Lucie’s friend thought he had purchased a Claim Paying Policy but found out too late it was a Premium Paying Policy instead.
WHAT’S A PREMIUM PAYING POLICY? There are two types of policies. One is less expensive than the other and it’s the Premium Paying Policy. The more expensive policy is the Claim Paying Policy. People who don’t read their policies often learn later they purchased the less expensive but more costly Premium Paying Policy.
WHAT’S THE DIFFERENCE? Under a Premium Paying Policy you benefit by paying premium for coverage you think you have but don’t while under the Claim Paying Policy you benefit by paying premium for coverage you know you have in return for claims paid.
HOW DOES ONE KNOW THEY HAVE A CLAIM PAYING POLICY? When they file a loss.
The following article on BBC this morning spurred this blog entry:
Travel insurance warning after Thailand motorbike crash
The sister of a man who is facing a large medical bill after a motorbike crash in Thailand has urged others to check their travel insurance policies.
The Boxing Day crash left 28-year-old Adam Davies with serious injuries, including a fractured skull.
Adam, from Dinas Cross, Pembrokeshire, now faces large medical costs which are not covered by his travel insurance.
His provider, Lloyds Bank encouraged customers to check the terms and conditions of their insurance.
Adam’s family have raised £20,000 to pay for treatment, but have warned others to check their policy’s fine print.
READ MORE HERE – Travel insurance warning after Thailand motorbike crash – BBC News