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CAR INSURANCE

Avoid Buying Fake Car Insurance Policy

Neha Gadoo Neha Gadoo 21 October 2016

Buying car Insurance Online? Save yourself from getting ripped off! Let me steer you clear!

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Although insurance frauds are generally committed by making false claims, the insurance policy you buy might also turn out to be fake, if you had not been extra cautious. It happens mostly in car insurance because people usually don't buy policies directly through the insurance companies or through online platforms.

It goes without saying that it would be very disappointing for someone to discover that the insurance policy they had purchased was not a genuine one. Unfortunately, this discovery would have happened only at the time of making a claim and not otherwise. Where false insurance papers are becoming common, let’s look at the ways to handle it.

Ways to Handle Fake Insurance Papers

1. Contact Your Insurer

By far, it is the easiest and simplest way to check whether the policy handed over to you by your agent or car dealer is correct or not. You can contact the insurance company by sending an email to the customer care or calling on their toll-free numbers. In case the toll-free number is not available [though it’s a little unlikely], you can visit the nearest branch office too.

2. Ask For a Receipt

Make it a habit to ask for a receipt when you pay for something. You should always insist the insurer or the agent to provide you with a valid receipt for the premium you pay. Some companies mention the same on your policy document and also provide a separate premium receipt only when asked for.

3. Check IDV, NCB & Deductibles

After receiving the car insurance policy, you should always check the IDV (Insured Declared Value), NCB (no claim bonus) and the deductibles (like voluntary deductibles, if you have taken any). This help you authorize that the policy you received is genuine. Though it may appear as minor details at the time of receiving policies, this can create chaos at the time of filing a claim.

4. Signature on the Application Form / Cover Note

Make this a habit too. Never allow anyone to sign anything on your behalf. Same is the case while filling an application form. Always go for self-signature. Signing the application form implies that you have read the features of the insurance policy.

For instance, if there is a CNG/LPG kit or an expensive electronic device fitted in your vehicle, your agent may not be aware of it. The agent might end up not mentioning these minute details on the insurance proposal form. At the time of filing a claim, you’ll land into trouble for not having disclosed these details earlier. Hence, it is always recommended to fill the proposal form yourself and sign the same on your own.

It’s always advisable to buy car insurance directly from an insurance company or from an online insurance broking company. With the advancement in technology and digitization of insurance, it has become easier to buy car insurance online. Buying an insurance online will save you from fraudsters.

  • While purchasing insurance online, you can yourself read the terms and conditions related to the policy. You can even keep a print out of the same or keep a screenshot with you. Therefore, the possibility of a fraud is negligible. However, when you purchase insurance from an agent, the probability of getting cheated is way higher.

  • When you purchase insurance online, you know you’re with a brand that is a fully functional organization. While your agent can be fake, but a fully functional company cannot afford to do so. Also, if you’re buying car insurance from an aggregator you can compare various policies and decide the best suited one for you.

Based on your judgement, you can opt for any option. But this time, you would surely be firm in your decision and you’ll have a clearer picture of what you’re paying for.

Neha Gadoo
Written by Neha Gadoo
Daring and Bold, Neha loves philosophy, trekking and walking bare feet in the rain. Loves talking and can stare out of a car window for hours continuously.