As an insurance professional it can sometimes be difficult selling a product which our clients may never need to use. We have many clients who’ve been with us for years and only experienced minor claims, or never claimed at all.
So we understand how easy it is to question whether you are paying too much and to look at the price alone without full understanding the product differences.
The most important thing to be aware of is that your insurance policy is not just the policy schedule which shows the building sum insured or the period of travel for your holiday or the particular vehicle details, it’s also the Policy Wording and Product Disclosure Statement.
Take Travel Insurance for example, many companies promote insurance products alongside cruises. The quote will say that you have cover for the correct person, dates and travel destinations, but in one policy wording we found exclusions for pre-existing medical conditions like heart problems, circulatory issues, blood pressure and joint replacements.
Our go to travel insurance provider has these same exclusions, but only if the insured has sought treatment within 30 days of travel, you were travelling against medical advice or you knew that you would require treatment.
Car Insurance is another product where people often get in to trouble as it’s easy to purchase insurance online, only to have a claim declined because of an unacceptable driving history.
Even though your Policy Schedule may say that you have cover, you could find that you have limited cover or no cover at all in some circumstances. And more often than not you’ll only find this out after something has happened.
If you have concerns about your policy coverage don’t wait until it’s too late, please contact the team at Simplex Insurance Solutions on 1300 309 237.
