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Insurance Business | 10 Feb 2015, 08:22 AM Agree 0
An Australian government insurance guide is having a marked difference on insurance buying habits, according to new statistics from a comparison website.
  • Paul | 10 Feb 2015, 10:26 AM Agree 0
    It is instructive that the FOS continues to receive large numbers of complaints on travel cover. Koch assertion that the problem boils down to consumer misunderstanding of travel insurance. I am unsurprised, the consumer offerings on travel cover are a disgrace. Littered with exclusions and conditions and offering narrow cover. The policies are difficult to understand and presume consumers have the time, patience or intelligence to read 80 to 100 pages product disclosure documents. The comparison sites merely compound the confusion with the emphasis on price. I recently helped a close relative understand a consumer travel policy and the total lack of cover for his pregnant wife should the baby come early. No cover for child. This from a leading company that has both consumer and broker policy offerings. Sadly FOS is usually of no use. Consumers are often left thousands of dollars out of pocket due to unconscionable policy exclusions. The Insurers are the problem not the public. Travel Insurance is byzantine in its complexity and should come with a warning as on cigarette packets " dangerous, lack of cover may lead to your bankruptcy or death"
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