Why honesty is the best insurance policy
Honesty is the best policy, they say.
That doesn’t mean some of us have never been tempted to tell a tiny white lie to an insurance company. Or perhaps neglect to mention something. Something that might save us money.
Not you, obviously.
We’re not casting doubt - merely pointing out the potential pitfalls of not being entirely upfront and open with an insurance provider. If you are paying premiums you need to be absolutely certain they are going to cover you should the worst come to the worst.
“Some people provide incorrect details to get a cheaper policy,” says Craig Monks, manager of a team of 15 loss adjusters for RSA Insurance*. “They think we will never pick up on it but the reality is that we do find out.”
You know those recorded messages you hear when you’re phoning an insurance firm, the ones that say calls are being recorded? Well, it’s not a bluff. Your call is being recorded.
“We’re not trying to catch people out," says Craig. "We want customers to give us the right information and we also need to make sure we’ve done all we can to help them with that.
“If there is a discrepancy later on, we want to be absolutely sure our customer service adviser asked a question correctly - and it wasn’t misunderstood.
Not declaring previous claims made with other insurance companies to get a cheaper policy is perhaps the most common case of customer amnesia.
“If a customer has been asked if they have made any claims in the past five years and their clear answer is “no” - and we subsequently find out they have made four or five, that could have a material impact on their insurance.”
Other things people forget to mention are previous issues with subsidence at a property, that it is a particular type of construction, has a flat roof, or is close to a river that has suffered flooding.
More often than not, customers are not trying to pull the wool over their insurance company’s eyes, says Craig. They genuinely have forgotten to mention something. Or perhaps something has changed since they took out the policy - and they forgot to update their provider.
If you do think you might have forgotten something or want advice, pick up the phone and have a chat with a customer service adviser. It is what they are there for.
“We’re not in the business of trying to catch people out,” says Craig. “Insurance works on a principle of good faith. We genuinely want to help cusotmers as much as we can and be there to support them when they need us most.”
Why not read more about our home insurance or carry out an online home insurance quote