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Car Insurance Frauds

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Car insurance provides a crucial safety net in the face of losses and injuries resulting from accidents. However, the spectre of fraud during the claim settlement process can lead to additional nightmares for policyholders. While awareness and efforts by insurance companies have curbed car insurance fraud to some extent, staying vigilant is essential to protect against evolving schemes. This article discusses various scenarios to recognise scams and provides insights into purchasing car insurance online securely. Claims are subject to terms and conditions set forth under the motor insurance policy. * 

How To Buy Car Insurance Online:

Buying car insurance online is a straightforward process, and following these steps can help you secure coverage for your vehicle:

  1. Visit the website of your provider.
  2. Click on Buy and choose Car Insurance.
  3. Obtain a quote by entering the vehicle’s make and model or the registration number.
  4. Select a suitable plan, such as full coverage insurance.
  5. Review all details carefully before proceeding.
  6. Submit all necessary documents.
  7. Complete the payment to finalise the procedure.

Upon completion, your insurer will contact you, and you’ll receive a confirmation SMS and email. Remember that the Motor Vehicle Act of 1988 mandates carrying at least a minimum of third-party car insurance online. 

Preventing Fraud: Key Considerations

Car insurance fraud often involves fictitious companies selling policies to unsuspecting individuals, leaving them without coverage. Here are ways to identify and prevent fraudulent cases:

  • Fake Insurance Companies: Beware of fraudulent insurance agents who may trick you into buying a bogus policy. Contact the insurance provider to verify policy details and the agent’s information to avoid scams. 
  • Receipts Fight A Legal Campaign: Always request and retain receipts for every payment made to the car insurance provider. This documentation can be crucial in legal proceedings against fraudsters. 
  • QR Code Mode: Since 2015, policies from the Insurance Regulatory and Development Authority of India (IRDAI) must include a QR code. Scan this code to access all car insurance policy details and ensure authenticity. # 
  • Go Over The Small Print: While policy documents may be challenging to read, reviewing the fine print is crucial. This step prevents con artists from leveraging unclear terms and conditions. You can utilise a car insurance premium calculator to estimate the costs of premiums to be paid. 
  • Choose To Hear From The Insurer: To avoid scams, deal directly with the car insurance company. Refrain from succumbing to pressure from con artists urging you to pay them directly; purchase policies directly from the insurer or inquire about specifics. 
  • Refuse To Pay With Cash: Digital payments provide documentation and are advised over cash payments, which may need more proper records. Insurance companies accept various payment methods, and agents pressuring for cash payments should raise suspicion.

Car insurance is a crucial aspect of financial protection, but the threat of fraud necessitates caution. Whether buying insurance online or navigating claims, staying informed and vigilant is vital. By adhering to these guidelines, individuals can mitigate the risk of falling victim to scams, ensuring a secure and genuine car insurance experience. Always ensure you carry out the car insurance renewal processon time.

*Standard T&C Apply

#Visit the official website of IRDAI for further details.

Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions.

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.

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