Over insured, under paid

We all have insurance; cars, property, contents boats, health and travel. We all focus on the best price for our insurance premium. But this is a rounding error when it comes to a claim if the insurer manages to wriggle out of paying the full amount. Which they normally do. On top of that any claim is an administrative nightmare which delays any payment.

Any claim is a net loss. You will be out of pocket and feel robbed. You will be paid less that you think you are due, minus the excess. And it will burn up a lot of time.

Insurance nightmare

I am sure we all have our own insurance nightmare stories. But they seem insignificant compared with the 14 super-car pile up in Japan, which was reported in the Daily Telegraph. The estimated cost of the damage to some of the most sought after super cars on the planet has been placed at £2.6 million.

But among the mangled metal along the Shimonoseki expressway in south-west Japan lay the remains of one particularly well known classic sports car: A white Ferrari Testarossa.

Making it easier to get what you are due

How do we make it easier and seem fairer? It is question that both individuals and insurers should be focused on. But in the absence of any real effort from the insurance companies, what can we as individuals do?

There are 2 things to focus on;

  • Keep better records so the true value of the item that is stolen or damaged is more defensible
  • Make it easier to track to paperwork associated with a claim ready for the inevitable dispute

In a recent article I talked about the value of a FSH (Full Service History) of a car. The research by Kwik Fit revealed it was 26% of the value of the car. A car’s FSH is the file of receipts documenting its history, but has a staggeringly high value.

FSH of all assets

But we should think about the FSH of other assets we own (A house, a powerboat or yacht, jewellery, watch, sit-on lawnmower, vintage piano or furniture, artwork) – from purchase receipt up to the latest change or maintenance activity. This seems like an Herculean task. But what if there were a cloud based application which makes it easier? There will be from September when LessAdmin.com launches

3 simple steps

Suddenly it will be so much easier to create a FSH of all your assets. Here are the 3 steps.

  • Register for LessAdmin.com; it is FREE when it launches in September
  • Create a ‘project’
  • Attach ‘things’ to the project.

Project – You can create as many projects as you want, so maybe you want separate projects for house, general contents, high value contents, car.

Things – these could be the purchase receipt as a photo, scanned document or PDF. The same is true for any maintenance, servicing or valuation documents.

When it comes to making a claim, create a project for the claim and use it to record all the correspondence associated with the claim. That way you have a complete record which makes you better armed for the inevitable dispute or when the insurance claim loses so or part of the claim; form, receipts, photos, supplier quotes.

Life. Admin. Sorted


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