Product category:
General insurance
News Release from: Insurancewide.com Services | Subject: General insurance
Edited by the Insidemoneytalk Editorial
Team on 25 January 2008
Insurancewide.com response to 'useless
insurance products' claim by Which?
James Harrison, CEO of Insurancewide.com, the original online insurance comparison service, said today:
"Which? claims that warranty products, mobile phone insurance and payment protection insurance, amongst others, are a waste of time This is not the case and it's not the real issue
This article was originally published on Insidemoneytalk on 29 Mar 2007 at 8.00am (UK)
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Such policies are normally developed to cater for a need, to assuage a fear and provide peace of mind.
The main concern here is how they are presented to the customer at the point of sale.
Quite simply, buying them from the wrong people can increase the cost.
Catchy misleading names are given to the policies and the sheer number of (conveniently ignored) exclusions in the small print often render the policies useless.
Mortgage payment protection insurance in particular has developed a bad name.
In fact this is a useful product which helps cover the customer's monthly mortgage payments in the event of accident, sickness or unemployment.
When sold through a bank alongside a mortgage and basic payment protection, it seems a very small extra fee to pay for extra protection, but many consumers have no idea what they have bought.
Yet it is now very easy to research and compare such products online.
Bought directly from an insurer or broker recommended by a discerning insurance comparison website, they are far better value than if sold through a bank.
The only exception to the 'waste of time' rule is identity theft insurance, whose popularity has risen as a result of a topical news stories.
Yet companies rarely explain that they're not reimbursing the money you lose as a result of identity theft, just the money it costs you to salvage the mess.The devil is in the detail and the message to consumers is twofold; understand exactly what you're buying and research and buy it in your own time from the most competitive provider.".
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