The average automobile insurance policy runs to nearly 18,000 words, with motorists needing to put aside a lot more than an hour of their time to read it all.
Research by Fairer finance found that Endsleigh was guilty of the most weighty paperwork at 37,674 words – a lot more than George Orwell’s classic novel animal Farm. Sheila’s Wheels was next on 32,860 words, just above Esure at 32,631. LV ranked lowest with 6,901 words, some way ahead of the next best, nationwide on 9,302.
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The 17,896 average word count was calculated from the 40 major insurers analysed by Fairer finance as part of its campaign to axe unnecessary small print. and it seems reams of paper are being wasted, as the study revealed 73 per cent of people don’t read all of their policy documents. only 17 per cent of people admitted to understanding it all.
James Daley, founder and managing director of Fairer Finance, said: “If next to no one is reading terms and conditions then what exactly is the point of these documents?” and he added: “If one company can do the job in less than 7,000 words, there’s no excuse for insurers who are producing papers that are five times as long.”
Steve Jenner, a spokesman for the plain English Campaign, told automobile Express: “The revelation that the ‘small print’ consists of a lot more words than a major novel is a disgrace. It is tough to see this as anything other than a cynical ploy, created to confuse
and frustrate the customer.”
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The average reading speed for a normal adult is 250 words per minute. That indicates absorbing Endsleigh’s insurance policy will occupy around two-and-a-half hours of your life.
We would be absolutely surprised if there is a single policyholder in Britain who has made it to the end of this epic document. but must we really be surprised? Sky-high premiums, delayed payouts and incomprehensible terms and conditions indicate the track record of insurers has never been lower.
This most current research from Fairer finance does nothing to dispel the notion that the industry, far from being on the side of drivers, has a healthy interest in tripping them up.
Have you been caught out by an overly wordy insurance policy? tell us your experience in the comments section below…