Insurance news
The cost of a bad-buy
14 November, 2007
Brits believe they have lost out to the tune of £750 million in the last 12 months because they have not been able to claim on a car, home or travel insurance policy even though they thought they were covered.
Research from Tesco Compare.com revealed that the mistake in purchasing has typically cost each of the 1 million Brits who have had their claims turned down in the last 12 months, £736.
Of these the vast majority said it has altered the way they will go about dealing with this sort of purchase in the future.
It is perhaps not surprising that so many end up disappointed, as the research showed that over half of all Brits do no more (if at all) than skim over the descriptions of any product or service they buy. Perhaps as a result of this, 58 per cent admitted to having purchased a product or service in the last year that was not right for them.
It is not just purchasing the wrong type of insurance that has cost Brits big in the last year. Over four and a half million Brits admitted to having bought an article of clothing only to later realise it was dry clean only. And over 800,000 have got a quote from a builder but ended up having to pay extra charges.
Peter Dingle, Managing Director at TescoCompare.com, said: “It is worrying that so many of us have made mistakes in the past twelve months. With the pace of modern life, many perhaps simply do not have the time to make sure they understand what they are buying.”
“Insurance polices can be complicated, and it is not surprising that so many people find themselves in a situation where they thought they were covered when in fact they weren’t.”
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