How to understand the differences between fake & genuine bike insurance policies?

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Suresh is a young college student who has been gifted his own bike by his family. He has been riding it for a few years and now it is time to renew the insurance policy of the bike. He did some research on bike insurance and also about how insurance scams work. These helped him in identifying the types of bike insurance frauds in India, and also select a genuine insurance policy for his bike.

According to the Motor Vehicle Rules 1989 in India, all the two-wheeler owners must insure their vehicles so that they can ride on the roads without any problem and safely. Those who do not comply with this requirement will have to bear the consequences such as fines and penalties.

While buying a two-wheeler insurance policy, many people fall prey to insurance scams or fraudsters. Many times, the fraud is done in terms of the sum insured. In some cases, the fraudsters also issue a totally fake policy. Cases of insurance fraud in India have become very common these days, especially in the motor vehicle sector. This finally results in huge financial loss for the people.

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Therefore, before you invest in a new bike insurance policy, you must consider the points mentioned below, so that you can save yourself from any fake motor insurance.

1. Purchase from a known insurance provider

When you buy a two-wheeler insurance policy, it is very important to know the insurance provider. You must not invest your money into a policy offered by an insurance brand that you have never heard of. Even if you have the slightest doubt, you should take time to judge the genuineness of the insurance company or rather back out from the plan of buying it. You need to know that all the genuine and well-known insurance companies in the country have their dedicated helpline desks, where you can call or send an email anytime. You can contact the insurance provider through their helpdesk. If you have time at all, you can even pay a visit to the nearest branch office from your house.

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The names of the insurance companies that are authorized can be found on the website of the Insurance Regulatory and Development Authority of India (IRDAI). If you do not find the name of the insurance provider that contacted you on the website, it is time you need to step back from buying a policy from them.

2. Ask for receipts

Whether it is a new bike insurance policy or you are renewing an old one, you must ask for receipts as you make any financial transaction. Many people do not collect receipts for the money they pay. This can be a big mistake and they can be in a lot of trouble. You can understand that this is a case of a two-wheeler insurance fraud if they are not interested in providing you with a receipt.

3. Read the offer document before signing

You must go through the offer document of the policy before signing on any kind of document that is related to the two-wheeler insurance policy. Also, you must sign the documents yourself and not let anyone else do it on your behalf.

4. Ask for the verification link

One of the major differences between genuine bike insurance and fake bike insurance can be found through the verification link. If it is a genuine insurance company, they will definitely provide a verification link to complete the purchase. The link can be found on their website. As you click on the link, your bike insurance will be verified online.  Therefore, you must ask for the verification link when you are buying an insurance policy.

Also Read:  How to Renew Lapsed Two Wheeler Insurance Policy?

5. Ask for a QR code

IRDAI has made it mandatory for all the insurance companies in India to have QR codes. This helps in checking the verification of the insurance plans. You would be required to scan the QR code with the help of an app on your smartphone. As you verify the policy through the QR code, it will help you further to access the authenticity of the policy.

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6. Stay away from the idea of low premiums

It is quite a common human tendency to choose an insurance policy that asks you to pay a lower premium. This is where the bike insurance frauds in India take the advantage to lure policy buyers by offering them a low premium amount on their insurance policy. People often believe such offers and end up buying a fake insurance policy. Therefore, if you come across one such insurance policy, you must check out the features as well as the benefits to find if it is at all a genuine policy.

There are several types of insurance fraud and you can fall prey to any of them. All that you need is to be a little conscious about your decisions. If you are dealing with any insurance-related issue in India, you can contact Insurance Samadhan to find a solution for the same.

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