Mistakes That Can Void Insurance
Albeit it is in the law to get insurance, many of us take it for granted especially when we never have cause to use it. However, there are a lot of times when we may need the help of insurance companies to help us pay for essential repairs to our vehicles and homes so it is important to know that the insurance company will pay out if we need them to. Axis Capital, with a group of insurance and reinsurance companies around the world listed some of the primary reason to void your insurance claim.
Car Insurance has the highest case of fraud among all the varieties of insurance available. Many of us spend most of our times in our cars and do so in the knowledge that we are covered by insurance should we have an accident or should someone collide with us.
- Driving in a car that does not have the right insurance band
- Driving without valid license
- Being the passenger of a driver who has been disqualified
- Being hit by an uninsured driver
The aforementioned are just a small number of the reasons as to why car insurance can be voided and it is important when you are taking out an insurance policy that you read the small print - or at least have it explained to you by your broker. Many insurance companies - but still not all - offer policies which cover you against being involved in an accident with an uninsured driver and it is wise to ask your insurance company about such policies and review it before you take out a new policy or indeed renew an existing one.
Life Insurance is a necessity especially if we have a family that we have to provide for and is dependent to us. Perhaps a morbid topic Life Insurance is something that when we begin working we should perhaps think of investing in.
Life Insurance can be refused - or voided - for one of the following reasons:
- Failure to keep up with paying premiums
- Providing fraudulent medical information
- Failing to inform the insurance company of any illnesses you already have
- Having an terminal illness not covered by the policy
- Having a reoccurring illness that needs constant treatment
When going abroad to Jakarta, Indonesia, Kuala Lumpur, Malaysia or even to the North Pole, it is important that we have travel insurance which is an essential priority as a protection against the unexpected. However, it can be easy to unwittingly invalidate your cover:
- Not Declaring Pre-existing Conditions - if you have history of epilepsy, you have to declare this out rightly or else, your cover may be useless
- Excessive alcohol consumption
- Reckless or Illegal Behavior
- Going to volatile destination