The fact that every year approximately 1.25 million people die in road accidents is alarming and desolating. And this makes it imperative to buy a car insurance policy to be in the safer side. Moreover, in India, third party car insurance is a legal mandate. But are you aware of the fact that you might get a policy that doesn’t meets your requirement?
What if you spend a huge chunk of your hard-earned money and find your car insurance policy insufficient at the later stage?
Undoubtedly, you will be with no options left right?
Having said that let’s consider the below 9 tips of buying comprehensive or third party car insurance in India, without being fooled by the agent.
Besides the advantages of having a car insurance policy, there are fake companies that may provide with fake insurance policies just to make money. The rise in the number of fraudulent insurance cases has become a subject of much concern for the stakeholders.
In a report by the Indian Forensic Centre for Studies, the frauds roughly calculated in the insurance, sector is to be over Rs.30,000 crore annually.
If in case, one buys a fake car insurance policy, any claim against the equivalent will not be entertained. As a responsible consumer, one needs to be aware of how to observe a fake car insurance policy from a genuine one.
Let us take you through some easy ways through which, one can check if the car insurance policy is fake.
It is true that fraudulent cases have been rising and insurance sector is no exception. To safeguard the consumers from fraudulent car insurance providers, IRDA has made it a mandate to print the QR code in all the policy documents sold after December 2015. Scanning the QR code in the policy document will give you details like the status of the policy and relevant information related to your insured vehicle.
Moreover, staying observant and sharp-eyed will protect from unwanted fiscal cost and stress-free from fraudulent car insurance schemes. Take care of the simple measures and be aware of the red flags, which will help you to know whether the policy is fake, or not.
The purpose of any insurance policy is to protect the ones from uncertain losses. Take care of the above-mentioned pointers while buying a car insurance policy and remain hassle-free when driving on the road.a
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*Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB. Actual time for transaction may vary subject to additional data requirements and operational processes.
+Savings are based on the maximum discount on own damage premium as offered by our insurer partners.
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*Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB. Actual time for transaction may vary subject to additional data requirements and operational processes.
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