AXA, one of the insurers on behalf of whome we arrange personal and commercial insurance policies, has today announced that, with immediate effect, it will be publishing statistics which confirm a high proportion of claims are paid for all its motor, home and travel customers. The statistics will be supported by information to help customers better understand the cover provided and how to avoid having claims rejected.
Since January 2015, AXA has published online the overall percentage of claims made which are paid, and is pleased to now display that information at the product level for Motor, Home and Travel. AXA believes that increased transparency is crucial to lifting consumer trust and addressing the concern, held by some, that insurers seek to avoid claims. Understandably, AXA will quickly pay a valid claim but has a duty to its customers to ensure their premiums are not inflated by the cost of paying fraudulent claims or claims not covered by the policy purchased.
AXA understands that there can be confusion over what protection insurance policies provide, therefore it has made it a key objective to help customers by making it clearer what they are and aren’t covered for and what information they need to provide when taking out a policy.
Unsurprisingly, the small proportion of home insurance claims not paid are largely due to damage caused by wear and tear, or lack of maintenance which are not covered by insurance. Interestingly, claims for accidental damage (for example wine spilt onto a carpet) made by customers who did not purchase that feature for their policy also count towards this number. At P F Spare Insurance Brokers, although we appreciate that price is a key concern for customers, we are keen to recommend accidental damage cover for this very reason as we find a large number of clients who approach us about securing home insurance cover do not have this as part of their existing policy.
In terms of travel insurance, reasons claims may be turned down include non-disclosure of a pre-existing medical condition which led to a claim, lack of evidence for the loss and/or the loss not being covered by the policy. Again, we use just one specialist travel insurer whose cover we believe to be amongst the best on the market.
Contact us today to discuss a motor, home or travel insurance quotation with one of our experienced staff.