New Post Advanced Search

Insurance company reviews

10 replies 164 views
captainscapegoatcaptainscapegoat Forumite
5 posts
First Post Photogenic
MoneySaving Newbie
I'm looking around for a home insurance quote. I've gotten quotes from the price comparison sites and researched individual companies.
I've checked out review sites like trust pilot. Whilst many company's get bad reviews, some get a high rating. However, I appear to see a pattern: all the good reviews are for the buying process, whilst all the bad reviews are for the claims process. I'm not seeing any good reviews for the claims process: ie. what you actually need the company for.
As far as I can tell, there ARE no reliable insurance companies. They will only be reliable as long as you don't use them, then once you need them it's a different story.
If this is true, it begs the question: is there any point in getting house insurance, if they will all try and wriggle out of it when you make a claim? Or do you just have to accept this kind of behavior as standard? I've never had home insurance before, but I've certainly seen the same pattern in car insurance and have regretted making claims in the past, ending up financially worse off in each situation.
Are there actually any reputable insurance companies, regardless of the price?

Replies

  • jimbo6977jimbo6977 Forumite
    734 posts
    500 Posts Second Anniversary Name Dropper
    ✭✭
    Here is where price comparison sites and even I would say sites like MSE are potentially problematic. 

    If you just want the cheapest insurance, it might well cover fewer risks. If you don't read the policy documents in detail you might not realise this, until of course you come to claim and find that you are not as covered as you thought you were. 

    Happy buyer gets cheapo policy.
    Unhappy claimant not covered for all risks. 
  • dunstonhdunstonh Forumite
    102.8K posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    ✭✭✭✭✭✭
    However, I appear to see a pattern: all the good reviews are for the buying process, whilst all the bad reviews are for the claims process

    That pretty much goes for most trustpilot ratings in many areas.  Trustpilot is a site full of reviews made by people that do not have the knowledge and experiences to give such reviews.

    As far as I can tell, there ARE no reliable insurance companies.

    There are.   Trustpilot is not the way to decide that though.  Plus, do remember that research has found that 8 out 10 people are happy to defraud insurers.   It is a very adversarial process with many people.   Such as those that claim their oven gets stolen every 6 months or their TV keeps getting broken accidentally requiring a new one.

    If this is true, it begs the question: is there any point in getting house insurance

    Its not true.

    Are there actually any reputable insurance companies, regardless of the price?

    yes

    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • captainscapegoatcaptainscapegoat Forumite
    5 posts
    First Post Photogenic
    MoneySaving Newbie
    jimbo6977 said:
    Happy buyer gets cheapo policy.
    Unhappy claimant not covered for all risks. 
    dunstonh said:
    That pretty much goes for most trustpilot ratings in many areas.  Trustpilot is a site full of reviews made by people that do not have the knowledge and experiences to give such reviews.
    That's exactly the pattern I'm seeing. I think the review sites give a biased assessment.
    Are there actually any reputable insurance companies, regardless of the price?

    yes

    Which begs the next question? What's the best way of finding them? I'm assuming personal recommendation from people who have made claims. I'll do a search on here and may post another thread asking for any positive reviews from claimants.
    Thanks for the advice.



  • Weighty1Weighty1 Forumite
    844 posts
    Fifth Anniversary 500 Posts Name Dropper
    ✭✭✭
    The best way of finding them is typically via a broker.  They'll generally have a more in-depth knowledge of individual insurers as they do it day in day out, plus they'll typically not want to put their name towards arranging cover with insurers which are known to be problematic as that can then cause them more work and ruin their reputation.  
    It won't be the cheapest way of arranging cover but you'll be better protected.
  • jimbo6977jimbo6977 Forumite
    734 posts
    500 Posts Second Anniversary Name Dropper
    ✭✭
    It's a case of stopping and thinking and reading and making sure you are covered for everything you want to be covered for.

    Then I would suggest going for an insurer with its own staff, offices etc (or at least one whose underwriter has its own offices, staff etc).

    It's too easy these days to farm out teleservices to third parties, but you can end up with a sales office contracted to one firm somewhere, and a claims office contracted to another firm somewhere else, and it can become very difficult to get hold of anyone empowered to do anything for you when the need arises. 

    The value of a good broker is in their asking of lots of questions to make sure the policy is right for you, eg to get you to think about some possessions of value that you might otherwise not have considered, or what you would do in the event of XYZ and how much that would cost you. The trouble is that these questions have come to be cynically viewed by the public as "scare tactics" or the like, probably because in some instances they have cynically been used in that way, which is a shame and is likely a symptom of the short-term thinking of people paid on commission. (another thread for another day).

    By comparison #ahem#, comparison sites ask relatively few questions, don't do any of the thinking for you, and sell on the basis of price price price, which makes the service side of things a sort of bran tub where most of the prizes are hollow wrappers. 
  • forgotmynameforgotmyname Forumite
    31K posts
    Tenth Anniversary 10,000 Posts Name Dropper
    ✭✭✭✭✭
    Negative reviews are people with a grudge.

