Unemployment rises at lower than expected rate

Recently released figures have shown that the level of unemployment rises have been lower than expected, adding to the variety of encouraging data that has been seen in a variety of recent report lately. Read more

PPI ban could mean higher fees and charges

It was announced recently that regulators are planning to stop the sale of the controversial single premium Payment Protection Insurance policies from lenders in 2010, and in fact in a bid to stop the sale of these policies regulators actually contacted lenders last month asking them to stop selling single premium PPI by the end of last month. Read more

Drivers making cutbacks to afford petrol

It has been reported that many drivers in the UK are being forced to make cutbacks in other areas in order to pay for petrol costs. Read more

Car scrapping scheme could run dry of funds early

It has been announced that the car scrapping scheme that the government put into place after the budget could run out of money six months earlier than anticipated. Read more

Claims figures show BMW drivers not worst on road

According to a recent report many motorists think that the worst drivers on the road are those that drive BMWs. However, recently released figures relating to insurance claims have suggested that this is not the case. Read more

Advert with Iggy Pop gets the chop

A controversial advertisement that starred the rock icon Iggy Pop has been banned following complaints from those that wanted to sign up to the service. The advertisement was for Swiftcover insurance, and the rock star appeared on the advertisement stating that he had been swiftcovered and suggesting that others do the same thing to save themselves time and money on their insurance cover. Read more

Drivers warned against munching at the wheel

Although many drivers would not think twice about eating a snack whilst driving or taking a drink of water or pop, a recent report has revealed that actions such as these could be construed as driving without due care and attention by insurance firms, and as such drivers that are caught doing this could face insurance premium increases of up to 40 percent. Read more

Huge depreciation in new cars in three years

Industry officials have recently said that the depreciation seen in new cars in the space of just three years could mean that for many consumers the £2000 car scrappage scheme introduced by the government may actually leave them worse off. Read more

Cash may run dry for those interested in scrapping their old cars

Following the budget last month, the Chancellor of the Exchequer, Alistair Darling, announced the launch of a car scrappage scheme. The scheme was designed to encourage motorists to get rid of older, environmentally unfriendly vehicles and buy new vehicles that were greener and more reliable. Read more

Recession causes insurance fraud to soar

According to a recent report the level of insurance fraud has been rocketing as a result of the bleak financial climate and the recession. A report was recently released by the Association of British Insurers, and officials from the ABI have said that in 2008 the number of attempts to defraud insurance companies increased by 17 percent compared to 2007. Read more

Insurance policies being compromised due to credit crunch

There are many different ways in which UK households are trying to cut back on their monthly outgoings in the current financial climate, as most people are struggling to make ends meet properly due to their finances. Read more

Ban on age discrimination could cost drivers and travellers

According to a recent report both drivers and holidaymakers could find that the cost of getting insurance will soar as a result of a government initiative to try and ban age discrimination in these industries. Read more

Twelve hundred jobs to be cut by insurance giant

The ongoing recession in the UK has brought with it many job losses, and many have already lost their jobs over recent months with many others facing an uncertain future with regards to their jobs. Read more

Musicians unable to get cover from insurance firm advertised by Iggy Pop

Over recent weeks many people have seen the new advertisement being run by a major insurance company featuring a the well known and iconic rock star, Iggy Pop Read more

Couples that get married need to advise their car insurance company

Industry experts have recently urged couples that get married to let their car insurance companies know, stating that if they fail to do this they could be missing out on significant savings on their car insurance premiums. Read more

Compensation for Standard Life clients

In a recent report it has been revealed that Standard Life will indeed by compensating a number of its policyholders following controversy over its Pension Sterling Fund, which recently hit the headlines after policyholder suffered losses and industry groups claimed that the literature that Standard Life had sent out was misleading. Read more

Victory over bank sales of PPI

Over recent years there has been a lot of controversy over single premium payment protection insurance cover. Whilst much of the concern has been related to the way that this type of insurance cover has been mis-sold by many lenders and providers, there has also been a lot of concern relating to the cost of single premium PPI. Read more

