Misleading insurer / Complete lack of common decency / DO NOT USE

This is a genuine warning to ALL Australians travelling to avoid using Cover-More at all costs, not a moan to receive anything more from Cover-more Travel Insurance.

I know you'll be weighing up the upfront cost difference but please heed my advice. Spending this up front could save you HUNDREDS of dollars in the long run. The three key messages to avoid any trouble are:

1) Avoid using Cover-More insurance.
2) Spend more upfront and ensure you have a travel insurance policy with a decent/reliable insurance company. (Cover-More is not one of those).
3) If you don't believe me have a quick look through their reviews. 383 of their reviews out of 1875 are rated "terrible". That's a whopping 21%. I'm kicking myself now.

With no further a-do; if you like being screwed by an insurance company, want to ensure your personal belongings are valued at the LOWEST possible rate (even below market value) and don't want to be treated like a human being, this is how:

1) Buy a travel insurance policy with Cover-More.

2) Go to Barcelona. Approximately 300 thefts occur daily in one of the world's worst cities for pickpocketing. But hey...you are covered by travel insurance. That's what you paid all that money for right?

3) Send an email to claim for your stolen phone which was brazenly taken from a zipped bag hanging over your shoulder.

4) Wait 14 days every time you want a response from someone at Cover-More. That's right. Not even 14 days to process the completed claim...but literally, 14 days to receive a "Hi", or "I'm sorry your phone was stolen, let's get onto sorting this.." or "We need XYZ document to complete your claim", etc. If I was a board member of this company (now amalgamated into the animal that is Zurich Insurance Group), I would be disgusted knowing my customers have to wait 14 days to receive boo from a representative. Imagine if you were more unfortunate and had your passport stolen? I found this "process" to have a complete lack of common decency.

5) Wait over 2 whole months...that's right...over TWO months. Then you will subsequently receive an email from Cover-More saying your iPhone 6 64GB is worth $199. They calculate this by depreciating the asset by 'market industry' standards to represent fair value today. Therefore because of the iPhone's age, Cover-More has depreciated the value down from its original purchase price of $999 to today's value (drum roll please)...$199.00. Looking on Amazon right now a brand new phone costs approx. $600 and a second hand can be picked up (all depending on age/wear) from between $250 to $500. To rub salt in the wound I have to deduct $100 of excess. So effectively I receive $99 measly dollars to replace an iPhone 6 64GB. I understand the excess part (this is normal), but there are two important points to make here:

i) This insurance company expects all people to depreciate their assets on their mental balance sheets daily to create provisions for new assets such as phones, laptops, etc. Last time I checked this is nonsensical given the majority of people don't even understand the concept of depreciation and is deceptive in its very nature.
ii) If the market price for a second-hand phone is between $250 to $500 how on earth is this insurance policy genuinely insuring me against theft or loss? If I can't physically go into the market and buy a phone for $199.00 then how can you argue your depreciation is fair and represents true market valuation? This defies logic.

6) Decide what your options are...do you respond saying you disagree with the outcome of the claim and wait another 14 days for a response only to receive a response saying its "policy" and there is nothing you can do about it after already dealing with this for over TWO whole months?

Oprah Winfrey is quoted as saying, ”Real integrity is doing the right thing, knowing that nobody's going to know whether you did it or not.” Cover-More needs to do some soul searching, maybe even watch a few episodes of Oprah and regain its integrity.

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