Getting insurance cover can be quite helpful. In the event of unfortunate events you have the peace of mind knowing that you are covered sufficiently.
Insurance cover could be for your car, home, business, household contents, for medical reasons or for funerals. While you may be covered, insurance companies don’t provide cover for certain eventualities. If you don’t read the fine print in your insurance agreement, you may find yourself out of pocket.
What are some of the reasons for insurance not paying out?
There are number of reasons why your insurance provider may not be paying out. It’s important to make sure that you are not ignorant of the terms and conditions outlined in your insurance contract.
Insurance is based on utmost good faith, so make sure that you disclose all necessary information. Items that are insured should be insured at their full value. Remember to revalue your assets annually to ensure that you have sufficient insurance cover.
In the case of household contents cover, something you can also do to make the claims process easier is to take photographs of each item in your house and save these on a disc or external hard drive.
Common reasons for car insurance not paying out:
- Unlicensed driver
- Reckless driving
- Drunk driving
- Driver not the “regular driver”
- Total loss policy
- Telematics data shows driver fault
- Tracker device not fitted
- Vehicle inspection not carried out
- Vehicle used for business
To facilitate simple car insurance claims process, pay careful attention to how the insurer values your car. You should also be aware of multiple excesses.
The most important thing you can do is to go home and read your policy carefully. If there is anything that you don’t understand, ask your broker or insurer to explain it to you. Before you sign your insurance contract make sure that you fully understand the terms of the contract.