Consumers warned over belongings in care homes

Consumers have been warned to be careful about belongings that are in care homes, as they may not be automatically insured against theft, loss, and damage. Read more

Record lows on cost of life insurance

According to recent reports the cost of taking out life insurance are falling, and over the past decade has fallen by around 30 percent. Read more

Increase in burst pipe claims due to colder weather

Recent reports have shown that the colder weather that has been seen in areas of the UK over recent weeks is resulting in a double whammy for many consumers. Read more

Insurance firms get tough on drinkers

According to recent reports some insurance companies are getting tough with consumers that drink more alcohol than the amount recommended, penalising them in terms of how much they have to pay for their cover. Read more

An increasing number of insurance applicants telling lies

Every year many people apply for a variety of different types of insurance cover in the UK, from home and car insurance cover to life and income insurance cover. However, according to recently released figures there has been a sharp increase in the number of people that are telling lies on their insurance application forms in order to get a better deal on the cost of their insurance cover, and officials have stated that it is the honest consumers that are going to end up paying for these lies. Read more

Drivers breathe sigh of relief over petrol prices

Over the past six months things have become more and more difficult financially for households in the UK, with a range of soaring costs making it harder and harder to make ends meet. Amongst the rising costs that consumers have had to put up with are rising energy bills, soaring food prices, and rocketing petrol prices. However, there is a little bit of good news on the horizon for drivers, and this is that petrol prices are at last starting to come down. Read more

Increase in PPI complaints results in further investigation

According to a recent report a huge rise in the level of complaints being received in relation to PPI, or payment protection insurance, has resulted in calls for further investigation into the sale of this type of insurance cover. This cover is commonly sold alongside credit such as loans and credit cards, and the purpose of the cover is to meet repayments on the debt for a set period of time if the policyholder cannot work due to sickness, injury, or redundancy. Read more

Norwich Union pulls out from comparison sites

Insurance giant Norwich Union has recently announced that it is pulling out of placing deals on price comparison sites. Many insurance providers allow their deals and packages to be viewed on one of a range of price comparison sites that have come into play over the past couple of years. A large number of consumers use these sites to see at a glance whether they can cut the cost of cover or to find the most competitive insurance deals. Read more

Whistleblower claims - “Employees at RBS being trained to lie”

According to an insider from the Royal Bank of Scotland employees at the bank are being trained to lie in order to stop customers from cancelling the Payment Protection Insurance on their credit cards. The whistleblower is apparently from the bank’s Customer Loyalty Team, and said that employees are trained to use a number of practices to stop customer from cancelling PPI on their credit cards. Read more

Massive fine for insurance broker over cancelled policies

A well known insurance company has been accused of treating customers unfairly, and as a result has been fined £735,000 by the Financial Services Authority, the UK’s financial regulatory body. The insurance firm, Hastings Insurance Services Ltd, was found to have cancelled the policies of customers after finding that the cover had been sold to the customers too cheaply due to a computer error. Read more

Fully comprehensive insurance is no longer fully comp

Motorists in the UK have always enjoyed a choice of insurance policies to match their needs and their pockets, and those able to afford higher premiums and who want increased protection have often opted for fully comprehensive insurance cover, which provides the highest level of protection and cover. However, according to a recent report fully comprehensive cover has been modified and changed so much over recent years that it is now fully comprehensive in name only, and consumers are often not getting the protection that they may think they are. Read more

Fraudulent motor insurance claims come to five million a week

According to a recent report motor insurance bodies have discovered fraudulent motor insurance claims that are amounting to around £5 million a week in terms of value. Officials from the Association of British Insurers said that last year around twenty four thousand fraudulent motor insurance claims were uncovered, and these amounted to £260 million, which equates to £5 million a week. This reflects the level of the problem when it comes to fraudulent insurance claims, both in the motor insurance sector and other insurance sectors. Read more

More people opt for private healthcare

A recent report has shown that an increasing number of people are now opting for private healthcare cover rather than relying in the National Heath Service, reflecting the concerns that many have when it comes to NHS care. The survey showed that many of the people switching to private healthcare cover have stated that their reason for switching was fear of super bugs such as MRSA. Read more

Drivers ‘failing to check cover for Europe’

More than 4.3 million Britons plan to drive their vehicles to Europe this summer but many fail to inform their insurer, a report has revealed.

