According to a June 2021 data by India Brand Equity Foundation, a central government organisation, motor insurance is the largest segment in the general insurance industry, and it contributed 37% share to the total market in financial year 2021. In this large a segment, with the number of insurance policies and the number of companies rapidly growing, scammers are bound to creep in.
Given that motor vehicle insurance is one of the most important insurance policies that you should be subscribed to, it is very important to stay as away as possible from scams.
But this is not rocket science. Keeping a few things in mind can help in a long way to avoid scammers, let’s look at what they are –
- Make sure you buy insurance from the right place – Many of us choose to buy vehicle insurance online these days, doesn’t matter whether it’s a personal vehicle insurance or a commercial vehicle insurance. And buying online could lead to a scam if you are not careful. One thing to note is to always make sure you are on the right website. Wrong or counterfeit websites could be riddled with grammar and spelling mistakes. It could give you unbelievable offers and usually will not have a lot of payment methods. If something feels fishy, it’s always a wise choice to find the company’s customer care number through an internet search and call them up, before filling out your information.
- Payment options could be the tell – Your vehicle insurance’s online payment options could give you a very good idea on whether the provider is fake or not. If the website or your agent asks you to pay via UPI to a personal account, chances are it is fake. Reputed online companies will always associate with verified payment gateways. Also, make sure the company name shown in the payment information is correct before you pay.
- Make sure your insurance company is genuine – The Insurance Regulatory and Development Authority of India’s (IRDAI) website have data on all the registered insurance companies in India. If you can’t find your provider’s name there, it could be a scam. You can visit the official website of IRDAI for further details.
- Double-check with the QR code – If you already have an insurance policy and want to check its authenticity, the best option is to scan the QR code that is printed on your insurance documents. If your policy is genuine, you should get your insurance details as scan result.
- Verify using the company’s website – If scanning QR codes is not your thing, you can use the company’s official website to verify your vehicle insurance. Almost all insurers have a verification page. You will need to enter your vehicle insurance policy details and it will tell you if it’s genuine or not.
It’s of utmost importance to make sure your insurance is valid. It is not just a matter of money loss, but you could end up in a situation where you are completely uninsured after an accident. Just double-checking important things like your vehicle insurance online payment options could prove to be vital here.
Also remember insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.