'Beware the small print' is a common phrase used by people when talking generally about Insurance - but why then do we ignore this age-old adage when buying insurance online?
In this dot.com comparison site age, how many realise until it is too late that the policy they purchased, does not provide the cover expected. Unfortunately, when bought on-line, the full policy wording may only be available after purchase.
We are being conditioned by advertising to think that 'cheaper is better' these days - but to get a lower price, insurers make assumptions about you (one size fits all). A reduced number of questions are asked in an online quote form, because the Insurer wants to keep your attention, and many assume that because a certain question has not been asked, it does not matter - but this is not the case.
For example, when buying Home Insurance or Landlord Insurance it will state somewhere in the statement of fact that you accept the property is not near a river or watercourse, cliff or harbour. You may not realise you have answered NO to the question, because it is one of a list of questions that default to NO either automatically or via a single tick box at the end of a declaration when accepting the quote.
Consequently, if you don't read the full 'Statement of Facts' before buying or fileing the policy away, you won't know - and what if this should be answered yes in your case? - you potentially have an invalid policy.
The best option is to get professional advice, as this is still the safest way to buy insurance. A Professional Insurance Broker will ascertain your demands and needs and ask the appropriate questions, avoiding the pitfalls of online question sets with defaults.
In this dot.com comparison site age, how many realise until it is too late that the policy they purchased, does not provide the cover expected. Unfortunately, when bought on-line, the full policy wording may only be available after purchase.
We are being conditioned by advertising to think that 'cheaper is better' these days - but to get a lower price, insurers make assumptions about you (one size fits all). A reduced number of questions are asked in an online quote form, because the Insurer wants to keep your attention, and many assume that because a certain question has not been asked, it does not matter - but this is not the case.
For example, when buying Home Insurance or Landlord Insurance it will state somewhere in the statement of fact that you accept the property is not near a river or watercourse, cliff or harbour. You may not realise you have answered NO to the question, because it is one of a list of questions that default to NO either automatically or via a single tick box at the end of a declaration when accepting the quote.
Consequently, if you don't read the full 'Statement of Facts' before buying or fileing the policy away, you won't know - and what if this should be answered yes in your case? - you potentially have an invalid policy.
The best option is to get professional advice, as this is still the safest way to buy insurance. A Professional Insurance Broker will ascertain your demands and needs and ask the appropriate questions, avoiding the pitfalls of online question sets with defaults.
Arthur C Savage & Company Limited t/a Arthur Savage Insurance. Company registration number 310113 / FSA Firms authorisation number 310137
Registered Address: 2 - 3 High West Street, Dorchester, Dorset, DT1 1HZ
Authorised and Regulated by the Financial Services Authority
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