Research published by car insurance supplier Sheila’s Wheels shows almost half of motorists now take their cars when holidaying in Europe, rather than choosing to catch an aeroplane.

Furthermore, 15 per cent of drivers admit simply assuming they are covered for driving overseas and would take their cars to Europe without checking.

It discovered that 18 per cent of people would check their documents before taking their cars abroad and only ten per cent would phone their insurance providers to check their cover was valid.

Jacky Brown at Sheila’s Wheels car insurance said: “When planning to take a car to Europe, it is crucial for motorists to call their insurer and tell them that they want to extend their level of cover for driving abroad.”

Sainsbury’s Bank also published research this week suggesting that 17 per cent of people plan to take their motors abroad during the next year.

Summer tennis may see ‘more home insurance claims’

Home insurance claims involving broken windows may increase in the run-up to the Wimbledon tennis championships, it is claimed.

The number of claims made in June last year for broken windows and other glass breakages was almost a fifth higher than the number of claims made in January of the same year, according to the Halifax.

People in Birmingham and Solihull made more home insurance claims in 2007 than anyone else for incidents involving broken glass, the data suggests.

Head of underwriting for Halifax Home Insurance David Rochester said that there is often an increase in these types of claims during the summer months.

He commented: “We’d advise any budding Murrays and Sharapovas to take care when playing ball sports close to home, and check they are insured for accidental damage should a mishap occur.”

Separate research revealed last week by Tesco personal finance suggests that messing around or horseplay results in damage worth £325 million to British homes each year.

People ‘to spend less on insurance’

Consumers are hoping to reduce their spending on insurance products, research suggests.

Among consumers who buy insurance through price comparison sites, 26 per cent are looking to reduce their insurance spending, according to the survey commissioned by business advisory firm Deloitte.

One-fifth of those who hope to reduce their spending on insurance aim to cut their payments on payment protection insurance (PPI), which provides coverage if the borrower is unable to make repayments on products like loans, mortgages and credit cards in the event of ill-health, unemployment or death.

David Rush, insurance partner at Deloitte, said: “At a time when households have less disposable income, it is understandable that many will look at how they can reduce their spending.

“However, consumers should think carefully about which types of insurance they most need in a down-turn.”

Mr Rush suggested that people are most likely to need PPI cover if the economy enters a difficult period.

In related news, Sainsbury’s Bank has suggested that consumers should check with their car insurance provider before they drive abroad to ensure that they are fully covered.

Garden thieves take average of £291

People who leave their gardens and sheds unsecured can expect to lose an average of £291.30 if someone breaks in, according to Sainsbury’s Home Insurance.

Neil Laird, manager at the company, said that the number of burglaries of gardens is on the up and homeowners should be wary of leaving their garden sheds unlocked.

According to Confused.com, people leave an average of £800 worth of items in their garden sheds.

Furthermore, Mr Laird warned that some homes may be targeted by burglars more than once.

“Homes seen to have ‘rich-pickings’ that are left unsecured, may be targeted again so as well as tightening up security, it’s worth picking a home insurance policy that allows you to benefit from and protect your no claims discount,” he commented.

According to the research from Sainsbury’s Home Insurance found that 11 per cent of items stolen from gardens are worth between £401 and £1,000.

Disabled travellers should always check insurance, says expert

Tourism for All has advised disabled travellers to make sure they have the right type of insurance before they go abroad to ensure they are covered in the event of something going wrong.

Brian Seaman, head of consultancy at the charity, said holidaymakers with disabilities should find out whether any equipment they use, such as wheelchairs, is covered by their insurance policy while they are on a break in another country, or whether they will need to extend their cover plan.

In related news, esure recently advised travellers jetting off for an action-packed trip abroad to make sure they check the detail of their insurance policy before they leave.

