategies in mind, you won’t fall prey to fraudulent insurers!