With so many details to pull together, insurance can be a complicated topic – especially if you’re not familiar with the jargon.
Less than 10% of Insurance claims are not paid, and in most cases it was because of an avoidable mistake. In this article, we take a good look at the most common ‘insurance mistakes’ and how we can help you avoid them.
Four common insurance mistakes
1. Unwitting non-disclosure
Insurance providers are fans of forms: that’s a given. And there’s a reason why Insurance applications come with so many questions: it’s a process called ‘underwriting’.
To determine your premium rates and policy conditions, the Insurance Provider needs to gather all relevant information about you, including any past medical conditions and habits you may have (e.g. smoking). But what if your memory fails you when you’re filling in the forms?
Without guidance, it can be easy to overlook details that seem insignificant or simply forget about them, but it’s important to note that unintentional non-disclosure or misrepresentation could result in a future claim being rejected and even your policy being cancelled.
As your Insurance Adviser, we can help you avoid unwitting non-disclosure by asking the right questions and answering all of your queries.
2. The one thing that can jeopardise your claim
Once again, when it’s time to claim, being truthful is always a good idea. This includes providing the correct information – nothing more and nothing less than this.
Things like not declaring your past medical history, not declaring the use of medication or not declaring an activity or pursuit that is hazardous (i.e. skydiving, rock climbing, etc.), for example, cannot just lead to a claim denial. They may put your future insurability at risk and even result in prosecution.
In the case of insuring your property, adding non-existent items to a Contents Insurance claim or falsifying receipts, for example, also holds serious consequences.
So please don’t hesitate to contact us and we can help you ensure that your claim is filed correctly. We can also do everything to ensure that the payout is fair, reasonable and quick.
3. Not reading the small print
Are you sure that you know what your Insurance does and does not cover?
Time spent reading the small print can be tedious and it often creates more questions than answers. It’s one thing to identify all inclusions and exclusions; it’s another thing understanding their implications.
Needless to say, we know the ins and outs of your cover. Have any questions for us? Please feel free to get in touch.
4. Missing premium payments
Keeping up with your premium payments is also crucial. If you fail to pay for a certain amount of time, your policy could lapse, leaving you uncovered and unable to make a claim.
If it was an oversight, consider setting up direct debit. But if for any reason you’re finding it hard to meet your premium payments, please let us know as soon as you can. Working closely with your Insurance Provider, we may find ways to help you manage your premiums without losing cover.
NEED SOME GREAT INSURANCE ADVICE?
As you can see, there are a number of important things to consider. So reach out to us whenever you need assistance: our team of qualified insurance advisers are in your corner to make your Insurance journey as simple and smooth as possible, helping you avoid all the bumps in the road.