Mike Pickard, head of travel insurance at esure, commented: “With a surge in the popularity of…more adventurous sports…it’s crucial for holidaymakers to take out travel insurance and check they’re covered before they try out the likes of white water rafting in Australia or shark-feeding in the Bahamas.”

Government should give ‘proper insurance’ to soldiers

Service men and women who are fighting abroad should be provided with “some kind of proper insurance” by the government, the investment director of Buckles Investment Services has said.

Richard Eling of the independent financial advisory said that people engaged in the war effort should not have to seek their own insurance cover when going abroad with the army and that the government should pay for their policies.

“It’s a bit rich to send someone to Iraq on £18,000 a year and then ask them to pay for their own insurance cover,” Mr Eling commented.

A total of 176 British soldiers have been killed since the beginning of the war in Iraq.

Mr Eling has said that many soldiers who were sent to Iraq and Afghanistan and used the private insurance company Pax have not had everything covered by their subsequent claims that they thought would be included when they bought the insurance policy.

Brits’ love of horseplay costs £325m to damage to homes

The biggest cause of damage to homes has been found to be ‘horseplay’, which results in a total bill of £325 million each year, a new report has found.

Research from Tescocompare.com has revealed that one in four accidents in the home is caused by Brits ‘messing around’.

A further £95 million pounds worth of damage is the result of people having a little too much to drink and causing an accident, the most common type being a spillage, according to the study.

More than one in three say they have damaged carpets, curtain or furniture by spilling something on them.

Commenting on the research, Paul Baxter from Tescocompare.com, said: “As the saying goes accidents do happen - and this research suggests many of us suffer financial loses on an annual basis. You can insure against accidental damage.”

In related news, the website recently revealed that 64 per cent of Brits stayed with the same home insurer last year even though 44 per cent saw a price hike.

Adventure-lovers should check the small print

Holidaymakers heading off on an adventurous trip abroad this year should make sure their travel insurance policy adequately covers them by checking the small print, esure has advised.

The insurer has revealed that more than a third of Brits do not bother to have a look over their insurance plans before they jet off for an action-packed holiday.

Mike Pickard, Head of Travel Insurance at esure, said: “With a surge in the popularity of…more adventurous sports…it’s crucial for holidaymakers to take out travel insurance and check they’re covered before they try out the likes of white water rafting in Australia or shark-feeding in the Bahamas.”

Travellers who neglect to take out the proper insurance can quickly see their holiday turn into “a nightmare” if they are injured and end up facing costly medical bills.

In related news, Lonely Planet has advised backpackers not to take expensive technological devices with them if they “can’t bear to lose” them.

Don’t take your gadgets travelling if you ‘can’t bear’ to lose them

Backpackers heading off for their summer holidays have been warned by Lonely Planet that they should not take expensive technological gadgets with them if they “can’t bear to lose [them]“.

Tom Hall, travel editor at Lonely Planet, commented that although holidaymakers are increasingly packing their iPods, cameras and mobile phones when going abroad, they should not do so if they are afraid of losing them.

Mr Hall noted that the trend towards taking expensive devices on holiday highlights the importance of having the right travel insurance policy.

“There are very good reasons why people might want to take all of those items with them but I think that it once again underlines the need for people to have travel insurance,” he commented.

In related news, esure has advised travellers to check the small print on their insurance documents if they are planning an adventurous holiday to make sure they provide proper cover in the event of an accident.

Insure your garden, says expert

With the summer months coming up and people spending more time outside, many homeowners may not realise that their sheds and gardens might be at risk of being burgled as they forget to lock them properly, an expert has advised.

According to Simon Lamble, product director at Confused.com, people tend to be less stringent with the security of their garden equipment during the summer and this leads to a ’significant’ increase in the number of shed burglaries.

Research from the company found that the average cost garden equipment is around £800, although not all home insurance policies will pay out for losses of more than £1,000.

“It is imperative that, when taking out home insurance policies, homeowners consider the contents of their sheds, garages and any other outbuildings, and insure them accordingly,” Mr Lamble commented.

Meanwhile, Tescocompare.com has found that Brits fooling around at home cause 25 per cent of damages to their houses.

