Motor insurance: Six must-know ways to save yourself from fake policies

The insurance transaction process often includes reliance on third-party service providers, making insurance companies highly susceptible to fraud within and along its value chain

The Motor Vehicles Act deems it mandatory for all car owners to have vehicle insurance. The number of road accidents are rampant, reinforcing the importance of a comprehensive motor insurance policy for all vehicles. This is applicable for all commercial vehicle owners who are required to purchase the motor insurance to protect, both, their drivers as well as third-parties from unprecedented accidents. This necessity has given rise to an increase in fraud insurance cases which in-turn is a concern for the insurance industry.

The insurance transaction process often includes reliance on third-party service providers, making insurance companies highly susceptible to