Payment Protection Insurance Cover

Anyone that takes out finance likes to have the peace of mind that they are protected against situations that could render them unable to make repayments, and payment protection insurance cover is an effective way to do this. Read more

Pet insurance could save you a fortune

According to a major UK pet insurance company having some form of pet insurance in place could help some pet owners to save a fortune on the cost of caring for their beloved pets over the course of their lifetime.

Britain is known to be a nation of animal lovers, and most pet owners want the best for their pets, particularly when it comes to their health. However, those with no form of insurance cover in place could face crippling costs or a heartbreaking decision if their pet is injured or falls ill and required surgery or expensive treatment.

According to the UK pet insurance specialists Petplan, a dog, with a typical lifespan of twelve years, could cost around £14,750 over its lifetime, and a cat, with a typical lifespan of sixteen years, could cost around £14,230. The insurance company goes on to state that the rising cost of veterinary consultations and treatments is why many decide to take out pet insurance cover, and for many this acts as a real life saver – literally in some cases – when their pets need surgery or treatments following accidents, injuries, and illness.

Figures indicate that there are many more claims made on pet insurance each year in the UK compared to other types of insurance cover. Around 34% of pet insurance policyholders make a claim each year compared with around 9% of other types of insurance policyholders. However, it is important for pet owners to ensure that the cover that they take out is comprehensive and will provide them with the necessary protection for their pet.

Premiums can vary based upon the type of pet, its health and medical history, and its age, so consumers are urged to shop around and check the cost of cover as well as the level of protection provided.

Tom Smith
27th September 2007

Related links:

• Insurance : Do You Care More About Your Pet Than Yourself?
• How Do Insurance Companies Work Out Premiums?

Stay within drink drive limit when on holiday

Every year many Brits head off on their holidays, with a large number of singles, couples, and groups heading to lively destination where they plan to drink themselves into oblivion.

However, anyone that is planning a drink fuelled holiday should bear in mind that even if they have travel insurance cover they may have their claim invalidated in the event that they suffer an injury as a result of being intoxicated.

Most insurance companies that offer travel insurance already have this stipulation in place, where if the accident is found to be the result of intoxication the claim could well be invalidated. American Express insurance is taking it one step further, and has stated that they will conduct an ‘acid test’ in cases where claimants have been injured on a drink fuelled holiday.

These regulations do not mean that holidaymakers cannot drink at all, but in order for the claim to be valid injured parties must prove that they are within the drink drive limits that apply in that particular destination, even if they are not actually driving. Officials from American Express Insurance services have warned that holidaymakers need to ensure that they look after themselves and do not drink to excess when they go away, otherwise it could end up costing them dearly.

Having travel insurance in place when you travel abroad is vital, as the cost of treatment and emergencies can prove extremely costly. However, if you take out insurance and then drink to excess you could risk having to shell out thousands of pounds anyway as the result of being injured whilst under the influence.

Tom Smith
21st September 2007

Students forgetting to take out insurance cover

It has become traditional for many students in the UK to take a year out after graduating from university to travel the world or get some work experience abroad before settling down to handle ‘real life’.

For many students this is a hugely exciting prospect, and is their first taste of freedom and independence. However, some get so carried away with their plans for taking time out abroad, that they forget about the basics – the vital protection of travel insurance cover.

Travel insurance is vital for those going abroad for any length of time, and even more so for students that are intending to spend long periods of time abroad. Without this the student could really run into problems when it comes to anything from lost and damaged belongings to medical and emergency treatment. Experts are now urging parents to ensure that their children have taken out an adequate travel insurance policy before their head off on their travels.

One official stated: ‘Most parents wouldn’t dream of allowing their child to drive a car without insurance. Yet as many as one in four gap year travellers sets off without travel insurance. Parents could be putting their home at risk because if their child suffers an illness or accident and needs hospital treatment or repatriation, the costs can run into tens of thousands of pounds.’