Endsleigh: We won’t pay for loss from poor workmanship

Homeowners planning any big changes to their houses should make sure they employ reliable and skilled workmen because their insurance may not cover loss or damage if the design or materials used are faulty, according to insurance provider Endsleigh.

Rhiannon Harris, a spokesperson for Endsleigh, said the company’s insurance policy would not cover loss or damage that was the result of poor workmanship or that came about from mechanical or electrical equipment breaking down or from people not following the instruction guide when using the equipment.

Ms Harris went on to say that the following would also not be covered by the company’s policy: “Emollition or structural repairs or alterations to your home or outbuildings, structural alteration, repair maintenance, decoration, restoration, dismantling, demolition, renovation or breakdown, or process of cleaning, drying, dyeing, heating, or washing.”

According to figures from Zurich, 73 per cent of homeowners do not know whether their home insurance policy provides cover for any DIY mistakes they might make.

Gap insurance ‘more relevant’ for new cars

Guaranteed Asset Protection (Gap) insurance is more “relevant” for people who are buying a new car as opposed to a second-hand one, Auto Trader magazine has said.

Tom White, a spokesperson for the magazine, said that people considering buying a new car should look around for the most competitive Gap insurance deal.

“We’d always recommend some element of price comparison, but also benefits comparison – there are a number of different Gap type products so cover will vary considerably,” he commented.

Mr White noted that this type of insurance is more important for new and expensive cars, adding that it is therefore not an important consideration for all drivers.

According to the AA, the average car loses around 40 per cent of its value by the end of the first year.

By the end of the third year the average car will have lost around 60 per cent of its value if its owner drives about 10,000 miles a year.

Travel insurance is a ‘wise’ purchase for activity holidays

People heading off for an action-packed holiday this summer have been advised that travel http://www.themoneystop.co.uk/car-insurance” target=”_self”>insurance is “undoubtedly the wisest purchase” they can make before they go abroad, according to STA Travel.

A spokesperson for the company noted that travel insurance is an important consideration for anyone planning a gap year, as it can provide cover in the event of a holidaymaker needing medical attention, or if they lose any possessions.

The company warned travellers not to view travel cover as an “unnecessary cost”.

“You should ensure the travel insurance you take out covers all the countries you plan to travel to and any activities you plan to participate in,” the spokesperson commented.

According to a recent study conducted by Defaqto, one in seven holidaymakers travel overseas without a travel insurance policy.

Travellers considering adventure holidays such as rafting the Grand Canyon or reaching Everest Base Camp should ensure they are properly covered by travel insurance.

‘Be open’ with your car hire company

Tourists travelling abroad this summer and planning on renting a car should be honest with the hire company, particularly if they are thinking of doing anything “slightly out of the ordinary” such as driving across the border to another country.

Neil Greig, the director of the IAM motoring trust, has said that drivers taking their hire car into another country risk invalidating their car insurance.

However, he noted that this is not always the case and holidaymakers can safely drive from Spain to Gibraltar without negating their insurance.

“It is always worth checking the fine print because if you do end up having an accident you may not have breakdown cover [or] you may not have insurance cover if you actually damage the vehicle,” Mr Greig warned.

According to Which? people are often unaware that there is often a large excess, sometimes more than £1,000, when hiring a car abroad.

Doing DIY? Tell your insurer, says expert

People carrying out DIY projects at home could risk invalidating their home insurance if they neglect to tell their insurance provider about it, Sainsbury’s Finance has said.

Neil Laird, home insurance manager of Sainsbury’s Finance, said people can make small changes to their homes, such as replacing doors or decorating the interior without informing their home insurer first, but they should let them know about any major changes.

Mr Laird noted that structural changes would warrant telling the insurance policy provider beforehand.

“We want to make sure that homeowners are aware that they could be left underinsured or even invalidate their insurance entirely in the event of an incident during or after works if they have not informed their insurer.”

According to figures from the UK home insurance company Zurich, nearly half of all homeowners fail to inform their home insurer of major DIY changes they make to their properties.

