The new Which? report, ‘Protection or Rejection' throws into sharp focus the need for consumers to understand the insurance policy they are buying and why they really want it, according to Insurancewide.com, the online insurance comparison service.
James Harrison, chief executive of Insurancewide.com, speaking on BBC Breakfast, said: "Buying the policy is not enough, you need to understand it and to understand the mechanics of making a claim. Ask yourself why you are really buying insurance. If you aren't sure about every aspect of the policy it could be a wasted investment and you'll have false peace of mind about the extent to which you're covered.”
”Start by deciding what you need to be covered for and whether you can ultimately make a claim for those things.
Tell the truth
”It's your responsibility to disclose all information to the insurers. Although you may think that you are making a saving by paying less for your insurance now, it is in fact a false economy. You will end up paying more in the long run if your insurer refuses to settle a claim due to non-disclosure or if you have bought the wrong type of policy. It is your responsibility to tell the insurer, not the responsibility of the insurer to find out."
