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P2P risk
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P2P insurance
P2P insurance

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We estimate that self-insuring your phone with a group of friends is 3 to 4 times better value than buying insurance. www.gaggel.com
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Consumers should know what % of an insurance premium is for actual risk.

The costs associated with providing insurance from Underwriting, claims handling and policy issuance mean that its practically impossible to provide good value for a relatively low cost item such as a mobile phone.
Here are some of the cost savings when you use gaggel:
1. There is not Underwriter or insurer, you are choosing to self-insure with friends.
2. Claims are agreed and approved by you and your gaggel.
3. No insurance policies are issued, you are using common sense and some giggling guidelines.
No doubt insurance makes sense and is hopefully good value when it comes to your car, your house and your health but probably not for your mobile phone.
Perhaps it would be helpful if insurers were to show a breakdown of their costs that make up an insurance premium so that we can see exactly how much is been set aside for actual risk.
When you gaggel this is very transparent. Apart from the £10 a year gaggel membership, 100% of what you put aside in your private pot goes towards unexpected costs.
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“Insurers reject 40% of Claims..”
This just really makes your blood boil… Victoria Bischoff of the Daily Mail wrote this article on the back of the FCA’s (Financial conduct authority) December ‘15 report into the Mobile phone insurance industry, that put the facts on the table “loud and clear” demonstrating what bad value Mobile phone insurance is.
The article goes onto say that customers are either grossly overcharged by their network or handset provider for a policy (connected sale!!)  or are treated appallingly by a cheaper firm that fights every claim.
The cost of issuing insurance policies for relatively low value items like mobile phones, such as Underwriting, insurance capital, regulation, policy issuance and claims handling are too high for these policies to make any sense, which I think means that people should not be buying insurance for mobile phones at all!
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Interesting report from @pwc_insurance"The insurance industry is facing a once in a lifetime disruption." http://po.st/23Gaggel   
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