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Money Refunds.org.uk

FREE Practical Advice and Tips on how to get money back, replacements, credits, compensation and more for poor service and shoddy goods across the UK  

Insurance

Insurance policies are legal contracts and the terms within them set the rules for paying premiums and receiving benefits.

They range from simple insurance for a washing machine through to an entire house contents, someone's life, or a business.

Key elements about most policies

• Premiums are paid once for a period of cover time, or at regular intervals usually monthly or annually.

• If the premiums are not paid the cover or protection ceases

• If the insurance is unpaid and the policy ceases you cannot get premiums back

• Some insurance policies will give premiums back if there is no claim within a period.

• If you claim payout is within the terms of the policy (the contract) you cannot claim premiums back because the insurer does not pay out.

When can you get Insurance premiums back?

• Some insurance on domestic goods refund all or some of the initial premium if there are no claims during the period of cover, which could be up to 5 years. People often forget they have this benefit and/or loose the documents. It is usually necessary to register the policy within a time scale (14/28days) to the refund policy to come into effect.

• You were mis-sold the insurance and later found the benefits were less than you expected or conditions harsher than you expected or were led to believe. Here you would need to prove such, so sales and advertising documents may be vital in backing up your claim.

• The sale of the Insurance may have a period to "change your mind" usually 7.14 or 28 days where you can cancel the policy, usually provided you have NOT made a claim.

How do you buy Insurance?

• Thorough an insurance broker or agent

• By mail order

• Via magazines and newspapers

• By telephone

• At a bank or building society

• Over the Internet

Why should you claim against an Insurer?

In the main there are several key events in the way insurance claims are settled

• The main are settled quickly in accordance with the policy terms - you have paid the premiums, the event happens, you are entitled to claim and do so.

• The insurer rejects the claim as being outside the policy terms or the premiums have not been paid, check their reasons and see if that is correct or not, if you disagree tell them so and prove it.

• Little if any discretion is available in the way insurance claims are settled, however sometimes there is some doubt or a "thin line" and proper reasoned argument may sway the decision in favour of the insured.

• The insurer excepts liability early on but the settlement value is subjective and final settlement is delayed usually via the courts. This is common in personal injury claims.

• Complex and high value cases such as medical negligence or corporate heath risks may drag on through the courts for many years.

• Court proceeding allow each side certain time scales to produce evidence and attend courts, a delay tactic is to take each stage to it's maximum, and even then seek adjournments or extensions to "wear down" the claimant, with a view to early, lower value settlements.

Some principals of insurance

• The benefit is to make good your loss up to perhaps certain limits e.g. heath insurance paying for up to x days in hospital.

• You receive a lump sum of the occurrence of a specific event i.e. a death.

• You will not profit from your loss - if your £100 is smashed do not expect a £5,000 car in it's place!

Useful web sites

British Insurance Brokers' Association (BIBA) - will help you find a registered broker to meet your insurance needs.

Association of British Insurers - provides information for customers and companies, including information about the ABI, news items, consumer advice, industry advice and a database of members.

FIND Insurance Company Directory - Independent gateway to all UK insurance websites - since 1996.

Financial Ombudsman Service - provides consumers with a free, independent service for resolving disputes with financial firms.

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