Great 'How to ensure your insurer pays claims' Hunt: How to assure a payout
Comments
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pedro123456 wrote: »More words of wisdom :rolleyes:
Here's an incredible tip:
Read the policy wording (all of it) before taking out the policy. Make sure you understand it before purchasing the product.
Insurers don't just reject claims because they feel like it - they do it because whatever you're claiming for isn't covered. :rotfl:If everyone actually read and understood what they're getting into, 90% of the complaints in this forum wouldn't exist.:rotfl:
-Policy wording as T&C are there to protect the IC, not add clarity for the customer.
-IC's reject claims because they dont like paying up, they like monthly payment though :rolleyes:
My tip is for the IC's to be brought in line like the banks, and have their power challenged.
Helpful!
Policy wording is the form of your contract with the insurer, it covers exactly whatyou are paying for and what EACH parties rights are. As the accounts above prove reading it and understanding it is for your own benefit so that you can ensure you recover what you are entitled to and are protected against the risks you want to be protected against. Anyone who doesn't read the T&Cs wants their head looking at.
Insurance companies are businesses, if they paid thousands and millions out on claims they could avoid they would go bankrupt in no time. I do a lot of work with insurance companies and know that often they do pay claims that they could technically avoid, they aren't monsters, but they aren't charities either. Make sure that you are paying for a product that meets your needs - read the policy!!!0 -
LadyIndecisive wrote: »Yes, I know this, I investigate fraudulent claims, that's why I thought it was funny!
Oops sorry! Didn't read like that!
Still I guess we don't want too many people to stop making dodgy claims or we might end up out of a job!!0 -
I think we will continue to be busy, don't worry
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Sooo a good illustration of what we are advising then!
*warning ladies and gentlemen if you don't read the terms and conditions you could end up like pedro*
It really is the most common complaint about insurers, I've seen it on other sites too, people think policies are one size fits all, or will do everything they can for the cheapest possible policy ignoring the fact that saving £10 on the policy may cost them £1000s if it doesn't meet their needs.0 -
Policy wording is the form of your contract with the insurer, it covers exactly whatyou are paying for and what EACH parties rights are.
Yes you are right, its policy wording by the IC for the IC, and it needs challenging, to promote fairness and equality for both parties.
Anyone who doesn't read the T&Cs wants their head looking at. That'll be most people then, as they are writen in such a way as to confuse, being subjective doesnt help matters.
Insurance companies are businesses, if they paid thousands and millions out on claims they could avoid they would go bankrupt in no time Profits are one thing, greed is another.
I do a lot of work with insurance companies and know that often they do pay claims that they could technically avoid My guess is that they pay these claims if it is finacially cheaper, not through the goodness of their hearts.
The insurance industry needs more transparency and the playing field needs leveling up somewhat, so far it unbalanced in favour of the IC's, thats why the Industry makes millions and thats why there is no public confidence in the Insurance Industry.
I do however agree there are fraudulant claims, just like we the public have to endure a criminal ellement the IC's do too, the costs of these fraudulant claims are build into the policy premiums in any case aint they?Campaigning to recycle Insurance Policies into Toilet Paper :rotfl:
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Can I just add that some policies use such vague wording that the insurer can interpret it to suit any situation so as to not pay out - I know for a fact that one of the large banking groups of this country (clue is in the name) had a home emergency cover for which they would use their loosely worded terms to say that any situation is not covered under the policy.
I agree that people should read the T&Cs but not everyone has the ability nor the foresight to know how the wording will come back to bite them in a particular situation.0 -
I came a cropper when I assumed that travel insurance would cover me for goods stolen.....whilst travelling.
Last year we were en route to the airport in Barcelona with a car full of the luggage a family of 5 needs for a 3 week holiday. We had driven up from France, stopped to stretch our legs and eat, were away from the car no more than 45 mins, and it had been robbed, brick through window.
Were we covered ? no, because apparently personal posessions are covered only if in a locked hotel room. Granted, it was there in the small print, but it seemed unfair that a travel policy should have such an exclusion. We eventually claimed on our contents insurance but because of a limit, lost out to the tune of approx £800.
Lesson learned.0 -
No but most people are literate enough to understand a policy booklet that says that items are covered for theft outside the home but not loss or that pre-existing medical conditions are excluded. You may not understand the minutiae of the actual policy but the chances are that these are not the things that will cause problems and if they are an insurer will be lenient if it is down to a genuine mistake.
If you find the actual policy complex the accompanying booklet is normally written in "plain english", or you can always contact the insurance company or your broker for clarification.
However once you accept the policy you accept all the terms, unless you have agreed a variation in writing with the insurance company.
In my experience it is often the most basic things and not the technically complex that cause problems. I regularly come accross claims that could be avoided by insurers because they have not been notified promptly (often years having passed). It is very straight forward to understand that any circumstances which could give rise to a claim should be reported to insurers without delay. So why do I constantly see people who are often intelligent responsible individuals saying, oh I didn't report the accident because I didn't think he'd make a claim, or because it wasn't my fault???? And this goes to the highest level, managing directors, head teachers, etc
Potentially you put yourself (and your company) at risk of having to personally meet a claim which could run to £1,000,000, for the sake of spending 10 minutes with the policy booklet.0 -
Dinesh you are not alone in your interpretation, IC’s word their T&C and Policy wording in such a way that they are flagrantly in their favour, often being subjective and open to opinion, sadly this gives them the power to be the Judge & Jury of any claim made.
Of course “eventually” if you haven’t been beat down with their power you can ask for the FOS for a ruling, but this is many months down the road.
It’s ironic IMO, that the ABI (Who represent the collective interest of the IC’s), are endeavouring to “promote public confidence” in the Insurance Industry. While at the same time highlighting the apparent fraudulent claims!!!!!!
So it appears we don’t trust them and they don’t trust us???????
Anyway this is my last input on this particular thread, I’ll watch from the sidelines Campaigning to recycle Insurance Policies into Toilet Paper :rotfl:
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I came a cropper when I assumed that travel insurance would cover me for goods stolen.....whilst travelling.
Last year we were en route to the airport in Barcelona with a car full of the luggage a family of 5 needs for a 3 week holiday. We had driven up from France, stopped to stretch our legs and eat, were away from the car no more than 45 mins, and it had been robbed, brick through window.
Were we covered ? no, because apparently personal posessions are covered only if in a locked hotel room. Granted, it was there in the small print, but it seemed unfair that a travel policy should have such an exclusion. We eventually claimed on our contents insurance but because of a limit, lost out to the tune of approx £800.
Lesson learned.
You left all your things in an unattended car for 45 minutes in a foreign country and were surprised that it wasn't covered. You were lucky that your contents policy didn' have a similar exclusion as many of them do.
What on earth is unfair about it? The policy was perfectly clear and it's your own fault if you didn't bother to read it.0
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