To take a risk with a new company or play it safe

[Kikipost]

Single mum shopping around for private health cover. My instinct is to go with the big boys, but so expensive. Whilst researching I came across a company founded and run by Doctors. It’s a start up. But I have checked out Company registration and all checks out and authorised to sell. Plus the principal founder is indeed a consultant general surgeon at an nhs hospital and seems very well regarded when I googled his name. Most importantly though... the premiums are 40% less than what I’d pay with the big boys and the cover is precisely what I need ie simple and straightforward.

Do you prefer to play it safe and go with the big established players or do you take a risk if the alternative is very appealing?

Sorry I know dull topic but as single parent - no one to chew this over with

TIA

Who’s the company?

It doesn't seem that much of a risk, so I would try the new company. You could always switch if you aren't happy.

county medical

I love the look of it.
Just cautious by nature and drawn to established companies
But I think I will go with it!

Generally speaking I’m usually pretty happy to try the new market entries, but I think I might be a little hesitant with this one.

The negative I’ve found is it’s underwritten by Compass underwriters who seem to be getting bad reviews for not paying out with the income protection policy that deliveroo drivers have taken.

I may well be completely wrong, but it could be one of those polices that looks great and cheap, but when you come to claim on it it’s hard work.

Is there a huge policy excess? Not necessarily a bad thing, but might explain why premiums are so much lower

With medical insurance the insurance part is as important as the medical part, just because someone is a clever doctor doesn’t mean they’ll be good at insurance, similarly, never let a senior insurance bod operate on you. I used to work in this area and have never heard of them, you’re actually about 4 steps removed from the actual insurer. I’d want to see a bit of a track record first in this kind of thing.

It’s only £100 per policy year. Irrespective of number of claims.

The premium are so reasonable and i love the straightforward cover.

Mainly though I love the medical involvement. It just seems to fit with where I am at the moment in sense that I don’t need bells and whistles. I have an under active thyroid and no increase in premium due to this is a MASSIVE draw!

@Usernumbers1234. Thanks so much for bringing that to my attention. I messaged husband of friend who works in insurance in London and he said Compass is highly regarded and that reviews of insurance should be taken with caution because people get v pissed off feeling that insurance “owes” them something even if their claim is not valid.

@DCIJackieDeering

Thank you! Just checked reg details and they are authorised and regulated by financial authority. So that should provide reassurance

I am going to go for it

If any posters interested - I rang and explained my pre existing condition as wanted to make 100% sure wasn’t going to result in increase in premium.
Spoke with lovely lady and she confirmed that the premium on the website is what I pay.
So I purchased online. I liked the feel of it, it took me five minutes and I didn’t feel bamboozled with options.
Only time will tell if I made the right decision, but good feeling based on interaction and price. Plus I like idea of not necessarily being beholden to the big corporates!

Thanks for advice - genuinely helpful.