I have had car and home and contents insurance for over 25 years and I have NEVER read a product disclosure statement (PDS) in my life. I get my insurance renewal, give it a quick read and then file it away to carry over year after year after year.

 

I have always assumed I am fully covered for any event which might happen, but I am like most other people, I don’t think anything bad such as my house burning down will ever happen to me. Most of us don’t like to even think about the possibility of having a car accident.

 

It wasn’t until I started working for the Buzz Assist team that I read our PDS. I have read it over and over as I need to know exactly what it contains so I can do my job, which is to assist The Buzz Insurance customers.

 

I went home from work one night and actually found the PDS for my car insurance and my home and contents insurance and read them. 

 

I also went online to my home and contents insurer and did a building calculator check on my building insurance. I was insured for building for $286,000. The calculator worked out I should have been insured for $406,000.

 

Could you imagine having a shortfall of $120,000 should the worst happen? I quickly went to my insurer and increased my coverage, The difference in premium was about $9 per month so it was well worth it. 

 

I have officially discontinued my membership with the "Non-PDS-reading Club". I realise now it’s my responsibility to ensure I know exactly what insurance coverage I have taken out and to know exactly what I am covered for. It’s too late to do so when you have to lodge a claim.

Do you read your PDS?

 

Karon
The Buzz Assist Team