AA Insurance reports that 74% of Insurance customers fail to study their policy documents adequately.
In a recent survey by AA Insurance, policy holders were asked how well they studied their policy document for their most recent policy. Only a quarter of those surveyed had studied their documents thoroughly. The majority of the insured (60%) merely glanced over their policy documents while a shocking 13% did not read or understand their policy documents.
“No one likes paperwork or small print, but you have to know what you are buying,” says AA Commercial Director John Farrell. “Take the time to read it through.
Everyone knows policies vary considerably and with different benefits and terms, and these make a big difference in the event of a claim.”
It is important to ensure the correct level of cover is in place and that no misunderstandings have occurred to offset any risk. With both the cost of premiums and claims on the rise, the importance of these documents must be emphasised.
“People can be very disappointed when they find out that things they thought were covered are not. Sometimes reduced benefits can mean lower prices, but you need to know in advance what you want to pay for.”
