H Samuel misselling insurance

edited 30 November -1 at 1:00AM in N. Ireland
7 replies 7.3K views
BigAl94BigAl94 Forumite
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edited 30 November -1 at 1:00AM in N. Ireland
My wife bought our son a good watch as part of his Christmas - she told me today she had taken 2 years insurance for around £14 which she was told would cover it if it was lost or damaged including scratching the face or if it needed a new strap which she was told would be around £40. I have just looked at the "policy" she was sold - 35% of the premium goes to the insurer, 65% to H Samuel. Specifically excluded are watch straps and glass!! Also in the case of theft, only if forced entry to premises is evident. Not worth a ball of blue and certainly missold insurance. Fortunately there is a 30 day cancellation clause so there will be a visit to the Bangor H Samuel on Monday!!

Posted as a warning to others about this sharp target driven practice.

Replies

  • NARNAR Forumite
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    Report them to trading standards. They will send someone in to check.
  • hayley11hayley11 Forumite
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    I remember having the H Samuels insurance and I broke my necklace, when I went to get it fixed, I had to pay for another insurance policy, I think it was about £7. I couldn't believe it. I broke the damn thing about 4 times as well and everytime I had paid this £7, they made a bloody fortune out of me :rolleyes:

    Is this normal practice?
    :heart: Think happy & you'll be happy :heart:
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  • gemz20gemz20 Forumite
    146 Posts
    there are targets to meet with selling them insurance i used to work for them a few years back and remember than constantly being on at u trying to get a insurance sale with each sale even when a lot of the time the item they was buying wasnt worth insuring so there are tasrgets to reach with selling them which is so wrong to mis sell just to hit target
  • Like Payment Protection Insurance, this is not so much an example of "misselling" but of overpriced insurance where nearly two thirds of the premium goes as commission to the retailer but the insurer can still write the business profitably with the remaining third.
  • BigAl94BigAl94 Forumite
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    36square wrote: »
    Like Payment Protection Insurance, this is not so much an example of "misselling" but of overpriced insurance where nearly two thirds of the premium goes as commission to the retailer but the insurer can still write the business profitably with the remaining third.

    It's clearly misselling when the events that the sales assistant use as examples to sell the insurance are specifically excluded in the policy!!
  • What I was trying to say was that een with no misrepresentation, these policies are a rip-of and should never be purchased.
  • hayley11 wrote: »
    I remember having the H Samuels insurance and I broke my necklace, when I went to get it fixed, I had to pay for another insurance policy, I think it was about £7. I couldn't believe it. I broke the damn thing about 4 times as well and everytime I had paid this £7, they made a bloody fortune out of me :rolleyes:

    Is this normal practice?

    That happened to me with Ernest Jones, they insisted that I replace the insurance despite the problem being with their necklace. By the end of it I just wanted the money back but they refused (despite me insisting that the product was faulty). Very glad I've discovered this site because if it happens again I'll know what to say.
    Norn Iron Club member 273:beer:
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