An insurance plan for a two wheeler is one of the best ways for ensuring its protection and longevity. Just by paying an affordable premium, you can make sure your loved two wheeler stays with you for a long time. However, with the growing awareness about the importance of two wheeler insurance policies, two wheeler frauds have also been common.
Therefore, it is important to know the ways in which you can keep yourself away from two wheeler insurance frauds. Well-rounded knowledge about your insurance policy as well as the frauds serve you best in keeping the frauds at bay.
5 Ways in Which You Can Protect Yourself From Two Wheeler Frauds
Following are the 5 ways in which you can protect yourself from two wheeler insurance frauds. Read them carefully and diligently to protect yourself as well as your two wheeler from fraudulent activities -.
1. Purchase Two Wheeler Insurance Directly From Insurance Company or Authorised Agents/Aggregators
First and foremost, the most crucial step is to purchase your two wheeler insurance policy directly from an insurance company or through authorised agents or aggregators. Make sure to check and recheck the authenticity of the provider from whom you are purchasing your policy. If you are buying the policy online, it is best to do it from the official website of the bike insurance company. If you are making your purchase from a not-so-popular company, check out reviews and ask around for trustworthy opinions before buying.
For agents too, check their identity cards. Do not just purchase your plan from anywhere, without proper documentation and proof. There are many false companies and individuals who actively set up believable fronts and thus a close inspection is necessary to stay away from them.
In February 2021, the Insurance Regulatory and Development Authority of India (IRDAI) caught a Bangalore-based motor insurance company named Digital National Motor Insurance selling insurance policies without having a valid insurance registration or licence for the same. Thus, IRDAI investigated the company and subsequently, warned all insurance customers to be careful of such fraudsters. The IRDAI regularly reminds all citizens to be careful while purchasing an insurance plan. If you suspect any such activities, you must immediately raise a complaint against such a company and notify the IRDAI of the same.
2. Read Two Wheeler Insurance Policy Carefully
Read and reread your two wheeler insurance policy document. You might miss terms and conditions in fine prints that might be used against you at a later stage. Go over all documents carefully, ask your agent or the insurance company about anything you are not clear on, enquire on anything that you have not agreed upon previously and take more such cautionary tales. Frauds often put in clauses here and there, especially in fine print, to shield themselves from trouble if you figure out their play. It is best to be careful from the very beginning and avoid such deals altogether.
3. Always Compare Two Wheeler Insurance
Always browse through multiple options before settling for a two wheeler insurance policy. In this way, not only can you get a better deal for yourself, but also escape from fraudulent deals. Not all good deals are frauds and similarly, not always are the cheapest deals, the best ones. They might seem tempting but it is necessary to thoroughly vet them before you buy them. Check out reviews of the plan, if they are available, to see exactly how their offerings fare in real life. Compare between plans to not only find the most affordable one but also the one most trustworthy and suited to your two wheeler.
4. Ask For Insurance Premium Receipt
The premium is the amount that you pay for your two wheeler insurance plan in order to keep it valid. You can always ask for a receipt when you pay this premium, if the insurance provider fails to provide it to you themselves. It is normal to do so and in fact, you must do it to prevent frauds. There is no reason for the insurance company to deny you the premium receipt. Moreover, it is also helpful for later situations like getting two wheeler insurance claims and benefits, if you have the premium receipt with yourself.
5. Sign Your Policy Document Yourself
Always sign your policy document yourself. It is advisable to not even let your family members do it. Do not blindly trust anyone who says that you just need to pay the money and all signatures will be done by the organisation or individual themselves. It is not the correct way to purchase an insurance plan and might also keep you away from going through the policy documents. It can also lead to trouble when you are trying to get your benefits from the insurance policy. Your signatures are the authentication of your purchase of the two wheeler policy and therefore, you should be extremely careful with it.
A huge part of the process of staying away from frauds is on yourself. As the above points highlighted, you can take a few simple steps that will keep you safe from fraudulent two wheeler insurance policies. Stay alert and be careful to be safe from two wheeler frauds.