Millions are overpaying on home emergency and key cover that will seldom result in a successful claim
What a nightmare when your boiler breaks down in the middle of winter, or when you lock yourself out of your car after losing your keys. So how handy to have “home emergency” or “key cover” insurance for that all-important peace of mind. Except that official figures released this week reveal just how many millions of people are overpaying for these policies.
The Financial Conduct Authority has for the first time published figures that detail, company by company, the frequency that claims are made, and how much is paid out. For key cover at some of the insurers, the claims rate is equal to less than once in every 100 years. And even if you live as long as Methuselah, and keep paying the premiums, there’s a one in five chance they’ll reject your claim anyway.
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