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Know What You Are Insured For

 

Recent research by the Norwich Union showed that a third of all consumers do not read their insurance policy. This does rather beg the question – do you know what you are covered for?

 

Their survey of 1000 people demonstrated that:

 

40% of people were unclear what their policy covers.

33% do not read the relevant documents

38% do not know when their policy expires

33% thought that if their car was stolen with the keys in the ignition they would be covered

90% did not know that adding your partner to your policy could reduce your insurance

 

The insurance industry, governed by the Financial Services Authority (FSA), does have a duty to clearly explain all the components of your insurance policy.

 

But this research indicates a general lack of understanding that the general consumer has about insurance and shows how important it is to read your policy documents or ask your insurer if in any doubt about what you are and just as importantly, not covered for.

 

02/04/07

The Insurance Boffin  E-mail: info@insuranceboffin.com

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