Do you know why some insurance is SO expensive?
One of the key reasons is a concept called new for old. You’ve probably come across this… someone spills coffee on their laptop – claims on their insurance and gets a brand new one. It sounds good… but actually that type of policy is really expensive for 2 reasons:
- The claim is for a much larger amount of money than the object is worth (so premium's have to factor in for betterment).
- Fraud! Yes, we've all heard of people submitting a false claim to get a new laptop, mobile phone etc. ... But guess what? All that fraud just gets rolled back in to the cost of the policy.
At Wrisk we use a different model. Our cover is designed to get you back into the same situation you were in before the loss occurred.
If you are insuring an item that is 3 years old, for instance, we agree to repair or replace with the same item in order to put you back in the position you were in at the time of a loss. If these options aren't available then we may provide you with vouchers up to the agreed replacement value.
It’s cheaper for you and we think it’s fairer too – stopping all the suspicious questioning and doubt that’s the norm with other claims.