A bike insurance policy is an essential legal requirement. It serves as regulatory compliance and offers financial protection. Of the different ways to buy a two-wheeler insurance plan, buying online is the simplest way. A policy bought online is easily comparable based on the price as well as its features. But many buyers may have certain doubts regarding the authenticity of a policy that is bought online. If you are facing a similar dilemma, this article explains how to check if your bike insurance policy is genuine or not.
How to check if your bike insurance policy is genuine?
Unsuspecting policyholders may opt to buy a bike insurance plan from an unknown source on the internet. Many times, these sources may prove to be scammers leaving you without any insurance coverage for your bike. Here’s how to verify if you have a genuine two-wheeler insurance policy:
- Contact your insurance company
The first step to verifying the authenticity of your policy is by contacting your insurance company. All insurance policies have a toll-free number of the insurance company in case of any queries. You can reach out to them to verify if your policy is genuine or not. Alternatively, you can also visit the nearest branch of the insurance company to verify your policy details. *
- Policy receipt
Another way to ensure the genuineness of your policy is to request a receipt of the payment. Any payments made towards your insurance policy must be acknowledged by a receipt. Generally, for online transactions, the systems auto-send the receipts of the payments to the registered email addresses. *
- Buying from a licensed insurance company
The insurer’s registration number with the regulator, the Insurance Regulatory and Development Authority (IRDA), must be verified. This ensures you do not fall prey to forged documents that have logos similar to the insurance company designed to deceive unsuspecting buyers. *
- Checking the details mentioned on your insurance policy
Another way to mislead buyers is by way of advertisements that aren’t true. Fake insurance companies advertise products with several features such as higher IDV, and free add-on covers but do not deliver on them. Hence, you can check your insurance policy for the details provided therein which mentions the features. A bogus insurance policy will include several deviations from the ones promised at the time of the sale. At such times, it is best to bring it to the report of the insurance company. *
- Verifying using the QR code
All insurance policies have a mandatory requirement of placing a QR code on their policy document. This enables you to scan with ease using your smartphone. Once you scan this code, you can view details of your policy that can be verified at the time of purchase. *
- Avoid cash payments
Another way to stay wary of dubious insurance companies is to avoid making cash payments. Using standardised banking channels like cheque, bank drafts, internet banking, or credit and debit cards, are a reliable way to pay the bike insurance price and ensure the policy is not counterfeit. *
* Standard T&C Apply
Lastly, when selecting a comprehensive or thirdparty bike insurance, make sure to compare the available alternatives as it helps you choose insurance coverage that fits you right.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.