How To Avoid Car Insurance Fraud

635 0
How To Avoid Car Insurance Fraud

Despite ongoing efforts by regulators and product and service providers to educate consumers about the need to exercise caution when making purchases online, some still need to catch up to the many deceptively convincing fakes. The car insurance market is also vulnerable to these fictitious motor vehicle websites offering phoney insurance policies.

Why Is Car Insurance Required?

Insuring your vehicle is an excellent way to prevent financial losses in the event of vehicle-related damages. Motor car insurance is required because if another person or their property is damaged by your car, you are responsible for paying for the damages. These individuals are known as third parties, and their possessions are known as third-party property. According to the Motor Vehicles Act of 1988, car owners must have at least third-party liability insurance before operating their vehicles on Indian roads. * Claims are subject to terms and conditions set forth under the car insurance policy.

What Kinds Of Insurance Coverage Are Offered In The Market?

There are primarily two types of car insurance policies: Third-party liability and comprehensive, specifically. A comprehensive plan offers its own damage coverage and the legally required third-party coverage. This means that in addition to being insured against damage to third parties, your car is also covered in the event of damage to itself. With the appropriate add-ons, you can also increase the coverage provided by your comprehensive plan. Some of the most popular car insurance add-ons include roadside assistance, return to invoice and zero depreciation car insurance. Before choosing the same, you can always research to learn more about zero depreciation car insurance. * Claims are subject to terms and conditions set forth under the car insurance policy. 

How To Get Car Insurance And The Chance Of Being Swindled By An Agent

Most new car owners take the car insurance recommendations made by their car dealers. They can buy it directly from an agent if not from a dealer. If the agent is a con artist, the possibility of fake car insurance may be present here. Therefore, you should check the agent’s credentials before buying a car insurance policy.

From The Car Insurance Firm

Con artists have existed for a very long time. They have updated their skill sets for today’s digital era and are more vital than ever. Such con artists are very successful in the financial services industry. Online shopping has gradually become more and more commonplace in India. The marketplace has changed. As a result, it is susceptible to hackers and other sophisticated con artists.

You can buy car insurance offline at a branch office of your preferred insurance provider or online directly from their website. Although inconvenient, purchasing the policy from their branch office is probably scam-free.

From Web Aggregators Online

An online web aggregator is another place where you can buy car insurance. These websites assist you in comparing car insurance. You can learn about various policies that fit your needs by visiting such websites. Make sure, though, to compare coverage options and prices when comparing car insurance. 

Take Knowledgeable Decisions

No matter where you decide to buy your car insurance, it would help if you researched first. The policy’s inclusions and exclusions should be carefully read. Before purchasing the policy, have any questions you may have about the exceptions stated in it answered.

* Standard T&C Apply

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.

Leave a Reply