MSE News: Mobile phone insurers still unfairly rejecting claims, watchdog finds

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Former_MSE_Paloma
Former_MSE_Paloma Posts: 531 Forumite
I've been Money Tipped! Newshound!
edited 11 December 2015 at 3:32PM in Mobiles
Some mobile phone insurance companies are still unfairly rejecting claims and taking too long to process them...
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Mobile phone insurers still unfairly rejecting claims, watchdog finds

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  • grumbler
    grumbler Posts: 58,629 Forumite
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    edited 11 December 2015 at 4:46PM
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    But it [FOS] also identified the following failings:
    • ...Three of the firms in the review pay out on fewer than 60% of claims received.
    And? What is the target? 100%?
    Does this figure on its own really matter?

    What really matters is % of all legitimate claims paid, not all received claims.

    I'd expect something more meaningful from the regulator than this nonsensical nitpicking. But again, this requires from FOS some legwork rather than just superficial 'findings'.

    And what about the phones recklessly (and illegitimately) blocked by the insurers when fraudsters (legitimately) sell their phones and then fraudulently report them lost/stolen? How did this widespread problem go unnoticed by the regulator?
  • koloko
    koloko Posts: 1,766 Forumite
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    As a student in the mid 2000's when I was a bit more careless, I lost (or had stolen) three phones. All of the insurance claims were rejected on minor, technical reasons that led me to believe most insurance is a scam - their business model seemed to be to reject claims at any cost.

    Since those days I have vowed to pay the minimum for insurance in all walks of life, and to make sure I top up a savings account for emergencies. Fortunately I haven't lost a phone since then
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