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 get to know whether your car insurance policy is genuine or not.

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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

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

In India, it is mandatory to get the insurance of your car before plying it on the roads according to Motor Vehicle, 1988. But, purchasing car insurance sometimes entails a few risks. There are so many reputed car insurance providers, but there are some fake businesses and insurance agents as well.

However, it is not difficult to spot a fraudulent car insurance provider. There are some simple ways to check the genuineness of your car insurance policy, and these ways are:

  • Speak with the Insurance Company: The first and the simplest way to check the genuineness of your car insurance policy is to speak with your car insurance provider. This you should do before buying a policy. However, if you have bought a car insurance policy, and want to check whether it is genuine or not,  you can call the customer support of the insurer and ask for the status of your policy there.  Generally, calling the toll-free number, and customer care of the insurer gives you a fair idea of its genuineness.
  • Avoid Purchasing a Car Insurance Policy Through an Insurance Agent:Try to buy the insurance policy online and if possible, avoid agents. Even though many of us think that insurance agents or brokers are the best for buying an insurance policy, but this method is no longer safe. Many agents offer fake car insurance policies. These agents give forged car insurance policies and pressurize to pay the premium offline. Do not get fooled by the agents who offer you an insurance policy at comparatively lesser rates and higher advantages. Instead, go to the official website of the insurer and buy a policy online.
  • 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, digit 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.
  • Compare Car Insurance Policy Online: If your car insurance provider is offering you a car insurance policy that you have not heard of before, you must check this insurance policy online on the website of the insurer. Moreover, you can compare this policy online on any of the insurance web aggregator’s website, if this policy is not fake, you will be able to see in the comparison chart of the aggregator.
  • Check the Policy Details Online: If the agent is offering you a policy from an insurance that you have not heard of before, you can check it online on the website of the insurer. If the policy that he/she is trying to sell is not genuine or found online, you should avoid making any deal with the agent.
  • Keep All the Payment Receipts with You: 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 all your premium payment receipts to you, 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 easily scan this QR code through the QR code scanner app of your smartphone. Upon scanning this code, you will be able to see the information and status of your car insurance policy.
  • Check All the Essential Details Carefully:Ensure that 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.

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 damages or collisions, any other unfortunate events. So, you do not want to end up spending money 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, these all are the reasons due to which it is essential to opt for a reliable insurance policy that is genuine and not fake.

Summing It Up!

You can easily get tempted by the lower premiums offered by an insurance company for your car insurance policy. However, you should not be like most of the times such companies are fake or their insurance products are not genuine. If you are planning to buy a car insurance policy through an agent, it is essential to check his/her authenticity. So, check the genuineness of your car insurance policy in the above-mentioned ways and stay safe without worrying much.

Written By: PolicyBazaar - Updated: 18 August 2021
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