EXACTLY why you need to be careful who you choose as your insurance provider to cover you and your family – it matters more than you think!
Insurers may say things like they ‘protect you and your family if you have an accident, covering: Injury, death or property damage to others’, but the reality is, they don’t.
It is when you or someone you love gets hurt or suffers a catastrophe that insurance coverage matters most. Insurers work to get your premiums, yet that extra $20 per month is meaningless when coverage is not there.
Here are some interesting facts about Canadian Insurance companies:
Many insurance companies have their customers wait on the phone as if they are waiting for a delayed international flight only to be re-directed to a different department, told their question cannot be answered or are put on trial about how the loss happened. Some will question you as if you caused the loss yourself.
I must warn you, folks! If you are in a car accident, settling Accident Benefits within a reasonable time may seem like an eternity with some insurers as they will likely send you for a medical exam after medical exam in an attempt to save a couple pennies. Some companies’ main goals are to ensure you fall inside the Minor Injury Guideline (MIG) or to prove that your catastrophic accident has not permanently affected your life forever (CAT) based on your injuries. Insurance companies are businesses, and businesses want to make money and money saved is money made; and, in this case, at the detriment of an injured person.
Take a moment and Google your insurance company. What are others saying about the company you pay high premiums to and trust to cover your family? Do you see comments of dishonesty, ethics, corruption? This very well could be the ugly truth. The less an insurance companies settle for, the higher their Christmas Bonus’ look.
I haven’t even mentioned the mandatory deductible yet. In Ontario, the Financial Services Commission of Ontario (FSCO) deductible as of 2018 is $37,983.33 just to take a motor vehicle collision to trial. This deductible increases each year and only strengthens insurance companies’ position on pressing early settlements which hardly amount to nuisance value for legitimately injured individuals.
Finally, before choosing your insurance company, here are some additional things you need to know:
- Do not fall victim to slogan’s like ‘you’re in good hands’
- Adjusters deny many claims they know are covered in hopes they will not hear from you again
- Insurers will withhold information that will help you unless you have a lawyer
- Insurers will always say your claim is worth less than it is
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By Mike Johnson