One student explained how travel insurance cover had helped her when she ran into problems and her belongings were taken: ‘After such a bad experience, I wouldn’t now dream of going away without travel insurance. I have also fallen off a moped in Thailand, which required hospital treatment. Thankfully, my insurance covered me.’

Tom Smith
13th September 2007

The importance of honesty for insurance customers

Many consumers in the UK take out life insurance policies each year, and taking out this type of policy usually involves providing the insurance company with a variety of details about your health and lifestyle.

The cost of this type of insurance cover can vary depending on the company that you go through, as well as on the details that you provide to the insurance company with regards to your health and lifestyle. It is thought that a certain percentage of shoppers may miss out or change vital information in a bid to get cheaper premiums, but experts warn that this could end up being a waste of money as the information that they provide – or fail to provide – could invalidate their cover in the event that a claim needs to be made.

One independent financial adviser has warned that consumers must ensure that they provide up to date information that is accurate and honest when they are applying for life insurance to ensure that their premiums are not wasted altogether.

This includes providing accurate information on their lifestyle, such as their smoking and drinking habits and also any dangerous pastimes or hobbies that they may have. He added that if a claim is made and the insurance company discovers that important information was withheld, or that the applicant was not truthful, then the company is not obliged to make a payout despite receipt of insurance premiums.

He said: “All life insurance policies are underwritten at outset. So if you don’t partake in, say, climbing or mountaineering when you apply for your policy, but then subsequently you do, then that’s fine, nothing wrong with that. But whatever the situation is when you apply for your policy, you must be totally honest, otherwise you may invalidate your claim. The insurance company won’t pay your claim if they found out you lied to them when you filled the form in. People have got to be totally honest when they fill their applications in.”

Tom Smith
28th August 2007

Is international medical insurance something that you need?

Most people in the UK are well aware of the benefits of having medical insurance, and many enjoy peace of mind thanks to the protection that this type of cover provides for them and their loved ones.

However, the needs of consumers looking for medical insurance cover have changed over recent years according to some industry experts, and this has also impacted on the type of cover that medical insurance companies are now able to offer to consumers.

Recent reports suggest that more and more consumers in the UK are opting to go abroad on a long term or even a permanent basis, with many deciding to head abroad to enjoy their retirement. Some younger people decide to head off abroad to enjoy some travelling experience and even to live and work abroad for a while. Many others travel abroad on a regular basis as a result of their work or business, again often spending extended periods of time in another country.

As a result of these lifestyle changes an increasing number of medical insurance firms are now offering international cover according to recent research, enabling those that intend to live or move abroad, or spend longer periods of time abroad, to enjoy the peace of mind of having cover even when they are away from home.

One industry professional stated: “We have done research that shows that the number of internationally mobile employees will continue to grow over the next five years. Add to this an extra 2.3 million Brits who are set to retire abroad and by 2020, and one in five older people who will be living outside the UK. So, naturally the number of companies providing international medical insurance has increased.”

Tom Smith
27th August 2007

Is your caravan insured for your holiday?

If you are planning to take a caravanning holiday this year, as many Brits tend to do, it is important to ensure that you have adequate insurance cover in place, state experts.

According to many industry professionals many consumers forget to insure their caravan and contents before heading off on their holidays, and although not compulsory as with car insurance, not having caravan insurance in place could cost some holiday makers a fortune in the event of unforeseen circumstances or accidents.

According to recent figures just over 25% of caravan owners have taken out adequate insurance cover, and with around two million Brits likely to be heading off on caravanning holidays over the next couple of months this reflects a serious deficit in the number of consumers that have protection for their caravans. A good caravan can be a costly investment, and without the benefit of insurance cover can end up costing the owners a fortune.

Many people with lower value caravans fail to take out cover because they may feel that it is not worth it. Reports suggest that the same goes for those that have caravans but rarely use them. However, insurance experts are warning caravan owners of the serious financial implications that can stem from lack of adequate insurance on their caravan, no matter what the age of the caravan or now much it is used.

