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Change the record

10th August 2006
Page 9
Page 9, 10th August 2006 — Change the record
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Which of the following most accurately describes the problem?

Checking the small print of your insurance documents isn't the most exciting pastime — but it might save you thousands, as Barry Proctor can testify.

There are some things in life that always get left Lind you can't put them off any more. Washing up, for instance, has a tendency to linger on the worktop until the admonitory looks from the pile of dirty cups force you into action.

This year, however, along with changing our insurance providers, we took the time to comb through our paperwork. Thank goodness we did. Lurking there, like tacks scattered across the floor of a dark room, were several unpleasant surprises: claims against us that were listed as outstanding on the claims record. Rather irritatingly these were all claims that had been dealt with and that we or the other party had admitted responsibility for.

It seems our ex-broker had managed not to remove them from the record (what was I saying about not doing your chores?), so when it came to renewal time potential insurers took one look at our record and increased the renewal quote accordingly... in this case by £30,000. It makes me wonder how long the situation would have continued if I hadn't spent time looking through the paperwork. It also makes me wonder precisely what I was paying my former broker for.

What is particularly galling is that the insurance industry is always lecturing us on what a bad risk we are. We are expected to undertake accident prevention schemes in order to shave pounds from the renewal quote; meanwhile the insurance industry can't even get its own house In order.

To cap I all, the number of potential insurers becomes ever smaller — our last two insurance providers have since been snapped up by another firm. The word 'monopoly' springs to mind, and I don't mean the board game.

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