According to a report, the Insurance Sector in India loses Rs 30,401 Crores to fraud and cheating each year. Each insurer loses a whopping 9% of revenues to fraud. While most of this fraud is vis-à-vis life insurance, general insurance accounts for 14% of these losses.
Motor insurance is a very lucrative and also the biggest part of General Insurance. It is larger than the health insurance segment in India and is growly rapidly. Sadly, fraud and cheating in motor insurance is on the rise.
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Motor insurance is insurance plans for cars and two wheelers. It protects vehicles from damage due to fire, explosion, lightning, earthquake, floods, cyclones or landslides. Vehicle stands protected from theft and riots.
Third party liability is injury or property damage to a third party (unrelated party) caused by your vehicle. Third party liability motor insurance is compulsory in India. You must avail a comprehensive motor insurance plan which covers third party liability and own damage. (You are compensated for injury suffered or damage to your vehicle in an accident.)
IndianMoney reviews say fake motor insurance plans sold by agents who are not authorized to sell them are motor insurance fraud. Many people who availed fake motor insurance plans, fell victim to fraud and cheating.
IndianMoney reviews tell many insurers are looking to curb this, but with limited success. People availing motor insurance plans come to know of this when submitting claims. Policy holders of fake motor insurance plans keep paying premiums losing hard earned money. An IndianMoney review says by the time a policyholder realizes he is cheated, it’s too late. It’s your duty to check motor insurance plan to make sure you’re not a victim to motor insurance fraud.
Fill proposal form yourself: Relying on insurance agent to fill motor insurance proposal form is not wise. Check before signing on the dotted line as terms and conditions are final and binding. Fill proposal form yourself and retain a copy.
IndianMoney reviews ask you to call insurer customer care to cross-check motor insurance plan. This is an easy way to stay safe from motor insurance fraud.
Check details of insurance plans: Always look at Insured Declared Value (IDV), deductibles and No Claim Bonus (NCB) in motor insurance plan. Fake policies don’t have these details keeping you safe from motor insurance fraud.
Check receipt: An IndianMoney review advises asking for a receipt on motor insurance premium. This is very important if payment is made in cash. Use digital payment like debit cards, cheque or internet/mobile banking to make motor insurance premium payment and avoid fraud and cheating. Cross-check premium payment details on receipt.
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