My experience; well it’s a sad story through and through.
We are all used to horror stories of the insured getting harassed while trying to claim the amount insured. This is normal except when you have contacts within or have clout with them to affect an overall financial equation.
But I am forced to write also about the times when the insurance company is not even asked to compensate, but offered higher premium payment.
They are sweet only at the time of getting the business. After that the insurers are invisible.
The immediate provocation is my car insurance which is for renewal today. I had taken precautions and paid the amount well in advance, but a cover note or the policy copy was not forthcoming.
I checked my bank account to realise to my horror that they haven’t even presented the cheque. When I called to read the riot act, they promised to deliver the policy today. But it looks like I am grounded.
Another insurance giving sleepless nights is health insurance. By the grace of God, we didn’t have to make a single claim for the past several years.
But the health cover remains the same and the reward for diligent payments of premium every year without claim is a small bonus amount which is subject to a ridiculous ceiling.
Inflation has taken the cost of medical treatment up considerably but the cover remained the same.
The discussions (responses are always lagged) for increasing the insurance cover is depressing. I am thinking about self insurance, having been betrayed for being a loyal premium payer.
They are at their worst when in partnership with our bankers. They grease the banks with higher commission to dupe customers.
The banks are saying “we don’t screw our customers, we just hold them down so that the insurance companies can screw them royally”.
Surprisingly the income tax department is more considerate than the merciless insurers. The tax people come up with a slew of rebates for medical expenses, particularly for senior citizens.
Insurance companies on the other hand, hate older people!