5 Ways to Protect Yourself Against Car Insurance Fraud
If you purchased online third-party car insurance and you are super confident that finally, you’ve taken a step towards protecting your vehicle from future uncertain events and its financial security. But then, a story of a person falling victim to car insurance fraud comes to ear and makes you feel anxious—what if the same thing happens to you?
Nowadays, car insurance fraud has become a serious concern for those buying insurance to get protection for unforeseen events. As fraudsters get more clever nowadays, they have invented several schemes to defraud naive car owners.
Here are 5 ways to avoid such car insurance fraud.
1) Beware of the Fake Insurance Agents to avoid Car Insurance Fraud
Motor insurers often tie up with agents to sell the insurance. They explain to you the features of the policy and guide you throughout the entire process. However, some agents might be fake. Make sure you ask the agent to show his/her identity proof and the agreement letter issued by the insurer.
2) Use a QR Code for Verification to avoid Car Insurance Fraud
In December 2015, the Insurance Regulatory and Development Authority of India (IRDAI) announced that all insurance companies are required to issue a motor insurance document with a QR code. This QR code would be used to verify the authenticity of the electronic policy. Scanning the QR code will take you to a screen having all the details regarding the policy. Cross-check the information on the company’s official website. File a complaint if the QR code does not scan or if it is invalid.
3) Make an Online Payment to avoid Car Insurance Fraud
Paying online serves as proof of payment in case you lose your receipt or the insurance company denies receiving the payment. You will have a history of your payment made to the insurer, which will mention the date of payment, the amount paid and the receiver’s account name.
4) Ask for a Receipt to avoid Car Insurance Fraud
While buying a car insurance policy through an agent or third-party company, always ask for the receipt. In some cases, you may receive an acknowledgement number along with your invoice. It is suggested to enter the acknowledgement number on the company’s official website to check the policy details. Reach out to the insurer’s customer support if you cannot find the details. If this does not help, raise a complaint.
5) Review the Policy Details to avoid Car Insurance Fraud
Insurers provide detailed information about the policy on their website. Make sure to read the fine print thoroughly to understand the terms, including the scenarios covered and the reason for claim rejection.
