Lets get real about insurance…

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We have all been exposed to our fair share of insurance adverts on television, radio, newspapers etc. Normally these ads include words like ‘comprehensive, benefits, extras, cover etc’. At the end of the advert there will be a statement along the lines of ‘XYZ insurance is regulated by The Central Bank of Ireland’ or similar.

Obviously, companies are only going to pay for advertising if it promotes their products & services, but consumers should be aware of some hard facts when it comes to insurance.

When you buy an insurance policy you are effectively signing up to a contract. You complete a proposal form, pay a premium and the insurance company agrees to pay your costs/loss in the event of certain incidents occurring as outlined in the policy. Every policy contains detailed terms/conditions/warranties & exclusions.

Now – here is the important part

This contract imposes obligations on the consumer & outlines when the insurance company will pay and when they will not pay. For example:
– a consumer must answer all the questions on the proposal form 100% accurately, correctly and honestly (and yet many consumers don’t take enough time to read the proposal form and in some cases, simple mistakes are made which cause the policy to be effectively void from the word go).
– a consumer must obey the policy warranties and conditions (many consumers don’t take enough time to consider them).

A consumer should also be aware of the policy exclusions (what is not covered).

Overall consumers need to get real about insurance. Its not a warm blanket, it’s a contract with terms/conditions/exclusions & warranties.

Martin Insurance Brokers employ experienced insurance advisers and we always provide our clients with honest, upfront advice. If you would like a quotation, please call us on 049-4332944, e-mail info@martininsurance.ie or complete our online enquiry form.

This information is intended as a guide only. Every insurance policy has detailed terms and conditions, please refer to your policy document for full policy terms and conditions.

James Martin
James Martin
James Martin has 16 years of experience as a general insurance broker. He is a member of the Chartered Insurance Institute and has completed a Diploma in Corporate Finance.

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