Many people go from one insurance company to another, getting negative results each time when trying to apply for an insurance policy. Often times, the insurers have a valid reason for turning you away, so we’ve compiled a guide to help you get a good insurance policy.
Many people assume that younger-aged applicants will have a higher chance of getting turned down. While this is true, it works both ways. If you are 50+ you also have a high risk of getting a denied application. This is due to the fact that insurance companies see these types of people more likely to apply for a claim, thus causing the insurance company to put a higher premium on your insurance deals. If you are 50+ and are struggling to find insurance you can use the BIBA’s Find A Broker service by clicking here.
Issues and Reasons for Denied Applications
While age is a common reason for denied applications, there are many more reasons you may be struggling to find insurance, such as:
Complex medical problems
Building insurance for areas with a high risk of flooding
Partaking in a dangerous sport or activity.
You may think that this is discrimination but in reality insurance companies are allowed to do this in order to safely assess whether they think you are suitable for their insurance.
House insurance In Areas Prone to Flooding
With many of the UK’s areas prone to flooding, it is no surprise that many household owners struggle to find a suitable deal. The Department of Environment Food and Rural Affairs (DEFRA) has published a detailed and thorough guide on how to obtain insurance for your property in areas with a high risk of flooding, you can click here to read it. If even that is not working for you, you may be eligible for a scheme called Floodre, which is a UK-wide scheme aiming to help those in the worst-affected areas.
While insurance companies carry out a comprehensive check on the applicant’s age, medical history and other sorts of personal information, there are some things the companies aren’t allowed to discriminate against. For example – An insurer would not be allowed to refuse insurance to a disabled person. This would go against the UK’s Equality Act. They can, however, increase the price premium if they think that your disability would legitimately mean you would have an increased chance of having to apply for a claim.
This was our guide to make sure you are successful in all of your applications for insurance. Remember to get the best deal that suits your needs and check out our other blogs to learn all about insurance! Thanks for reading.