    Positive reviews are spam.

    Stick to that and you cannot go far wrong.

    Even a company with poor reviews should payout IF correctly insured.  But who reads the terms and conditions?


    Censorship Reigns Supreme in Troll City...

  • captainscapegoatcaptainscapegoat Forumite
    5 posts
    First Post Photogenic
    MoneySaving Newbie
    Why didn't I think of a broker? :D
    Good advice and I'll look into it. My sister uses a broker, so I'll ask her.
    Is it worth asking for people's experience on here, of making claims with various companies?
    My insurance needs are simple; I wonder if some genuine feedback from claimants may still be useful. I've done a search but not found anything.

  • EcocuteEcocute Forumite
    2 posts
    First Post
    MoneySaving Newbie

    Avoid Ageas Like Covid19 

    Having had my van stolen, it all started very well and had an offer within 48hrs of reporting it the theft, the offer was ridiculas and rejected, the offer was upped over the phone by approximatly £1000 which was still a low ball, within a couple of mins i sent the loss adjuster hundreds of examples that were not hand picked but issued as a search, he went on to tell me he found two examples of the vehicle that were actually higher than was offered, i don't need the money however im not going to standby and accept this blatant attempt to rip me off. Ageas have just become my new hobby and will tell any potential customer that they need to avoid this company like you would avoid catching Covid19 DO NOT INSURE WITH COMPANY

  • captainscapegoatcaptainscapegoat Forumite
    5 posts
    First Post Photogenic
    MoneySaving Newbie
    Ecocute said:

    Avoid Ageas Like Covid19 

    Having had my van stolen, it all started very well and had an offer within 48hrs of reporting it the theft, the offer was ridiculas and rejected, the offer was upped over the phone by approximatly £1000 which was still a low ball, within a couple of mins i sent the loss adjuster hundreds of examples that were not hand picked but issued as a search, he went on to tell me he found two examples of the vehicle that were actually higher than was offered, i don't need the money however im not going to standby and accept this blatant attempt to rip me off. Ageas have just become my new hobby and will tell any potential customer that they need to avoid this company like you would avoid catching Covid19 DO NOT INSURE WITH COMPANY


    Hahaha, guess who my broker have quoted me on? Ageas!
    I've done quite a bit of work attempting to identify patterns on Trust Pilot and reviews.io
    For example, most good reviews are for the buying process and most bad reviews are for the claims process, that one is obvious. You can also see where there are many good reviews on TrustPilot where it's the reviewers ONLY review.
    Some companies have overwhelming bad reviews, but some have a mix of bad and good for the claims and customer service. All companies will get some bad reviews from disgruntled customers. I believe it's possible to identify patterns in the bad reviews; some companies, the same complaints crop up again and again, some have no discernible pattern in the complaints. Once you take into account the bias for customers only taking the time to write bad reviews, and weed out the one line 5 star reviews on the buying process, it may be possible make a more accurate assessment.
    I've also looked on Selectra, which seemed to give a considered review of the review sites' bias. However, it also seemed to have a high opinion of a company I was considering that has received consistent slating on here.
    I was considering getting emergency cover with an insurer too, however from what I can see, once you find out who is providing the cover for the insurer, it's a complete con.
    I'm now tempted to ignore the broker and go with a basic level of insurance from the company who appears to have more of a balanced set of reviews once bias is taken into consideration.
    However, after days (weeks?) of research and trying to find the Toad of Truth squatting in the Swamp of Deceit, I'm getting pretty bored and stressed with it. I'm starting to believe that ALL insurance is just one big mass delusion we have all swallowed.
  • SandtreeSandtree Forumite
    1.4K posts
    1,000 Posts Name Dropper
    ✭✭✭
    First of all to echo the views of others... insurance is a commoditized distress purchase, no one buys insurance because its fun, no one brags to their friends the brand of insurance they've got, the only discussion about insurance down the pub/wine bar is price.

    How do you get to be the cheapest price? Generally by tightening policy terms, excluding cover and applying terms rigorously. This isnt covert though, its all in the policy if anyone actually read the thing before buying.

    Home insurance in particular is actually a fairly complex product, much more complex than Car or Pet but still people with switch from LV= to CheapoMuchosInsurace Gibraltar if it saves them £1. It is therefore unsurprising when it comes time to claim the level of cover is what the policy states rather than what was hoped for and there is no turning blindeyes.

    If you see the same complaints coming up... what are they? Are they something that would bother you? So for home insurance two common cost cutting measures that results in complaints during claims is not providing cover for matching sets and not covering the cost for "trace and access"... if these are the source of complaints and you think to yourself you have no matching sets or the kitchen needs replacing soon anyway so wouldn't both you etc then complaints about the lack of cover isnt an issue. If however you have several sets of jewelry and wouldn't be happy if you lost one item then make sure you buy a policy with matching set cover. Simples
Sign In or Register to comment.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support