8 Ways to Check Whether Your Bike Insurance Policy is Fake or Genuine

Posted on: Oct 10, 2022 | | Written by:

8 Ways to Check Whether Your Bike Insurance Policy is Fake or Genuine

Published on October 03, 2022. EST READ TIME: 3 minutes

Buying a two wheeler has become almost unavoidable in India right now. There is a constant influx of new vehicles on the road and the traffic conditions in most cities are getting trickier. A two wheeler in such situations can help you commute faster and save money as well. The fact that they are affordable to buy and even more affordable to maintain makes them indispensable. To ensure that you have a smooth owning experience, you must buy an insurance policy for bike before taking it out for a spin. The policy will protect you and your bike against most unforeseen circumstances.

An insurance policy for bikes is mandated by the law, and riding without it is illegal. There are different ways by which you can buy a policy for your bike to meet the statutory requirements. And this, at times, can lead to wrong purchases. Quite a few policyholders end up buying fake policies in a bid to save money on policy premiums. If you want to avoid such skirmishes, there are a few simple steps that you can follow. Here are different ways to identify and ensure that you do not end up with a fake insurance policy for a bike.

Ways To Check Whether Your Bike Insurance Is Genuine or Not

There are possibilities of people buying insurance policies for a bike from unknown sources on the internet, as they can be more affordable. However, that might not be the best decision always, are not all of those sources can be genuine. Here are a few ways to help you figure out whether your policy is genuine or not.

1. Receipt Of Policy

A simple yet effective way of ensuring that your policy is genuine is to ask for policy receipts. This is particularly important for any financial transactions that you have made. You can ask your insurance company to provide you with separate receipts for the premium payment that you have made.

And if you are planning to buy the policy from an insurance advisor, ensure to get payment receipts for all of the transactions.

2. Details In Policy Documents

It is not uncommon for insurance companies to come up with misleading advertisements. The insurer might advertise for something else and end up providing something else in the policy once someone buys. It could be as simple as a higher IDV or a free add-on for your bike insurance policy. You must check your policy documents to ensure that you have received all the features and benefits that were advertised. A fraudulent policy document might have incorrect information such as the tenure of the policy, premium amount, IDV, add-on, etc. If you find any such difference, reach out to your insurance provider.

3. Verification On Official Website

All the reputed insurance providers have some form of verification links on their official websites. Simply put, you can visit their website and confirm your policy details, and this can help you differentiate between a genuine and a fraudulent policy. If, due to some reason, your policy does not have any sort of verification links, it can be a red flag that you must not ignore. When you access the policy from your smartphone, you can use the links to access the official website or to a page that provides all details of your policy.

4. A Reliable Source

It is always a good idea to buy an insurance policy for bikes from a reliable source. You can either visit the official website of an insurance provider to buy the policy. Alternatively, you can access the website of a trusted insurance aggregator, compare, and then buy a policy.

5. Opt For Online Payment

You can use the online payment method for paying policy premiums, as it is convenient and secure. And all the insurance providers and aggregators let you pay online. However, if you are buying a policy offline, it is advisable to pay for the premiums via a cheque rather than paying cash upfront.

6. Reach Out To Your Insurance Provider

One of the most robust ways of ensuring that your policy is genuine is to reach out to your insurance provider via their online chat option or toll-free number. Also, you can visit the nearest branch office to ensure that your policy is genuine. To save money, people might end up buying a fake insurance policy. Thus, taking adequate precautions and opting for genuine sources is important.

7. Look For QR Code

The IRDAI, or insurance regulatory and development authority of India, has mandated the presence of a QR code on all policy documents. These QR codes are to be present on all the policy documents that insurance providers issue to their customers. It is an effective way of confirming whether or not you have a genuine policy. You can scan the QR code and get the policy related details.

8. Verify If An Insurance Advisor is Genuine or Not

Buying an insurance policy for bikes online is very convenient. And it can save you a considerable amount of time and money. However, a lot of people still prefer to buy a policy with the help of an insurance advisor. If you also find buying a policy from an insurance advisor to be more reliable, it is pertinent that you check for their genuineness. Before you finalize the deal and pay for the policy, ensure to verify that they are genuine by either looking at their license number or identity card or badge or even reaching out to their local branch office to verify the same.

Wrapping It Up

It is easier to buy an insurance policy for bike now and there are quite a few ways by which you can buy a policy. A lot of policy buyers look for affordable policies for their bikes. And in a bid to buy the most affordable policy, some of them end up buying fake insurance policies for bikes. You can end up with a fake policy in both the online and offline buying modes. Thus, it is recommended to take a few measures to ensure that your policy is genuine. The above are some of these steps to help you identify whether or not your policy is genuine. And some of the steps will help you choose the right source before buying a policy, thereby avoiding fake policies. When buying an insurance policy for bike, the cheapest option might not be the most effective one. You must be vigilant and careful while buying a policy.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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