Despite the fact that regulators and product and service providers continue to educate individuals about the importance of being cautious while dealing online, some people fall prey to well-hidden fakes. Make-believe motor car insurance interfaces that sell false motor car insurance plans are likewise a threat to the car insurance sector.
Read on to learn about the basics of vehicle insurance and how to avoid buying phony coverage.
The Importance of Automobile Insurance
Ensuring your car is a fantastic strategy to protect yourself financially in the event of car-related harm. Car insurance is necessary since you are responsible for any injuries or damage to other people’s property caused by your vehicle.
Third parties are these individuals, and their belongings are referred to as third-party property. Before driving on Philippine roads, car owners must have at least a Third-Party Liability insurance policy in place, according to the Motor Vehicles Act.
The Different Ways To Buy Car Insurance And The Chances Of Being Conned
From An Agent
Typically, first-time automobile owners acquire a car insurance coverage that their car dealer recommends. They can buy it directly from an agency if they don’t want to buy it from a dealer. If the agent is a con artist, the prospect of fraudulent vehicle insurance arises.
As a result, before acquiring car insurance coverage, you should check the agent’s qualifications.
You should read the documentation carefully because it can be changed. Because selling insurance is not their major business, auto dealers may be unaware of such schemes. You can request a license to verify the agent’s legitimacy.
From Car Insurance Company
Con artists have existed for a long time. They have upgraded their skill sets in today’s digital world and are now stronger than before.
Scammers thrive in the financial services industry. People in the Philippines have gradually become accustomed to purchasing goods and services on the internet. It has evolved into a new market. As a result, hackers and other technologically advanced con artists can exploit it.
Make contact with the insurance company
Every registered insurance company should have a verification link on its website that may be used to check the legitimacy of the company. Furthermore, it is beneficial to contact the company’s customer service lines to inquire about the insurance provider and policy specifics, as well as to obtain all pertinent information.
Assuring this contact will assist you in determining the insurance provider’s validity. Furthermore, you may wish to visit the office in person to confirm the insurance provider’s legitimacy and guarantee you are not dealing with a phony organization or policy provider.
Web Aggregators on the Internet
An automobile insurance coverage can also be purchased through an online web aggregator. These types of websites assist you in comparing auto insurance. Such websites can provide you with information about numerous insurance that match your needs.
However, make careful to compare vehicle insurance not just on price, but also on coverage. Ensure that you are not diverted to illegitimate or phony websites while acquiring such policies.
Carefully select a payment method
To avoid fraud, car insurance should be purchased in person and paid for using a check. By avoiding purchasing with cash, you can keep your money out of the hands of shady characters and ensure that all transactions are legal and transparent.
Another precaution to take while making the payment is to write the check in the name of the auto insurance company rather than a specific individual, such as an insurance agent. This also aids in the prevention of insurance fraud.
Make an Informed Choice
It is vital to make an informed decision regardless of where you purchase your vehicle insurance policy. Read the policy’s inclusions and exclusions thoroughly. Before you buy the policy, make sure you have all of your questions answered about the coverage’s exclusions.
Verify the Policy with a QR Code
This covers auto insurance companies. When you are given a QR code, you can use it to check the provider’s validity and legitimacy to guarantee that you are dealing with a legitimate insurance provider rather than a fake or counterfeit one.
Every auto insurance policy in India will have a QR code that you may scan with your smartphone to access real-time information on the coverage.
Fake and counterfeit insurance plans, as well as insurance fraud, abound on the market. It is critical to ensure that both your insurance provider and the policy in question are real and legitimate.
You can safeguard your financial safety and prevent yourself from fraud by keeping all of these precautions in mind and ensuring that you are vigilant and thoroughly study the insurance provider in question.