If it wasn’t for the small print, an insurance policy could fit on one side of paper. There are a lot of terms and conditions in the small print and you can bet a pound to a penny that they aren’t all in your best interests. This is why you have to red them from clause 1A to 99Z.
Part of the small print (a very large part in fact) will govern the statutory cooling off period for your policy. This is the period of time in which you can cancel your policy and get a full refund. This is not located in a convenient place in big letters wince the firm would rather have your money. In all cases, the period will be between 5 and 30 days, after which, a deposit can be lost or financial penalty incurred.
There are no less then five laws which govern this cooling off period which can get complicated. You need to read every little aspect of the small print to ensure you are not caught out as your policy is legally binding once you have approved it with your signature. You also need to remember that it is different for each firm and you will have to read the small print for every different policy you consider.
It’s not just the cooling off period that’s buried in the small print. The terms of how you make a claim and all other policy aspects are covered in the tiny letters known as the small print. You must read them since the insurance firms can often wriggle around your claims on technicalities. If you read the small print then this will become very difficult for them and you will get the most out of your insurance policy.
The small print is the key to a happy relationship with your insurer. If you read it from page one to page one hundred then you will be in the know and no wool will ever be pulled over your eyes. It’s certainly a case of patience though but certainly time well spent.
