Do not buy insurance to cover small losses, such as loss of belongings or flight delay. Sometimes, it takes a lot of trouble to make a claim.
Just cover for the big losses, such as loss of life or serious injury due to accidents.
I share some examples of rejected or troublesome claims that people seek help from me.
a) The policyholder was pickpocketed in Russia. He lodged a police report (which was recorded in Russian). He submitted a claim under travel insurance. The claim officer insisted that he get the police report translated into English from a certified translator. He does not know where to find one, and how much does it cost.
b) The policyholder contracted a disease while on travel. The symptom was discovered on his return to Singapore. The claim was rejected, as he could not prove where it had occurred.
c) The policyholder suffered a long flight delay. He submitted a claim under travel insurance. The insurance company sent a letter to the airline to confirm that there was a delay. The airline did not reply. The claim was not paid for a few months.
All of these claims are for small amounts. It does take a lot of trouble to get the claim paid.
There are other cases where the claims are paid without much hassle. Perhaps, the rejected claims come from inexperienced officers, or from insurers that set a KPI to their claim officers to keep below a certain quote of claims.
Just cover for the big losses, such as loss of life or serious injury due to accidents.
I share some examples of rejected or troublesome claims that people seek help from me.
a) The policyholder was pickpocketed in Russia. He lodged a police report (which was recorded in Russian). He submitted a claim under travel insurance. The claim officer insisted that he get the police report translated into English from a certified translator. He does not know where to find one, and how much does it cost.
b) The policyholder contracted a disease while on travel. The symptom was discovered on his return to Singapore. The claim was rejected, as he could not prove where it had occurred.
c) The policyholder suffered a long flight delay. He submitted a claim under travel insurance. The insurance company sent a letter to the airline to confirm that there was a delay. The airline did not reply. The claim was not paid for a few months.
All of these claims are for small amounts. It does take a lot of trouble to get the claim paid.
There are other cases where the claims are paid without much hassle. Perhaps, the rejected claims come from inexperienced officers, or from insurers that set a KPI to their claim officers to keep below a certain quote of claims.
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