It’s likely not what it seems like if an insurance plan is being promoted on social media for a small portion of the typical premium. Recently, Syeed, an engineer employed by a multinational corporation and residing in Dubai, discovered this the hard way.
He recently searched the Internet for an inexpensive auto insurance policy and came across one on social media. “The full coverage was almost 40% less expensive. I got in touch with the seller and purchased it after seeing an extremely reasonable option promoted on social media, Syeed recalled.
I didn’t keep the agent’s number on file. However, the number was no longer in use when I checked it on my phone bill and gave it a call, Syeed added. The con artists had altered and manipulated the insurance documents to contain misleading information.
Scammers are using social media to post deals that seem too good to be true, according to insurance brokerage firms. Motor insurance premiums are regulated by the authorities concerned in the UAE and applicable discounts that can be offered, are clearly defined.
“A number of them make rates promises that are below the minimum rates set by the regulator,” stated Savington International Insurance Brokers’ managing director, Dev Maitra.
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