These days, the line between fake and original is quickly fading away. From mobile phones to documents, everything can be forged. Despite laws that discourage the production and distribution of fake products, it is still not uncommon. Even the highest apex body in insurance - IRDAI - is constantly trying to educate and inform people about these practices. However, the creativity of a con-artist does not even spare the cleverest people.
Now, in order to keep secure, we have put together some tips to help you identify the difference between original and fake bike insurance.
But before that, let’s understand the different modes through which you can buy bike insurance.
Ways To Buy Bike Insurance
- Through An Agent
The easiest and most traditional way of buying bike insurance is through an agent. Most first-time bike owners purchase their bike’s policy through their dealer. If in an unlikely scenario, the dealer is not an agent, they connect you with an agent. This is where you need to be careful. To avoid getting cheated, ask to see the agent’s license and verify their credentials. Also, go through the documentation line by line. In case of any suspicion, you can compare the same policy online.
- Through An Insurance Provider
Buying bike insurance through an insurance provider is safer. However, like all other fields, there is still scope for some scam to happen. While buying from an insurance provider, you can either purchase online directly from the company’s website or offline from their branch office. Ideally, you should purchase the policy from their branch office. But it can be tiring and inconvenient. To make the experience simpler, most bike insurance providers have an official website where you can transact online. To ensure the website is authentic, call the company’s official customer service number. You can also check for the names of the insurance provider IRDA’s (Insurance Regulatory and Development Authority of India) website
- Through Online Web Aggregators
With the growth in technology, the easiest way and safest way to buy bike insurance is online. You can purchase a bike insurance policy from a web aggregator. Such websites help you compare quotes from different insurance providers. However, it is important to check if the website is authentic. You can also check if the website is registered on IRDA’s (Insurance Regulatory and Development Authority of India) website. Once you are on the website, look for an agent license number and compare it with the one on IRDAI’s website. If they match, you can be sure, the policies issued will be authentic.
Tips to Avoid Buying Fake Bike Insurance
1. Check the Market Value of your Insurance Provider
Before buying, it is utmost important to trust the insurer. It is advisable to buy only if you are familiar with the insurer’s brand name. If you feel even the slightest hint of doubt, visit the insurer website or call their official numbers to judge their authenticity. All major insurance providers have a dedicated helpline number to connect with customers. Moreover, you can visit the insurer’s branch closest to you.
You can spend some time researching online too. All authorized insurance providers in India are listed on IRDAI’s website. If the insurer you are looking at is missing, it is definitely not original. You can even make use of social media to run a background check on your insurer’s services. Before buying, read user testimonials and feedback to get an idea about the policy.
2. Verify your Policy using the QR Code.
IRDAI has made it mandatory for all insurance service providers to have a QR code on all policies. These QR codes help to verify the authenticity of insurance policies issued. The QR code on your policy document can easily be scanned through an app on your phone. As soon as you receive your policy, scan the QR code. This will help you identify fraud, if any, early on and save you from future shocks.
3. Verify before Buying
Most insurance providers share a unique verification link via email. This process helps to verify both the buyer as well as the seller. While buying a bike insurance policy, avoid sharing your personal information, including card or transaction details. If you are buying your policy from a third party portal, verify the policy by contacting the insurance provider. It is a good practice to check for your vehicle’s registration number on the policy document shared with you.
4. Purchase Insurance Online
You can buy a bike insurance policy online with just a simple click. There are no middle-men involved in the buying process. This makes the process transparent and straightforward. All online aggregators are regulated by IRDAI. This means all policies issued will be genuine.
Unlike agents, buying online guarantees that there will be no loss of paperwork. A copy of the policy document is shared within minutes of payment.
5. Choose Payment Method Carefully
The most reliable way to make payments is via net banking or debit or credit card. Online payments are secured with encryption as well as a genuine gateway option. If you are making a bank transfer, make sure to double-check the account details. If you are paying through cheques, always write a bearer cheque in the name of the insurer. Avoid cash payments as much as possible.
6. Save the Receipts
Whether you are buying new bike insurance or renewing an old one, make sure to collect the receipts for the money paid. Maintaining a record of these financial transactions is a good practice. All insurance companies provide a separate receipt acknowledging successful payment. If you are buying online, you will receive an invoice with your details on your registered email ID.
6. Check Your Details on Parivahan site
You can check your vehicle details along with insurance details on the parivahan website. All you need to do is, visit the site, enter your vehicle number. All the details related to your vehicle will be fetch from the government's database and displayed. You can see the validity of your policy there too, which would ensure your policy isn't a fake one.
Summary:
The easiest way to avoid buying a fake insurance policy is to research and be responsible. Look for details like the agent’s license number or call the toll-free number. Double-check all the information shared by the agent or insurance provider. Use social media to find out about the insurer’s service quality and only when you are convinced buy a policy.
