Why Do Insurance Companies Take So Long To Pay.

Discussion in 'Auto Insurance' started by ADSSOLSN, Apr 13, 2017.

  1. ADSSOLSN

    ADSSOLSNMember

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    I don't know about you guys but I have realised that insurance companies are as less friendly when paying than when collecting money.
    two of my friends have had accidents in different occasions; and I realised that they both had trouble getting their payments from the insurance companies.
    what's your exprience ?
     
  2. Jamille

    JamilleActive Member

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    I think that would depend on the type of insurance we're talking about. When it comes to health insurance/health card, once the hospitalization is approved by the health card provider, the hospital simply charges the insurance company for the bill after deducting government health benefits. For accident insurance, a week or two may be acceptable as the period for the insurance company to investigate and process the payment. Some insurance policies contain stipulations that bar the insurance holder from receiving benefits for accidents caused in full or in part by the insurance holder or his/her negligence. The investigation may take a few days to complete.

    I used to have this 3-in-one plan which covers accident, hospitalization, and life insurance plus full reimbursement of premium payment if no claim was made against the insurance. I never had to use this insurance and I was able to claim the full amount of premiums paid immediately on the day that I went to their office.
     
  3. explorerx7

    explorerx7Active Member

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    I believe that just as the law is forcing you to subscribe to motor vehicle insurance, then there should be some consideration for compensation in due time instead of waiting months and years.I guess this won't be an easy achievement because those with the money seemingly have the power to lobby against efforts to apply justice.
     
  4. Belovedad

    BelovedadActive Member

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    It really depends on the insurance company. Remember the whole idea of insurance is different people pooling money to help people in need. Depending on the payout/receive rate, it might take a tad longer for payouts but it should be done and if it is not then you can go to court about it.