Beware the Small Insurance Print

‘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 realize 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 realize the question has been answered NO, because it is one of many questions that default to NO and is automatically accepted when agreeing to the quote. If you don’t read the full ‘Statement of Facts’ before buying you won’t know – and what if this should be answered yes in your case? – you potentially have an invalid policy.

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