We all have to deal with insurance at some point in our lives, for some of us it was when we bought our first house for others it was to protect the family. There are a number of myths that surround insurance and its about time we laid bare the facts. Whether it is what is covered on a plan or scenarios when the policy will not pay out, below lists the common myths of insurance.<.p>
A claim could be rejected due to an ‘Act of God’.
One of the many insurance myths, an Act of God does not exist in insurance terms. Freak weather or storm claims can be refused if the insurer disputes the damage or the cause of the claim is not covered under the plan, but it will not be considered God’s doing.
With a European Health Insurance Card you don’t need insurance if you’re travelling in Europe.
The European Health Insurance Card will allow you as a traveller to receive basic medical treatments for free or at a reduced price within the European Union. However, you will still require separate travel insurance to protect your possessions or be covered for more extensive health treatment.
You should stretch the truth with your claim to counteract what the insurers are likely to knock you down by.
A myth, this is a prime example of fraud and could put you in all sorts of trouble. The myth stems from the insurers being able to negotiate discounts with their partners due to the economies of scale on which they buy, unless you can prove the insurer’s chosen retailer does not offer goods of a similar quality to the ones you are replacing it is suitable option.
I have the option of either a cash sum or settling a claim with a repair or replacement.
It is entirely at the insurer’s discretion which option they provide, however if it is a unique item that is in question that is unlikely to be sourced unusual item that cannot be matched, you can demand cash.
If I have consumed alcohol at the time of the incident any travel claim I make will be turned down.
If you have been drinking heavily at the time of the incident this may affect the outcome of the claim. But, for example, just because you had a beer with dinner on the night your wallet was stolen does not mean your claim will automatically be turned down.
Insurers reward loyal customers.
The insurance market is so competitive it seems as though there is almost always someone else offering a better deal. Loyalty rarely pays when it comes to insurance as many insurers only offer their best deals to new customers.
Whatever the insurance you’re looking for it is always best to get the opinion of an expert who knows the products. In todays market you can also do a lot of research online from the many resources available to understand the things to look out for. Always request quotes from a range of provider, they tend to underwrite policies differently so one insurer may see you as lower risk than another and quote you cheaper rates.
Whether it’s an affordable health insurance plan or term insurance quotes or If want need some more information, some guidance or quotes from the market leading providers let us know, we are here to help.
Additional insurance information can be found on the FSA – Money Made Clear.
