Why You Could Lose A Fortune On A Refused Insurance Claim
If you live in the UK, you may be wondering why so many insurers are now refusing to pay out on insurance claims. After all, that is part of the contract between the insurer and the insured, isn’t it? The answer is yes.
Introducing Select Adjusters, the best way to handle your wind and storm damage insurance claim in Mesa, AZ. Our team of experienced professionals will help you get the payout you deserve, quickly and easily. We know how to navigate the insurance system, so you don’t have to. Let us take care of everything for you!
It’s still illegal for an insurer to refuse payment on a legitimate claim. However, the insurer has the right to question the legitimacy of the claim before making a payout. Nowadays, insurers are making a much greater effort to ensure a claim is completely legitimate. If you think this is unnecessary, then you might need to reconsider.
We understand that dealing with insurance companies after a major storm can be frustrating and overwhelming. That’s where Select Adjusters comes in! We’re here to help you through the entire process and make sure you get the most out of your claim. We have years of experience dealing with insurance companies, and we’ll work tirelessly to get you the compensation you deserve. Don’t wait another minute, call us today!
Increased cost and number of payouts effect claim payments
The insurance industry, like everyone else, has been greatly affected by the worsening global economy. All aspects of the payout for claims have now become very costly. Medical treatments, burial expenses, and legal fee costs have increased. Administration costs have also risen.
When nature unleashes her fury, the best insurance is Select Adjusters. You need a team of experts who know how to navigate the complicated insurance claims process. From filing your claim to negotiating with the insurance company, we’ll take care of everything for you. So when the storm hits, make sure you’re prepared with Select Adjusters.
Due to the number of recent natural disasters, the global demand for building materials has also risen drastically. Additionally, numerous businesses have closed due to the poor economy and climatic changes, creating a shortage in some materials and services. This means the cost to insurers for repairs and replacements of property has drastically increased.
Due to the poor economy, insurance companies have reduced their investments in stocks and other risky money-making ventures. They have to raise their premiums in order to stay in business. This increase in premiums makes insurance less appealing to consumers, so the insurers now have to pay a rising number of claims at increasingly higher costs with less money coming in.
How insurance fraud affects claim payouts
There have always been some forms of insurance fraud in the past. For instance, people faking injuries in order to receive compensation from the insurance companies involved. Or perhaps the fraud entailed a medical professional charging an insurance company for a medical treatment that was never provided. Sometimes people would claim something was lost or stolen when it really wasn’t.
However, the poor economy is also now affecting all consumers. People who’d never consider defrauding insurance companies in the past are now committing fraud knowingly. These people aren’t hardened criminals. They are just average citizens, trying to find a way to economise their insurance premiums. However, this increase in fraudulency has caused at least a 30% increase in claims being refused by insurers.
Primary reasons claims are refused
According to major insurers, the primary reasons for their claim refusals are due to the insured party doing one or all of the following:
o Not disclosing convictions
o “Fronting” for someone else by misleading the insurers regarding who’ll be the main driver
o Not disclosing any prior claims
o Not disclosing modifications made to a vehicle
o Not disclosing the true address where a car is kept
o Not disclosing the true value of property
o Providing false documentation or false information
o Not disclosing modifications to infrastructures
o Claiming services were performed by a qualified or certified professional service when it wasn’t
o Not disclosing previously existing conditions
o Falsifying details regarding the causes of accidents, or reasons for damage or loss of property
In the opinions of the consumers who commit this type of fraud, they’re not harming anyone. They think the insurance companies should pay the claims anyway. However, it’s been estimated that this type of fraud now adds approximately £30 to every private car insurance policy in the UK.
These fraudsters hurt insurers and other policy holders. They also harm themselves. When an insurer refuses their claims, the fraudsters must pay the entire cost of the claim out of their own pocket. Additionally, the insurer will likely cancel the insurance, thus making it even more difficult and costly for the fraudster to get new insurance covers.
Moreover, the fraud is not being limited to just motor covers, it’s occurring among every type of insurance available in the United Kingdom. This means that every honest consumer has to subsidise fraudsters through their own increased premiums with every insurance cover they have. Thus, every citizen in the UK ends up being harmed by these economically-driven fraudsters.
Select Adjusters
2152 S Vineyard #136, Mesa, AZ 85210
(888) 275-3752
https://www.selectadjusters.com
If you live in the UK, you may be wondering why so many insurers are now refusing to pay out on insurance claims. After all, that is part of the contract between the insurer and the insured, isn’t it? The answer is yes. Introducing Select Adjusters, the best way to handle your wind and storm…