Avoid Insurance Fraud: 7 Essential Checks Before Buying Car Insurance

With the surge in car ownership, the demand for insurance has skyrocketed. However, amidst this surge, fraudsters lurk, offering enticingly cheap insurance plans.

To steer clear of such scams, ensure you scrutinize these 7 crucial aspects before purchasing car insurance.

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Vital Checks When Buying Insurance:

  1. Thoroughly Review Policy Papers: Carefully examine the insurance policy documents. Cross-verify the information online for accuracy.
  2. Verify Company Name on IRDAI Portal: Confirm the legitimacy of the insurance provider by checking their name on the IRDAI portal.
  3. Validate UID Number: Ensure your insurance policy includes a UID number issued by IRDAI. Absence of this number indicates a fraudulent policy.
  4. Scan QR Code: Authentic insurance policies feature a QR code. Scan it to access policy details and verify its authenticity.
  5. Secure Online Payment: Opt for online or cheque payments directly to the insurance company, avoiding payments to agents.
  6. Obtain Policy Details from Customer Care: Seek comprehensive information about the policy from the insurance company’s customer care.

Understand Types of Car Insurance:

Third-Party Insurance: Mandatory for all car owners, it serves as a legal agreement between the policyholder and the insurer, offering compensation for accident-related losses in exchange for premiums.

Own Damage Insurance: Optional coverage for damage to the insured vehicle, including physical injury, death, and damage due to natural calamities or riots.

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Comprehensive Car Insurance: Provides extensive coverage against damage caused by unforeseen events such as earthquakes, floods, theft, and fire, though not mandatory.

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