How To Check Whether Your Car Insurance Policy is Genuine?
There are many ways to purchase car insurance and the most popular option is to approach an agent. Insurance companies appoint intermediaries to sell their car insurance policies and the list of intermediaries include Individual Agents, Banks, Car dealers, Corporate Brokers & Online. Online way of selling insurance is the new to the insurance industry and is gaining traction recently. Just before few years the insurance premium payments were done mainly through cash mode and a receipt was given to the customers as a token of payment received. This has paved way for many fraudsters to take the insurance premium from the customers dubiously and given them fraud insurance policies.
Mr. Sibin has purchased a Car insurance policy from one of the agent who lives in his vicinity, the mode of premium payment was Cash mode and a car insurance policy was given to Sibin by the agent. At the time of taking the policy Sibin didn’t verify the authenticity of the Agent and trusted him blindly and proceeded for premium payment. One bad day when Sibin was driving on his way from work to home, he met with an accident and his car was damaged. He took his car to a nearby garage and informed the insurance company of the accident. The insurance company clarified that it didn’t issue any policy to Sibin and the policy he holds is a fraud policy. When Sibin went to meet the agent, he has already left the place without informing anyone. Now Sibin has to pay for the damages to get his car repaired.
Let us understand the ways to check whether the car insurance policy provided to us is genuine or not:-
- Call you insurance company: The most effective way to find out whether your insurance policy is genuine is to call your insurance company and ask them if the policy number printed on the policy copy exists in their data base or not. This way you can ensure the genuineness of your car insurance policy. But the disadvantage with this way is that you can only ensure the genuineness of the policy after the payment of premium. For example if you have taken an insurance policy online from a not so reputed website, then it would be almost impossible to get the refund in case if the policy turns out to be fake.
- Pay by Cheque/Card/Online: Avoid paying the car insurance premium by Cash. Instead use different methods such as CHEQUE, CARD PAYMENT or ONLINE PAYMENT. The new age payments such as digital payment are secure and fast compared to the conventional methods. You also get a sms when ever your cheque is used. In case of cheque payment you can ensure that the payment is done to the insurance company directly as you write the name of the insurance company on the cheque. In case of account transfer you can be aware of the recipient details, and make sure that the insurance company name is displayed in the recipient details.
- Collect your receipts of payment: After the payment is done don’t forget to collect your receipts. These receipts are a proof against your premium payment. In case of new age digital payments you’ll receive a soft copy of the receipt on your mail and in most cases the policy copy will be ready to download immediately after the payment.
- Verification Links: In some case after the insurance premium payment is done a verification link is sent to you on your registered mobile number and email. By clicking this link you can verify the genuineness of your car insurance policy. If you find out that the policy number is invalid, then you need to contact the insurance company immediately and notify them via email asking them the authenticity of your car insurance policy.
- QR Code: Now a days insurance policy copies come with a QR code when scanned lets us know the details of the policy. The IRDA has made it mandatory for every insurance policy to have a separate QR code for the insurance policies sold after 2015. This code when scanned takes you to a different page where the details and status of your insurance policy are displayed. Be cautious with agents and other portals which do not provide a QR code in your insurance policy.
- Insurance company direct payment link: If you are taking insurance policy from an agent or online make sure that the link sent to you redirects to the insurance company payment page. This ensures that your premium is directly received by the insurance company with less chances of committing a fraud by the agent. The payment confirmation is given directly by the insurance company if the payment is made using the direct payment link. The first party car insurance price depends on many factors such as the Make, Model, and Cubic capacity, Age of the car and the zone of operation of the car.
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Disclaimer: We at PolicyBachat send the payment link to customer directly from the insurance company to ensure that the payment is received by the insurance company.