Equity Red Star

whyowhy_2

I did speak to Asda and they have sent then a letter - as has the ombodsman. I just think that an insurance company should be under an obligation to settle a claim in a timely manner.

Google loves MSE - that was super fast! I note that my whinging on Ciao comes in at number 7. Look after your customers Equity Red Star!

dacouch

The way to look at Insurance is that it is a contract between you and the Insurer, your side is to pay the premiums and abide by any requirements the contract puts on you. The Insurers side of the contract us to pay out any valid claims that are covered according to their contract (Policy).

When writing your letters to them use this to your advantage.

whyowhy_2

I just find it infuriating. I've been paying my premiums my whole life and have never made a claim. I understand that the insurance company need to have checks in place to prevent fraud and check that the neccessary precautions have been put in place - but 4 months is just too bloody long for a straightforward claim.

I would have been (much) better off taking my premiums over the last 12 years and putting them into an ISA for a rainy day.

Quentin

ASDA don't exclusively use ERS.

When you use ASDA they quote you a variety of insurers (eg including Fortis), so you don't have to have the cheapest, and can research the companies they offer before buying a policy off them.

lisyloo

I would have been (much) better off taking my premiums over the last 12 years and putting them into an ISA for a rainy day.

Well you can actually do this - it's called "self-insurance".
The pros are that you save the cost and profit element of dealing with a company and also you are arbiter of your own claims which is hugely advantageous.
The downside is that you could be very unlucky before you've had time to save up, so generally it's the preserve of the well-off.

There are a couple of insurances that are legally required e.g. 3rd party motor and a few that are required by contract e.g. building insurance is usually required for a mortgage.
However for anything else you can self-insure if you want. I self-insure for a lot of things. The criteria I use are
1) The likely size of a claim and whether I can afford it.
2) The consequences of going without the item.
3) Whether I'd prefer insurance for peace of mind.