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Anonymous
Anonymous asked in Business & FinanceInsurance · 10 months ago

Not so much a question as a warning. If you're not going to claim, don't even speak to the insurance company, or it will cost you anyway.?

We had a hairline fracture on our hot water tank, and a small amount of water had leaked onto the floor. After speaking to our home insurance company, I decided it would be better to pay ourselves and not make a claim. We got the tank replaced, dried the floor, and that was that.

Now I'm trying to buy a new insurance policy (from a different provider), and they've told me that because of this "incident in the database", the price will be £50 more than they quoted to me online. £50 extra, because of a minor thing that I didn't even claim for!

So the moral of the story is, if you're not going to claim for something, don't even mention it to your insurer. If you do, they'll record it in a shared database, and every other insurer will use it as an excuse to charge you more.

7 Answers

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  • 10 months ago
    Favorite Answer

    Tell them where to go and find a different company.

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  • 10 months ago

    Insurance is based on "claimable events". The fact that you didn't claim, doesn't matter. The cracked tank tells the insurance company that you don't maintain your property well. So they charge you more.

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  • 10 months ago

    In the USA we have laws that prohibits "conspiracy" among sellers to fix retail prices on goods or services or to interfere with the consumers' rights to contract with their competitors at a fair price.

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  • Tavy
    Lv 7
    10 months ago

    The same happened to me in the U.K. I agree with you. Bunch of sharks are insurers.

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  • 10 months ago

    This is why, in my humble opinion, you should have an independent agent.

    Calling to ask a question about a policy is not a claim. A claim is when the insured chooses to proceed with a submission. However, when you contact a captive agent or the company directly, they often have an obligation to report it into the system, even if a claim isn't initiated by the insured.

    So, you got caught because you contacted the carrier directly. Ask an insurance pro and they would have told you the tank wasn't covered, so if the resulting water damage was minor, no need to file a claim.

    Sorry...I get clients this way...but I'm not in the UK

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  • Anonymous
    10 months ago

    How old was the tank when the fracture occurred? If it was beyond the recommended age for replacement, you have demonstrated yourself to be a higher risk by not properly maintaining your home. If the fracture was on a three year old tank, that's a different ball of wax.

    Anyways, you left out the important details and you didn't ask a question so I guess that's that.

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  • David
    Lv 7
    10 months ago

    The reason it cost more because there was a future potential risk of it happening again.

    • Cambly10 months agoReport

      There's a potential risk that this could happen to anyone. If the tank has been replaced, then these people should not be at greater risk than any other household. It's just an excuse for the money-grabbing insurers to rip them off even worse than they're already doing.

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