Insurance Sucks... but...

How the hell can I make insurance an interesting subject when headlines keep showing how in some areas Insurance companies and banks have totally pulled the wool over your eyes?

In short, I really don’t think I can, but that doesn’t mean there is nothing to say about how you can work the system better.

In the last few blogs I have tried to enlighten you to the principal that it’s not so much about what you are covered for as what you are not!  

With most things insurance, what you see on the can is not necessarily what’s within, and even yours and my interpretation of the word ‘exclusion’ doesn’t mean quite what we think.

A few examples that show what I mean are as follows:

You claim the item is broken and want a replacement and are told ‘sorry it’s not working because it’s through ‘wear and tear’ so sorry no pay out.

You’re told that you will have a replacement vehicle in the event of an accident, then find out that it’s there for you, but only if one is available’ so sorry head and tails you lose.  

You’re told that the reason for the damage suffered is as a result of an ‘act of God’ so there no pay out.

So when does broken become wear and tear, the certainty of a replacement vehicle- only when one is available- and damage an act of God? The answer is, it really depends on who you are dealing with and how bloody minded they intend on being. 

All I can say is that not all Insurers are the same, and only a cynic would assume they all are. Some will be helpful to the point of knocking you sideways in disbelief and others will just argue the toss until they hope you chuck in the towel. 

So if something goes pear shaped and you need to make a claim, be prepared for the long haul. Accepting that if the claim only equals the value of the excess there’s no point in bothering. You can now buy ‘excess protection’ on numerous things, but that is an extra cost which you may not want to entertain. All I can say is that if you add up the cost of your from all the different policy excesses it really may be worthwhile looking at that again.

Saying that, if you’re just up against a tough nut Insurer, you need to write in and make a formal complaint, they have no more than 8 weeks to reply and if you’re not happy with their response then write to the Financial Ombudsman Service, they really do graft on your behalf and can fine the errant Insurer if they find against them and secure you a fair pay out and sometimes compensation as well.

So my message is, accepting that insurance is something perhaps like marmite that you either like it or hate it. I think where insurance is concerned most don’t see there really can be value to it. But you need to always be on your guard, fight your corner and when all else fails take the Insurance company to the Ombudsman. 

The adverts you see on TV make it all look so easy and it is if you don’t know what you’re doing, but it gets harder when you start to realise what you are paying for, that’s why we at Trident Insurance are here. Like it says on the can we will take care of everything for you.  

Sorry but I really do love marmite, I find it really hard to defend the indefensible and am so disgusted by what some of our contemporaries have got up to that it makes me furious, because we all get tarred with the same brush and Trident Insurance, really are different.

If you need to make a claim try to keep receipts, certainly keep all insurance documentation, take photos and keep copies of everything when you send them off. Also send whatever you are posting guaranteed special delivery, it costs a shed load more but it guarantees to get there next day.  

We’ve found that recorded deliver doesn’t carry the same certainty of arrival and first or second class mail seems today to be pot luck in getting to the destination.

One thing is for sure, you shouldn’t assume because some Insurers are ruddy great big companies they can run circles around you. When you have a claim try to keep calm and remember play the system, always record when you called and ask for the names of who you are speaking to.

As a broker we’re here to make you life easier and that doesn’t mean we cost you any more, that is the sad line continuously put out by comparison sites. 

I worked for a large bank before I took over here eleven years ago, and vowed I would never let this company follow the way they treated their customers. I hope you have and will find our honesty and upfront approach a breath of fresh air.

Please never forget that at Trident Insurance we really do understand where you’re coming from, the problems you face as an individual or business and the best way to get you good insurance cover at the most economic price.

Cheers 

Robert        

Can't be bothered? Read on...

OK so your back now and the bills are starting to come in, suddenly New Year let alone Christmas seems like ages ago. 

Maybe things like insurance don’t crop up quite yet which is pretty lucky, as you are in for a bit of a shock on the rates to be paid now. With home insurance it’s not going to be a too much of a problem, and even small business insurance is holding steady on rates but when it comes to vehicle insurance compared to last year you will need to take a stiff drink. 

With fuel prices still obscenely high, there has actually been nearly a 10% reduction in fuel usage by drivers, not by driving better but by taking other transport to save money.  

Some car rates have gone up by over 30% and that is after last year’s increases which were between 15 and 20%. It’s clearly no longer a joke, and to quote the Times of 31-12-2011 “Remember that, at policy renewal time, insurance companies rely on customer inertia to boost their premiums”

Inertia:  the feeling of unwillingness to do anything (Collins English dictionary)

Maybe the dictionary should have expanded by adding ‘cos we can’t be bothered’

The hassle of filling in streams of questions and a general apathy to do it each year stops many from bothering and by definition moving. 

For sure there is a justifiable worry that by moving, you will end up not being with a high street name. Your protection is that the Insurer has to be authorised , regulated and comply with solvency commitments. 

We have all seen that big is no longer beautiful, and now the smaller and less bureaucratic Insurers are making great headway and offering really competitive rates. 

So please don’t let the comfort of staying put to avoid the hassle of form filling stop you from doing what saves you money. Inertia like pride is a very expensive commodity.   

Ok so you now decide to look at some comparison sites, and see some attractive rates. There may be a slightly lower entry point, but remember any changes you need to make during the life of the policy, like adding another driver or even registering a change of address can come with a horrendous charge, so taking the cheaper option can end up like flying with a cheap airline.

                  

Accepting you guys aren’t stupid, but there’s one key thing when using a broker and that is if they screw up you can blame them, whereas if you do, it’s down to you

OK I hear you say a Broker is seen today as a waste of time because dealing direct cuts out the middle man right? Well yes it should be, but when you add in the fact that each advertiser is paying the comparison site for every transaction equivalent to the commission they would have earned plus a charge for securing a quote, those advertising on the site need to get their money back.

So you get hit with charges and more hidden exclusions, a point it’s hard not to labour on about, that you don’t read about at the point of purchase, and suddenly you’re out of pocket with lower cover and only yourself to blame.

For the record, Trident don’t advertise on comparison sites, we’re here to save you money. 

Buying insurance can’t be viewed like buying a can of beans. We’re talking about your home, your car, your business, and so much more, and most importantly your money and it needs more than just a cursory approach. 

Not declaring material information, be it in regards to value, or say, with Professional Indemnity, your earnings, or for that matter any information, will handicap any pay out and may possibly exclude one if there was a deliberate intent to mislead.

What I’m trying to say is that Insurance really has got serious and is no longer cheap. Yes it feels like a tax but it’s also a security where there’s nothing else to match what it can do to give some peace of mind.       

At Trident we look to take the hassle out of buying insurance, give you the information you need, save you money whenever possible and in short take care of everything.  

Don’t let inertia cost you money, call us and let us show you what you’ve been missing.

Cheers, 

Robert