Motor insurance policy is something which protects you from financial loss and legal issues. It acts as a shield against the loss or damage caused in an accident. Motor insurance is available for personal vehicles as well as for commercial vehicles. Personal vehicles include car, motorbikes, scooters, etc. Commercial vehicle insurance includes the policy for trucks, buses, auto rickshaws, etc.
Motor insurance can be further classified as, car insurance, two wheeler insurance, third-party insurance policy and comprehensive insurance cover. It is advisable to all the vehicle owners to have a motor insurance policy rather than digging a hole in their pocket. One must also buy own damage coverage plan.
It would be disappointing for an individual to discover that the motor insurance policy purchased by them is not a genuine one. It will be more disheartening if the individual has been paying the premium over a period of time with the expectations of some benefits in the case of a mishap.
Also Read: What You Need to Know Before Buying Stocks
However, such incidences can be reduced with just a little bit of caution.
Buy The policy online
In today’s age its easy and convenient to buy motor insurance online. Buying motor insurance online ensures security as the payment is directly made to the insurance company. It eliminates the middlemen while buying vehicle insurance. Thus, it is safe to buy the policy online. Convenience is a big perk of buying motor insurance online. You can buy the policy anytime through your mobile device and also print the documents instantly as a proof. While buying the motor insurance policy through dealer does not give you the opportunity to compare plans between insurers.
Read the policy
Never rush while reading the terms and conditions of the policy. Take your time and make sure to read the entire policy before proceeding ahead. Many insurance companies offer a verification link on the website. One can use this link to confirm the validity of the motor insurance policy. You can also have a word with the customer service of the insurance company in case of further assistance or to clarify your doubts.
Buy the Policy from Licensed Insurers
In India, there are 33 recognized and accepted general insurance companies. To avoid the risk of buying a fake policy, always purchase a motor insurance policy from these recognized companies. You can refer the list of these licensed companies on the website of the Insurance Regulatory and Development Authority (IRDA). Still many people find a way to make the duplicate logo of the company and sell a fake policy. So it’s better to visit the official website of the company.
Also Read: The Reality of Being Self-Employed
Make use of the QR code
IRDA has made mandatory to print the QR code on all the insurance policies. The QR code is useful to check the credibility of the motor insurance policy. An individual has to scan the QR code image, using the QR code app on his mobile device. Once done, they will get to know about the details and status of their vehicle insurance policy.
