5 Things Insurance Company Hide From You: 4th One will Blow Your Mind

The whole insurance industry is based on the premise that they care for you and got your back in difficult times. But it’s possible that your insurance provider may not be as truthful as you think so. That’s right! In fact, here we will uncover five secret things insurance companies hide from you.

Everyone has some secrets, and insurance companies are no exception. But knowing what secrets insurance companies withhold from you could be hugely beneficial while opting for a certain insurance policy or insurance claim.

1. They are Here for Profits

Above all, insurance is a business, and the essential thing in business is profit. You might think that all the premium you pay goes into keeping the company functional. But that is not true.

You must have heard that insurance companies avoid large claims as much as possible. It’s because all the money they receive from their customers is invested somewhere.

That’s the bread and butter for them. Paying a significant sum of money could put a huge dent into their investment portfolios; that’s why insurance claims are a sloppy process.

2. More Accessories in a Car Means more Insurance Premium

You may love all flashy cars equipped with cutting-edge gadgets, but be aware all those fancy items will cost you more premium. Yes, that’s true, although we are pretty sure that most insurance companies may not tell you this little secret.

Flashy items increase the value of your cars. Moreover, significant funds go into repairs and services required, if any. Obviously, you have to pay more premium for that. But don’t believe that your insurance company will call you and clarify why you are going broke paying hefty premiums.

3. There is always an asterisk on Policy Clauses

Those who devise insurance policies are clever men with a clear understanding of loopholes and how the system works. Most of the policies are laid out keeping in view the company’s profits. Incidentally, there can be several hidden clauses that may ultimately benefit the insurance company.

While it’s prudent that you carefully go through all the policy documents, we are pretty sure that the company officials won’t encourage you to do so.

4. Insurance Companies Avoid Legal Discourse As Much As Possible

The insurance claim is a delicate process ridden with technicalities that most everyday Joe’s don’t necessarily understand. Insurance companies exploit this fact and delay the claims as much as possible. However, you can always go the legal route to speed up the process via insurance claim lawyers. You might think that insurance companies may not have any issue with that, but you’re mistaken. Legal routes cost money and time; therefore, most companies avoid them. There are incidents where users have received direct threats to settle things outside the court.

5. There is a thing called Insurance Buyer Guide

Insurance companies may never tell you, but insurance departments in every State publish a buyer guide covering all the details about policies from several vendors. This guide contains all the essential information needed to compare the services offered by different insurance companies. You can easily compare prices and the additional benefits tied to a particular vendor. This greatly simplifies things while opting for an insurance policy. You can search online to obtain your respective State’s insurance buyer’s guide easily.

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