Five Point Plan to Eliminate Fraud Motor Insurance

“According to a report by the India Forensic Centre for Studies, the insurance sector is facing loss of Rs. 30,000 crore every year due to frauds.”

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  • Covers damages to third party property
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New India Assurance

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Above-mentioned prices are for a 7-year-old Maruti WAGON R AVANCE LXI (998 CC) registered in Gurgaon and 15 days before expiry of previous policy

Buying car insurance doesn't have to be difficult. But, the growing number of fraud cases in insurance sector has raised the stakes to another level. In today’s time, navigating your way from finding the right policy to signing on the dotted line can be a journey fraught with red flags. Staying cautious and alert is important. So, before you commit, run through this checklist to ensure that your motor insurance policy is  a genuine buy.  

1. Read your insurance policy carefully

Agents can make false promises to entice you to buy the policy, but it’s your responsibility to check whether the policy actually provides that coverage or not. Be informed of exactly what is covered under your policy and what’s not. It will set your expectations right and save you from feeling cheated at the time of filling a claim.

2. Purchase policy directly through insurance companies or their authorized agents

The best way to remain safe from all kinds of motor insurance frauds is to buy policies directly from the insurer or through their trusted dealers. As for agent’s license and other proof documents before proceeding ahead with the deal.

But, then, it isn’t too difficult for fraudsters to make forged license. We strongly recommend buying policy online directly from company’s website or a trusted website. Remember, online is again full of frauds! You can also verify the company’s authenticity by checking reviews online, or talking to your friends, family members, or colleagues before signing the document.   

3. Stay in touch with your insurer

Once you purchase a policy, stay in touch with your insurance company through their customer care or toll-free numbers. Insurance companies provide 15-20 days of free-look period to go through the terms and conditions of the policy and reverse the purchase decision if you find it skeptical. Make full use of this crucial period to assess the legitimacy of your policy provider.    

4. Ask for the receipt of premium payment

If you pay premium by cash to an agent, always ask for receipts. Chances are, while, you think your money is invested in a policy, the agent is ripping you off. Also, verify the details mentioned on the receipt such as cheque number, amount, date, payee bank etc. The best way to stay away from such kind of frauds is to pay premium yourself and you can easily do this online within a few minutes.

5. Insist for self-signature

Whether you are buying a new policy or upgrading your existing one, never allow anyone else to sign the proposal form on your behalf. Always insist signing the documents by yourself. This not only will prevent your policy from falling into evil hands but also give you a chance to crosscheck the mentioned details about your vehicle.  

The best way to pass up these motor insurance frauds is to be attentive and vigilant. Always remember – If it sounds too good to be true…it is a fraud!

Written By: PolicyBazaar - Updated: 12 July 2021
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