The insurance company is your best friend when you are purchasing a policy and paying premiums, but when it comes to claims, it will be difficult to get appropriate response from insurance carrier. Insurance companies follow extremely diplomatic approach while delivering the important information to their customers. Following is the list of details which insurance companies often hide from their customers:
• In case of car insurance, your insurance company will more likely to proclaim your vehicle as a total loss, even though it is very much repairable. By doing this they can actually give you much less than what you deserve, according to the terms mentioned in the policy.
• There is no such thing called as loyalty discount because loyalty doesn’t add to profits of any insurance company. If you receive any discount points at certain point of time, then those points are not because they consider you as a loyal customer but it is a way to classify and put your policy in some other rating group.
• If insurance company sends you for an independent medical exam, the doctor may not be impartial at all. He might have been hired by insurance carrier and so more loyal towards insurance company rather than you.
• Some countries treat loss of life’s enjoyment as a recoverable damage from insurance companies. However, the insurance companies never keep this as an additional feature in their calculator and the benefit is often neglected.
• Insurance companies are extremely cordial at the time of marketing their product, but when it comes to claim settlement, the adjuster will try to save the company’s money and will not reimburse the exact amount they owe you.
It is not that insurance companies are engaged in any illegal activities or they don’t follow their promises, but they know the different loopholes in the insurance policy very well and exploit them in favor of company which put you in helpless situation. So, never get duped by someone only because of ignorance. Things mentioned above will definitely give you a wakeup call and help you in choosing your insurer in an effective way.