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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

to think a lot of insurance policies are just not worth it

35 replies

SpentTheDayInBed · 22/12/2017 19:42

I have two insurance claims going on at the moment. The first is with LoveIt CoverIt for a broken screen on an iPhone 6S. They have been absolutely hopeless - won't bore you all with the story - but I have been waiting 10 working days for them to approve a repair. I have previously had the network provider insurance which although expensive has a quick turn around. Would definitely not recommend LoveIt CoverIt, my experience has been dreadful. I suppose you get what you pay for.

My second insurance claim is for a holiday which we had to cancel due to a death in the family. I took out specialist insurance as DH was treated for cancer a few years back. Claiming for the cancellation has been a long process, and this company are the masters of the drip feed. Was asked to provide a death certificate (fair enough), then a few weeks wait then asked for a medical certificate to rule out pre-existing conditions (how can it be reasonable to know the ins and outs of someones medical history), now the form has been returned asking for a GP stamp. Fair enough perhaps, except they don't specify this on the medical form. Wonder what they are going to ask for next!

I've decided that I am going to cancel the phone insurance once the phone has been fixed and save the money each month to self insure as the phones are no longer new.

Has anyone had any positive experience of mobile phone insurers or cancelled holiday insurance?

OP posts:

babyturtles · 22/12/2017 19:43

yes, i agree with you.

It seems like they try their best to find any reason to not provide cover when something goes wrong.

Worst part is you pay every month and by the time it DOES go wrong it would have been cheaper to have just bought a new one!

AfunaMbatata · 22/12/2017 19:45

It seems like they try their best to find any reason to not provide cover when something goes wrong

Well duh! that’s how they make their money.

Original poster

SpentTheDayInBed · 22/12/2017 19:49

I'm pretty conifdent that both of my claims will be settled eventually, it is just such hard work. I think they have an unwritten policy to make as difficult as possible so people give up. Can't imagine what it must be like if you suffer a serious injury/illness, and are waiting for them to give the go ahead for treatment.

OP posts:

yorkshireyummymummy · 22/12/2017 19:57

Regarding posessions you are better off to find a good home contents insurance policy that covers everything you need rather than getting different policy's for different things.
I always ensure I get a good policy and have never had trouble with claims.
And holidays- make sure you book on a credit card. I know this isn't any help now but worth considering in the future.

TeenTimesTwo · 22/12/2017 20:01

Car, Home, Life (if have dependents), Travel Insurance - Yes, needed

Appliance insurance - Not needed

PandaPieForTea · 22/12/2017 20:07

I assume some people always take the insurance offered with a purchase. I just think of it as a form of gambling and often the stake/return makes it pointless. Things like a bargain £38 hotel room with optional £10 insurance. We have the obvious insurances, but rarely get anything else.

NorthCoast · 22/12/2017 20:12

Yes - I thought I'd be able to claim on my holiday insurance when Lowcostholidays went bankrupt (as I'd only booked the hotel with them and the flight was done through Avios, ATOL/ABTA protection didn't apply). There was a clause in the tiniest bit of the small print that said they wouldn't pay out in the event of the company going under, and they didn't. I'd also paid via debit card thanks to the extra charges for paying via credit card.

Fortunately NatWest completely stepped up to the plate and gave me the whole lot back via a debit card chargeback.

Skowvegas · 22/12/2017 20:24

Having worked for an insurance company, I now buy insurance based on a company's reputation rather than on price.

babyturtles · 22/12/2017 20:30

can you recommend the best companies, Skowvegas?

Jassmells · 22/12/2017 20:34

Pet insurance. When the excess is a % plus the fee going up constantly. Have given up.

WatchTheFoxes · 22/12/2017 20:39

For me, Looking at critical illness cover, the chances of you getting one of the few illnesses on their list is small: most of them aren't covered and certainly none of the illnesses that my family suffer from. Decided not to get it in the end.

Skowvegas · 22/12/2017 22:28

babyturtles I can if you're in the US...

Etymology23 · 22/12/2017 22:36

My parents had a holiday claim recently: they submitted the form and the agreement to pay was returned to them 2 days later. Seemed like a fantastic outcome.

safariboot · 22/12/2017 22:39

They have a financial interest in refusing your claim, and they have all the power in the relationship and you have none. So yes, I'm sceptical about insurance generally. Whether it's from exclusions in the small print, having the better lawyers if it goes to court, or just plain stonewalling you and wasting your time until you give up, I feel the insurer is more likely than not to wriggle out of paying.

CasperGutman · 22/12/2017 22:46

Insurance policies that are supposed to pay for cheap things like a mobile phone are indeed pointless. The average amount they pay out will always be less than the premium, otherwise the companies wouldn't make any money! On average then, I'll save money if I don't take the insurance.

