Are the insurance companies being genuine?
It is hard to find the best insurance company to invest in but when we do, it’s worth it.
10:23 17 July 2013
A recent study by FCA (Financial Conduct Authority) of 4,800 individuals showed that more than 1/10 individuals who made a claim for home insurance and 1/20 who made a car insurance were partly or fully rejected. This was an investigation of insurance policies add-ons. This survey information leaves us with one question. How can we make sure that our valid insurance claims will not be rejected?
A simple answer to the above question is, find the best insurance company to invest in. When we say the “best” company, we mean, they will not reject a valid claim or will not hide when claims start to come in. To help further answering the question above, here are steps in finding the company that deserves investing your money into:
- It is impossible for us to background check all of the insurers in our area. It would be absurd if we even try to. It is best if we narrow them down. First, we should have a list of all the names of insurers in our area.
- Then we just have to eliminate from our list the ones that we find illegitimate, untruthful, and fraudulent, etc. This would lead us to another question, where would we find this info? Of course we have to ask people who have invested money on that particular company. It’s okay if we can’t find info on all the companies in our list; at least we narrowed it down to what info we can gather.
- If possible get a copy of the insurance policies of the company’s remaining in your list. One thing we should always look for is the specific statements that would make us eligible for a claim. Vague or ambiguous statements are a sign for us to keep away from that company because they may reject a claim without giving valid reasons.