Know the difference between fake and authentic bike insurance policies?
Updated: Jul 22, 2022
Two-wheeler is one of the most satisfying things to own as long as your vehicle insurance is taken care of. There is a variety of insurance policies to choose from but you must be aware enough to distinguish a genuine insurance policy from a fraud one.
According to the Motor Vehicle Rules in India implemented in 1989, it is a compulsion to have your two-wheelers insured so that you can ride your vehicle with safety and security. In case an owner does not have the respective insurance covered, he/she will bear the consequences. Just like a new bike requires insurance, the same for an older one needs to be renewed regularly. But before taking such actions, we should consider some important conditions to get rid of fraudulence. Cases of insurance fraud in India have been increasing currently as per the reports. So, it is in our hands to opt for a reliable insurance policy taking into consideration all the associated terms and conditions. In this article, we have mentioned some points that you need to check before opting for a policy.
Always purchase a policy from an insurance provider that is popular in the market. Don’t trust a company that you have never heard of. Take your time and do some research to know about the genuineness of the company. For checking the reliability of the company, you can follow these precautions:
Call on the helpline number or send an email to their address. A genuine and honest company will always reply to you back with dedication.
Try to visit a branch office of the company you are opting for.
The best verification is to check whether the name of the company is on the list of insurance companies on the IRDAI website. IRDAI or the Insurance Regulatory and Development Authority of India keeps a record of all the genuine insurance provider names.
Whenever you approach an insurance policy for your bike, you are provided with a document. Take your time to go through the terms and conditions mentioned in this document before signing.
Any type of financial transaction should have a receipt that can be used as proof in times of need. If your provider does not pay attention to a receipt of a transaction, it is wise to keep away from the same.
According to IRDA, all insurance companies should have their QR codes. By scanning this code through an application, a user can revise the verification of the insurance Policies. So, if you receive a QR code from the company, you are opting for an authentic company.
A genuine insurance company will always provide you with a verification link after the purchase. This link is further available on the respective website. If you don’t receive any such link, you are probably in the wrong direction.
Buyers are attracted by policies that ask for low premiums. Maximum fraud companies lure their customers into low premium offers. It is a wise decision to keep away from such kinds of offers or policies as they turn out to be fake.
To opt for a reliable and genuine insurance company, a buyer must be conscious of himself/herself. However, people are found to get trapped in fraudulence. So, there is a separate body called Inso Quotient that will assist you to resolve any insurance-related issue.