Insurance is supposed to protect you from life’s most unexpected and unwanted events. You pay your premium month after month expecting that your insurance company will put your best interests first. After all, the Insurance Contracts Act 1984 (Cth) implies into every insurance contract a statutory obligation on both parties to act with the utmost good faith.

The simple fact is, that despite the catchy jingles and slogans promising to go the extra mile for you when you need it most, your insurance company has a vested interest in paying you less than you pay it.

Unfortunately, many a policyholder has learned this the hard way. Your insurance company denying your claim is the worst-case scenario…and this happens more often than the insurance companies would like you to know.

However, the straight-out denial of a claim is but one tactic of the insurance companies. Here are some other examples how the insurance companies wear you down:

  • Your house burns down and the insurance company seems more interested in nit-picking your story and using the cheapest builder than helping you get the rebuild done to an acceptable standard.
  • You’re 55 and suffer serious physical and psychological injuries as a result of a fall from your pushbike, and your TPD insurance company requires you to see one of its preferred psychologists, a hired gun, who attributes your depression and anxiety, to your use of marihuana in your 20s and denies your claim.
  • Your insurance company’s claims officers do not respond to your concerns in a timely manner.

If your insurance company lets you down, we may be able to help

If you want to have your claim resolved as quickly as possible, in my opinion, you need to take control of your claim. Knowledge is power. Understand what your rights and obligations are under the insurance policy. Understand what the insurance company’s rights and obligations are under the insurance policy.

Armed with this knowledge, and provided you have a valid claim, you can require the insurance company to take certain action, failing which you engage appropriate dispute resolution options including, lodging a request for internal review by the insurance company, lodging a complaint with the Australian Financial Complaints Authority and litigating.

If you have any questions or need assistance, please do not hesitate to contact me or the team at Turnbull Hill Lawyers.

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