Careful with insurance companies !

oldtech

Guest
I wrote this as a reply to another member's post about insurance problems.

Then I thought that it might be of interest in "General chat".

Is that bad form ,to post the same thing in different threads ?
Please let me know .... I'm a bit of a dunce when it comes to forums
( ... or should that be " fora " ? ... anyone out there know their Latin plurals ? :lol-061: )

Anyway ....

You have to be extra careful with insurance companies these days .
I only found out recently that by requesting a quote , many brokers , agencies etc , take this
as giving them permission to do a credit reference check on you.
Some tell you and ask if it's ok .... but most don't !

Why does it matter ? ...

Well credit reference agencies gather their information from many databases ( including banks,
electoral register , County court records etc ) and they OFTEN have incorrect or out of date info on you ....
... and how would you know ???

I personally believe that insurance companies will still take your money , even if they spot
differences between information YOU give ,and info they get from credit reference agencies ....
... and the first you would know is if you or someone else had to make a claim ...
... and guess what would happen then .... ?

I'm not suggesting for a minute that anyone deliberately deceive their insurance company ....
but what is a "fact" can often just be a matter of opinion , or choice of words.

I came across this the other day .... FASCINATING ! ..... well worth a look

Cheap Car Insurance Job Picker: tweaking your job title can make your car insurance cheaper

... in my case , just one word slighty different in my job title could have cost me £50 more !!! :scared:

If in doubt , click on the box that says "is it legal".
And , all things considered , they are not exactly famous for "fair play " , are they ?

Oldtech
 
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Further more, if you make a silly mistake, they will use that against you, not to pay up.
 
I even had it where I did it over the phone, documents came asking me to check & sign them. After checking found errors -date of birth - no claims & a few other things. They wanted to charge me £15 to correct the errors they made :lol-053: I had to ask to speak to a supervisor to authorise the changes without charge for their mistakes!!!
 
Nowdays, the sale of insurance is strictly regulated by the fsa...hence all the disclosure rubbish when you contact an insurer
The sad fact is you have to jump through hoops nowadays to sell for example a lost key insurance.

Quite frankly it is mad....a strict procedure to flog a replacement key insurance...and yet no regulation whatsoever on ho, personal loan..as to the interest rate charged.

The real rub is the consumer credit act of 1974...which is designed to protect the consumer.


where is the logic in this.. ?.loans of less than 25k are regulated in that set guidelines are in place for paying up early...the reasoning to protect the consumer..fair enough.

Loans over 25 k are not regulated and the lender can charge upon early redemption pretty much what they want because it falls out the scope of the.Cca act....

On the basis most mortgages are over 25k the act is seriously flawed.

It's all a joke , that's not very funny, insurance and loans

Channa
 
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