8 Ways to Check Whether Your Bike Insurance Policy is Fake or Genuine

The most convenient option to get a bike insurance policy is to search, compare, and buy it online. However, when you choose to buy a bike insurance policy online, you may have some doubts about whether the insurance policy you are purchasing is genuine or not. Let's find out the ways to check the authenticity of your bike insurance policy.

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How to Check Your Bike Insurance Policy is Genuine or Not?

Just to save a penny on the insurance premium, sometimes people tend to choose the insurance provider from an unknown source on the internet. Well, you might not see its effect right at the moment, but while raising the claims, you might face some challenges. Here are some tips to help you to know whether your bike insurance policy is valid or not.

  1. Connect with Your Insurance Provider

    You can easily connect with your insurer through a toll-free number or chat support. Also, you can visit the nearest branch office to make sure everything is right.

    To save some money, you might end up buying a fake policy, so it is better to find a trustworthy brand and get adequate protection for your bike.

  2. Policy Receipt

    Another tip is to ask for policy receipts for any transactions made. You can ask your insurance provider for separate receipts for any payment made of premiums. In case you are planning to buy it from an agent, remember to get a payment receipt for all the transactions.

  3. Check the Genuineness of the Insurance Agent

    Buying an online bike insurance policy is one of the most convenient and time-saving modes. However, many people still consider buying it from insurance agents as they find it more reliable. If you are also looking for an agent, then before finalising the deal, verify the authenticity of the insurance agent you have chosen. Validate his or her identity, check license number, check the badge, and cross verify all their information with the respective authorities.

  4. Check the Details Mentioned in Your Policy Documents

    Another common trick used by an insurer is misleading advertisements. Here the insurer promotes something else and then delivers a different thing to the customer who purchases insurance from them. Generally, they guarantee you a higher IDV or free add-on cover in the bike during the purchase, but later they do not give you what you agreed to pay for.

    To avoid this, check your policy documents thoroughly and ensure all services are mentioned. A fraud policy document might have errors in the premium amount, policy tenure, add-on cover for bike, IDV, etc. If you find anything different in the policy documents, connect with your respective insurance provider and be aware of the fraud.

  5. QR Code

    The Insurance Regulatory and Development Authority of India has made it mandatory for all the insurance providers to provide a QR code imprinted on every policy document issued to the customers. A QR code is helpful to verify your policy documents and check whether it is genuine or fake. Therefore, you must check the QR code status in your policy document.

  6. Verification Link

    A reputed insurer would have verification links on its official websites. It allows you to verify the insurance policy that you have bought and assist you in differentiating between a genuine and fraudulent policy.

    If the insurer offers a policy that does not have a verification link imprinted, this could be a red flag that you should never overlook. When you click on this link from your smartphone, it redirects you to a page giving you all the information related to your policy and the insured bike.

  7. Go for Online Payment Mode

    Online payment mode is a secure and convenient way for any financial transaction. However, if you are buying a bike insurance policy offline via any agent or directly from the insurance company, then you should always prefer a bank cheque over cash payment.

  8. Reliable Source

    For all the bike owners, it is crucial to buy a policy from the most reliable source. For the best deal, as a bike owner, you can visit the official website of Policybazaar Insurance Brokers Private Limited and compare multiple plans on a single platform.

Final Words

With the above-mentioned tips you can identify any bike insurance policy you are planning to buy is genuine or not. Moreover, if you are looking for a bike insurance renewal or want to purchase a new policy, make sure you fill in the personal details and vehicle details on the proposal form correctly. Missing out on any step or giving wrong information can hinder while raising a claim.

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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.

^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.

#Savings are based on the comparison between 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.

*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.

*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)

#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.

*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.

*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis