Fake insurances, how can we detect and avoid them?

Boracay Brokers

Unfortunately, there are many cases of scams and fake insurances that affect hundreds of people. It happens a lot more than we can ever imagine, and the truth is trusting the wrong person can end up being very, very expensive.

These frauds usually consists of a simulation of taking out an insurance that is not real. Given this fact, many of those affected do not realize this trick until they receive a fine or worse: they suffer a loss or an accident.

Fake insurances, step by step

One person or one team of people pretends to be an insurance mediator. They usually offer impressive deals on insurances , especially for vehicles and motorcycles, but they never get to take them out.

What they usually do is taking out the policy in order to receive the documentation and giving it to the victims, but then they do not pay the insurance fees. When this happens, the company usually terminates the contract with one notification that will be actually received by the scammer, and not the people who think they have taken out an insurance.

This is the reason why the victims do not usually realize the scam until the police warn them or, unfortunately, have an accident and discover that they will have to pay all the expenses by their own.

How do you detect a fake insurance?

Although offers can always be found, you must suspect when a price is too low. Insurances have their value; certain price ranges can be considered, but nobody gives anything for free.

A very important point is to make the payment in cash: always demand a payment by bank account. In fact, Boracay Brokers always prefers that customers pay directly to the insurer. This way, they always have the information about their payments, etc.

Do not trust in “distributors” who do not provide information about the products in the begining, or even about the communications that you receive without having requested them. If you have any questions, better go to a trusted mediator and ask about offers.

If you are affected by such a scam, the first thing you should do is going to the authorities and report it. Also, you must regulate your condition with a trusted manager.

Boracay Brokers is aware of the amount of false insurances in the market, and we are willing to protect our customers from these scams. Our doors are always open to advise you about the best products of the market, guaranteeing their quality and confidence.

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