Obviously the same is true for all insurances, but there are some risks i cant afford to take. Insurance is for risks I can't cover myself, like rebuilding the house after it burns down or my liability in the event of a serious car crash.

WinifredAtwellsOtherPiano · 22/12/2017 22:59

Insurers are in it to make money, so they’ll always charge you more than they expect to pay out. That’s OK if you need protection for life changing catastrophes like a house burnt to the ground or 10 million quid’s worth of car accident, but never worth it for a toaster and rarely for a mobile phone.

The other problem is that for some classes of insurance the dealers, brokers, taxmen or other middlemen take huge wedges on top of the insurers’ profit so less than 10% of the premium you pay is returned in claims.

That said - if you’re expecting an insurer to pay out several grand for holiday cancellation on the grounds of somebody’s unexpected, non-pre-existing medical condition it would seem reasonable for them to ask questions about that person’s health and verify the answers.

Summergarden · 23/12/2017 07:49

I agree with you.

It’s sometimes worth posting a moan on companies Facebook or Twitter Page if they have one as they hate bad publicity. Or else writing directly to the chief executive to express your dissatisfaction.

Also Moneywise magazine take on some consumer complaints and obviously have a bit more clout to get results. Let me know if you’d like a email address for them (I’m just a reader of the mag).

PaperBagPrincesa · 23/12/2017 07:54

I agree. Id never have phone insurance but my phone a samsung. I did drop my phone earlier in the year and bought a new one for 100£

AuditAngel · 23/12/2017 07:56

Our usual travel insurance (a company policy) did not provide UK cover which I discovered when pregnancy complications forced me to cancel a trip booked for a family wedding. We had booked a Cottage for 4 days for the wedding.

The travel insurance attached to my bank account paid out, and only deducted a £50 excess for the adults, nothing for the children.

Tipsntoes · 23/12/2017 08:01

I bought "cover" for the very first fridge I ever bought (at 20) and realised then that all the product insurance is a big con. Have never bought another. IMO, as we all have so many appliances/gadgets, the risk is spread so they're effectively self insuring. You'd have to be very unlucky to need all the appliances insured and if one or two fail, you can replace them with all the cash you've saved over the years by not buying the insurance.

House (buildings & contents), car and travel insurance are the only insurances I buy and I wouldn't be without those.

DH and I don't even have life insurance - we have some savings, no debts and are both able to support ourselves if the worst happened, so we don't need life cover (other than that which comes with our pensions) IMO

NorthCoast · 23/12/2017 08:53

I always think pet insurance is a tricky one. My dogs are covered on a basic policy, 3rd party and accident only. I don't have the horses insured, which I think a lot of horse owners would raise an eyebrow at, but where I live, the nearest equine specialist vet is a 3-hour drive away and if one of them was in a situation where they needed their services, e.g. colic surgery, in all likelihood it would be kinder to put them down rather than travel them. Our local vet isn't too expensive to come out to them for boosters etc.

NorthCoast · 23/12/2017 08:54

(Horses are retired and are covered for 3rd party liability along with my sheep on my general livestock policy though).

swingofthings · 23/12/2017 09:01

I debated whether to take on pet insurance or not and in the end opted not to. If worked out for us as our cat only saw the vet 3 or 4 times in her 16 years and died of old age. We would have paid significantly more in insurance. However, a friend of mine's dog had a very serious accident and required specialist surgery. Without insurance, they would have had to sell their house (and they would have done so because their dog was a family member), so taking on insurance was the best decision they could have made.

I will not travel without travel insurance. I have seen from work the consequences of it and people don't have a clue because they forget that the NHS is special and you don't get that abroad.

Roussette · 23/12/2017 09:20

Totally agree with you. I pay ££££ out in insurances every year. But I honestly don't trust them to pay out should the need arise.

If a close family member dies why on earth do you have to justify that, surely a death cert is enough, the delaying tactics at a difficult time is abhorrent.

I do think some of this has come about because free loaders claim claim claim and some of it is bogus. There's been a big thing to do with travel insurance and food poisoning at hotels abroad, one couple were taken to court after claiming thousands and it being proved to be a scam.

To be frank, I don't know why I have insurances, I usually bypass them and just give up and sort it myself. The excesses are enormous because if you don't have them, premiums are ridiculous and don't get me started on travel insurance.... my DH had a procedure NINE years ago, nothing since, no after effects etc. Yet because of that, they treat it the same as if he had this procedure just six weeks ago so the difference between premiums for someone who had this done six weeks ago and nine years ago are the same. Ridiculous. And every year, we can't just renew. We can't say 'nothing has changed and there has been no visits to the doctor'. We have to start all over again.

Sorry. Rant over. OP I'm with you 100%

nocake · 23/12/2017 09:44

When our cellar was full of sewage we were very glad the house was insured with a reputable company who responded quickly and efficiently. As someone has already said, you should choose insurance based on the company not the price.

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