Norwich Union: Sporting fans can use ordinary travel insurance

With major sporting events such as Euro 2008 and the Beijing Olympics taking place this summer, Norwich Union has advised sports fans that they can travel abroad to watch these events with normal travel insurance.

Sally Leeman, a spokesperson for the insurance company, said that people need not look for specialist insurance policies when going abroad as sports spectators because standard travel insurance cover should be adequate.

However, she also warned travellers to take “reasonable care” of themselves and their possessions.

“If death, injury, illness or disability occur as a direct result of you being under the influence of alcohol or exposing yourself to unnecessary danger your insurance claim won’t be paid,” Ms Leeman said.

According to Sainsbury’s Travel Insurance, as many as ten per cent of holidaymakers travel without cover and the company estimates that over 4.2 million people did not have travel insurance the last time they went on holiday to another country.

Insure yourself even for a short trip, says expert

Anyone planning on booking a last minute getaway this summer should make sure they are properly covered by their travel insurance policy, even if they are only going away for a few days, Norwich Union has said.

Sally Leeman, the media relations manager at the company, said that the cost of paying for medical emergencies when in another country, particularly if they are serious and warrant a hospital stay or being taken back to the UK, can run into thousands of pounds.

Despite these risks, Sainsbury’s Travel Insurance found that not everyone who booked a trip last summer made the effort to get the right travel insurance.

Nearly one in five people who bought their holiday at the last minute last year travelled without insurance.

“If you are likely to travel a few times a year consider taking out annual insurance - it can save you money and mean you are covered for the whole year which is ideal for those ’spur of the minute’ trips away,” Ms Leeman advised travellers.

RIAS: Get covered if you’re driving abroad this summer

People thinking about going on a road trip round the continent in their cars this summer need to make sure they have the right kind of cover, insurance specialist RIAS has warned.

The company has advised drivers hopping across the channel during the holidays for a scenic tour of Europe to make sure they have their paperwork in order before they go and to take their UK driving licences, vehicle registration documents and certificates of motor insurance with them.

Managing director Janet Connor said: “Getting the correct insurance in place should be as essential a part of a pre-holiday to-do list as remembering to pack your toothbrush.”

Forgetting about insurance can prove costly – getting towed home can cost more than £1,000, according to RIAS.

The news comes just after AA Ireland advised people driving to the Emerald Isle this summer to check their insurance covers them to the same level as in the UK.

Brits spend over £200 replacing damaged contents

A quarter of Brits are spending in excess of £200 annually replacing damaged items in their homes, it has emerged.

Research conducted by Direct Line highlights that more than 30 per cent of accident-prone individuals have spilt red wine on their carpets, while more than a third admit to breaking ornaments, vases and photo frames.

Furthermore, 40 per cent of respondents said they had damaged furniture as the result of an accident.

Andrew Lowe, head of home insurance at Direct Line, says: “We all accidentally damage contents in our homes at some point. While these items are often small objects such as crockery or ornaments, the cost and inconvenience of damaging something with sentimental and material value is extremely frustrating.”

The insurer asserts that accidental damage cover can give homeowners “peace of mind” as they will know they are covered for spills and breakages.

In related news, the British Insurance Brokers’ Association recently urged people to seek advice from a broker before taking out a policy.

The association advised that this will help avoid over insuring and wasting money.

Check your insurance if you’re heading to Ireland, says AA

Holidaymakers travelling to Ireland this summer need to make sure that their car insurance policy covers them for driving abroad, AA Ireland has advised.

Thomas Brosnan, spokesperson for the insurer, said that people planning a road trip to the Gaelic nation need to check that if they have comprehensive cover in the UK, they also have the same terms in other countries, otherwise they could be caught out and have a hefty bill to pay in the event of an accident.

Last year, nearly five million Brits visited the Emerald Isle, with most of them staying in Dublin (63 per cent), according to figures from Tourism Ireland.

For those thinking of taking their cars to discover the country by car, Mr Brosnan offered the following advice: “If a person is bringing their own vehicle here, certainly they should check with their own insurance company the level of cover they will have while here.”

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