One industry expert stated: “We were alarmed to see from our research how many people were not taking out insurance. Not only can some of the top of the range caravans set you back well over £20,000 if they are stolen, the damage you can cause to third parties can be enormous.”

Tom Smith
1st August 2007

How Do Insurance Companies Work Out Premiums?

The winning number is…

As you wait for the insurance sales person on the other end of the phone or over the counter to come back to you with how much your insurance premium is going to be it’s rather like entering an unfortunate lottery. Quite how they work out the cost of insurance sometimes seems like anybody’s guess. Read more

Travel Insurance - Keep Your Holiday Protected!

Holidays aren’t exactly cheap these days. Gone are the years when you could pitch up at the English seaside and spend a couple of weeks with the kids paddling in a storm tossed grey sea at Scarborough or Blackpool. These days of sunshine abroad and quality children’s entertainments come at a price. Today, there’s no better reason to insure your holiday. Read more

Life insurance costs can rocket if you are overweight or a smoker

Although it has long since been known that life and health insurance companies charge higher premiums to consumers that are considered a higher risk, such as those that are very overweight or those that smoke, recent data has shown just what a dramatic difference smoking and excess weight can have when it comes to increases in insurance premiums, with many insurance companies charging over fifty percent more on policies to smokers and the very overweight than on policies to non-smokers and those not overweight.

The data suggests that insurance companies are really cracking down when it comes to what they consider are high risk customers, protecting themselves against increased risk of financial losses through charging a lot more on the cost of the premiums. These insurance companies look at high risk factors such as obesity and smoking when working out a policy, and those that come under the category of obese or smokers are seen to be a higher risk because they are more likely to make a claim according to insurance companies.

A life insurance manager at Sainsbury’s stated: “Health risks associated with smoking can have a big effect on life cover costs. It is vital for those that have kicked the habit to review their policies.” However, a number of pro-smoking organizations have raised concerns about the way that insurers automatically charge more to smokers than non-smokers, stating that the risk of a smoker under forty dying is no higher than that of a non-smoker.

A recent comparison study was carried out and this showed that on average smokers were charged around fifty six percent more on these insurance policies than non-smokers. The study was carried out through sending applications from two men of the same age to a number of the UK’s top insurance companies, and seeing what the price difference was based on one being a smoker and the other a non-smoker.

Is travel insurance more important than life cover?

Most Brits are well aware of the complications that can arise without the protection of life insurance cover. Nobody knows what lies around the corner, and an accident, sudden illness, or unexpected event could change everything in one fell swoop for our loved ones. Although nobody likes to dwell on the prospect of death it seems that many Brits are simply burying their heads in the sand when it comes to providing their loved ones with protection and peace of mind through life insurance cover, and a survey has revealed that an alarming percentage of Britons do not insure their lives.

A recent survey was carried out by Bright Grey, and a sample group of two thousand Brits was used in the survey in order to determine average figures relating to insurance cover. The results from the survey indicated that Britons considered life insurance cover to be the most important form of protective insurance, with thirty eight percent of those surveyed stating that they felt that it was most important to insure their lives. Home contents insurance and mortgage insurance cover were ranked next in line when it came to importance by the group surveyed.

However, despite the fact that the survey revealed the majority think that life insurance cover is the most important cover to have, it seems that Brits are more interested in protecting their travel than they are their lives. The most popular insurance cover, according to the report statistics, was home content cover, with seventy four percent of people having this type of protection. Hot on its heels was travel insurance cover, with sixty one percent taking out this type of policy.

According to the results of the survey life insurance cover came in third, with only fifty three percent enjoying the protection of this type of cover. Mortgage protection figures were also alarmingly low, with only twenty three percent having this type of cover. Bright Grey products director, Roger Edwards, stated: “This is a real worry. Less than a quarter of people protect their mortgage – over three times more people insure their home contents. And although people seem to know how important life insurance can be, many simply aren’t taking out cover.”