Buying insurance is a very complicated business these days and you need to pick over every tiny, little detail in the small print. Insurance firms put many conditions on all of their policies and they can often get out of paying up if you sign the terms and conditions. The fact that you have signed them is what makes this so legally binding.
One such small print issue is the statutory cooling off period. If you change your mind and wish to cancel your insurance, this is the period of time in which you can do so without any manner of financial penalty. This is something you need to be aware of.
You should always make sure you are 100% committed before you sign on the dotted line but if you want to cancel for any reason, you have between 5 and 30 days in which to do so without charge. It varies from firm to firm and the laws are very complicated in this area. There are five different laws that govern this period of time and you need to be very aware of each company’s policy before you agree to their terms and conditions.
Everything that may come under your insurance may be subject to an extra term, condition or clause in the small print. You may not even think it’s important but it’s sure to be in there somewhere. Car hire turns up in travel insurance small print and this is one of the worst types of insurance in terms of its extra conditions.
Leaving your windows open can nullify your home insurance and parking your car on the street if you have a garage can even ruin your car insurance claims. There are clauses all over the place and you must read your policy very careful. Be sure to do this well before the statutory cooling off period or else you could incur a financial penalty as a result.
Insurance firms will try as much as they legally can to avoid paying out on their claims. If you are unsure then by all means, get them to clarify and always read the small print.
