National Commission for the Protection and Defense of Users of Financial Services
The National Commission for the Protection and Defense of Users of Financial Services (CONDUSEF) handled 25,934 insurance disputes in the first 10 months of 2013, of which only 42% were resolved in favor of the user.
Of the cases concluded, 33% corresponded to automobile damage, 29% to individual life; 9% to personal accidents; and 7% to major medical expenses; and the rest to other branches and sub-branches.
The most recurrent causes against the insured mainly denote the lack of clarity or insufficient information about the contracted product:
For this reason, CONDUSEF has held various meetings with the insurance sector, so that companies are clearer in the way they advertise insurance products, and provide the supposed insured with sufficient and clear information about the product they offer.
Likewise, users are urged to take the following aspects into account before contracting any type of insurance:
- Know the insurance coverage. Exactly what risks are covered and what is being insured. You have the right to have all your doubts clarified and you cannot be forced to contract a product that you do not want or for which you still do not have complete clarity of its scope and limitations.
- Ask the real cost of the insurance. Some companies make installment charges, which appear to be very economical, but when adding up all payments over a year, you may pay a premium above the average market price. Compare with similar insurance and then decide which company to insure with.
- Require contractual documentation. Because many insurance policies are sold linked to other services, the policy and general conditions are not always delivered to the insured at that time. Insured parties have the right to demand that the contractual documentation be delivered to them, as it contains a detailed description of the insurance contracted, its exclusions and in which cases it can be taken advantage of.
- Verify the contract. It is essential to verify that the contract contains all the benefits that were offered, since in the event of a claim, only those that are in writing can be claimed.
- Verify that the insurance covers the needs. There are insurance policies that handle the payment of a deductible and/or coinsurance, which in the event of an accident, are expenses that must be made additionally. Each company charges different percentages. You should ask and consider whether the insurance offered really covers your needs.
- Know the validity of the insurance. It will help to know the length of time you will be covered. Consider that some events have waiting periods to make the claim for the insured sum effective. In that case, the company will not be able to compensate. It is advisable to consider what waiting periods other insurers handle.
- Keep in mind the requirements for any claim. All general insurance conditions must inform the telephone numbers and requirements for the claim, it is important to review the exclusions in great detail and consider all the cases for which the company could not pay what you wish to insure.
- Consider the cancellation time. Many insurance policies are automatically charged to credit, a credit card, or billing for other commercial services. Generally, they renew automatically with a direct charge. In case of cancellation, even if it is requested on a date, the cancellation of the service will be reflected until the next period.