Is My Bahrain Insurance Company Trying To Scam Me?

Jan

29

2014

There are many companies offering different kinds of insurance in Bahrain. While many of them are legitimate, many unsuspecting people end up being victims of insurance scams simply because they cannot recognize when they are being fooled by individuals or companies into buying their bogus plans. In many countries including Bahrain, this kind of fraud is punishable by law. However, this does not stop unscrupulous people from trying to dupe honest citizens into buying insurance. Here are some ways to know whether you are being scammed by your Bahrain insurance company.

Is It Too Good To Be True?

One of the best ways of knowing if a Bahrain insurance firm is trying to scam you is to ask yourself if the policy they are offering is too good to be true. Health insurance for example is expensive because medical care is also expensive. If these companies are offering cheap policies for what is obviously expensive medical care, then think again. Most people who are victimized by this kind of scam are those who shop around hoping to find the cheapest deal. In the end, they are usually left to shoulder expensive bills because the company failed to pass them to an accredited health care provider.

Are They Registered?

Countries have different rules and regulations when it comes to the insurance business. Bahrain insurance companies are required by the kingdom to undergo certain procedures before they are allowed to set up shop. Under the law, foreign companies must partner with local businesses. Also, all businesses are required to register with the Ministry of Commerce. Since they are required to register with the Ministry, a simple way to avoid being scammed is to ask the insurance company a copy of their Certificate of Registration. Be sure to verify this registration with the Ministry itself. Check them out and do some research.

Do You Understand the Policy?

One of the reasons why insurance fraud happens is because of the amount of paper work involved. This is how some Bahrain insurance agencies play it smart. Ignorance on the part of the buyer often ends up with him paying more for coverage he never sought. Avoiding this is pretty easy. All you need is patience. Read everything including the fine print. If you don’t understand the legalese, then ask the agent to explain it to you. Don’t be afraid to ask.

Do you really need this type of insurance?

There are many different types of insurance. Some of them we need in the future such as life insurance, health insurance and car insurance. However, there are some insurance firms that sell insurance you don’t need. For example, there are companies that sell flight insurance. Despite reports in the media, airplane crashes are rare so this is unnecessary. Your life insurance is also likely to cover you should a plane crash occur.

Insurance is one of the things we need. It provides us a safety net when something goes wrong. Getting insured is a great investment as there are many uncertainties in life. If you are looking for a reliable Bahrain insurance company, check askbahrain.com. They have a wide selection of insurance agencies located in Bahrain that can help you get educated and get insured.

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