The exponential growth of the number of fraud cases is concerning since there is a high chance of getting duped than being killed. The extended amount of loss suffered by the insurance sector just for the sole reason fraudsters is very evident with the loss of more than Rs 30,000 crore/annum. An investigation has also stated that the insurance agency is single-handedly losing capital and assets for this very reason.
Most of the insurance cases occur mainly due to the various false claims, and as for other instances, the policy that you have brought might end up being fake.
It often so happens while getting an auto insurance policy where people get alluring claims and gets involved in giving money to fraudsters. It is indeed a very disappointing situation when the consumers get to realize that the policy they have bought is not original.
To avoid such instances, one can follow these tips noted down below.
Be in touch with your Insurer
After getting the policy, contact the insurer or email to them. And in any case, either of them is not working out; do drop by your nearest branch office to further proceed with the authentication.
Always ask for the Receipt
Insist the agent on providing you with a receipt. Some companies offer separate payment along with the policy of course. Do check up on the details written on the receipt. And know that the validity of the document will always rely on the validity of the policy.
Signature required on the proposal form
Always be sure to sign it by yourself and avoid the plan which might seem ambiguous on this part. You can always cross check the terms and conditions along with the specs of the vehicle.
You can relax once you have followed these above steps, even though it is always a better idea to get the insurance done at respective bank branches where there are no chances of getting duped.