Insurance Fees are Becoming Bigger than Claims. Is Personal Injury Exploding?
posted on Mar 02, 2018
How much is Your Insurance Company Charging You to Cover a Personal Injury Claim?
We like to think that the investment we are making when paying an insurance fee is a wise personal injury claim choice. We think it is a smart investment for our future health, and any personal injury claim we might have to make. Although, according to the Daily Mail, insurance companies are selling policies with insurance fee that surpasses claim amounts. Many could perhaps lose money rather than gain a decent compensation payout when claiming for personal injury. This is specifically when trying to claim back from the policy where the excesses tend to be quite large. Even policy name changes can cost enormous amounts in some cases. A Fairer Finance article claims that “on average, making a change to your insurance policy will set you back £23, even if it makes no material difference to the policy itself.”
Insurers Claim that the Insurance Fee Controversy Is Not As Simple As It Seems
The newspaper also claimed that many insurance companies spoke out in defence of this. This is excepting Goodtogo who did not comment. The defences include that any insurance fee is previously disclosed and that the excess does not have a major impact when the costs are large. Furthermore, they said that in some situations they do not charge cancellation fees. Lastly, they claimed that the customers had the choice of whether to choose lower or higher cover whereas they should the one that suits them.
Investigations by Fairer Finance Are Concerning
The newspaper also cited findings from Fairers finance where they found many examples of this issue. One example was concerning car locks. There are firms which allow individuals to claim back less than half of what the average cost of this operation is. With small claims, there were some stolen cash travel policies that gave out £100 in compensation payout at the highest. This is where the excess was 50 and some policy limits were equivalent or at a lower amount to it. They also discovered that in some cases the surplus charges for £100 of stolen cash case was £100.
Make Sure That When You Make an Injury Claim You Have a Solicitor on Hand
Of course, no matter how much your insurance pays out, making a personal injury claim can be a stressful process. Find a personal injury lawyer who can help you get the compensation payout you deserve. Go to our solicitor portal. If you want to estimate how much compensation payout you might get then use our injury claim calculator. To find out more about insurance read Insurance Fraud in the News and How to Avoid Fraudsters.