Some drivers wasting money on wrong insurance cover

Having vehicle insurance cover in place is a legal requirement in the UK for drivers that intend to operate a vehicle or take their own vehicle out on the road. However, the cost of vehicle insurance can be expensive, and increases in premiums have left many people struggling to afford this cover.

However, in their bid to save money on the cost of insurance cover some drivers could simply be wasting money according to a recent report. It is claimed that many people are taking out vehicle insurance cover that offers them little to no protection simply because it is the cheapest they can get. This means that they are paying out money for insurance cover, but if they need to make a claim it could turn out that they are not adequately covered.

Many of those that are taking out the cheapest car insurance even though it may not be suitable are using price comparison sites to find their cover. Price comparison sites often give consumers the impression that they are getting a very good deal on their insurance cover, when they may actually just be getting the cheapest cover without the level of cover that they need.

Officials have said that many of those that simply opt for the cheapest cover without really thinking about the level of cover that they need are taking a huge risk, as they may find themselves with real problems in the event that they have to make a claim.

Consumers who are looking for cover are advised to make sure that they compare the features and coverage levels of the plans that they are considering rather than focusing their attention on the price of the cover, as this could turn out to be a false economy that will cost them far more in the long run.

Tags: insurance cover, focusing, Financial economics, Healthcare in the Netherlands, finance, United Kingdom

Insurance hikes hit over 50s

The results of a recent survey have revealed that vehicle insurance hikes have been hitting people aged fifty and over in the UK. A number of surveys that have been released recently have shown that the cost of insurance cover has rocketed for younger drivers but it seems that the price of insuring a vehicle is also resulting in older drivers struggling.

Figures released recently have shown that over the past twelve months motorists aged fifty and over have seen a huge hike in the cost of car insurance, leaving many struggling to keep their vehicles on the road. In the space of just twelve months the cost of motor insurance for those aged fifty and over is said to have increased by a massive 26 percent.

The survey was carried out by the firm ConsumerIntelligence.com, and involved polling more than six hundred thousand people. The results of the study showed that for motorists aged fifty and over the cost of insurance increased from just over £355 in June of last year to just under £450 in June of this year.

It was also revealed that there was a vast different in prices being quoted by insurance firms that specialised in motor insurance for those aged fifty and over, with the cheapest being £378 and the most expensive being £563, which reflected a different of 49 percent.

It is thought that part of the reason why motor insurance firms are upping the cost of cover for this age group is because many do not expect older drivers to remain loyal. This is reflected in the number of older people that are prepared to switch motor insurance providers, with 81 percent of drivers in this age group shopping around for more competitive quotes when it comes time to renew their cover.

Tags: June, fifty, ConsumerIntelligence.com, massive 26 percent, firm consumerintelligence.com, Vehicle insurance, Insurance, insurance cover

Is it time to switch your insurance provider?

A number of recent reports have shown how the cost of vehicle insurance in the UK has soared over the past year, and whilst the increase in cost is said to have slowed down it is still rising nevertheless. The cost of cover now is considerably higher than it was a year ago, and with petrol prices also sky high it has become very difficult for some drivers to keep their vehicles on the road due to the cost.

With this in mind it is important for anyone whose insurance is due for renewal to consider whether they should look for another provider –even those whose insurance cover is not yet up for renewal may find that they are better off paying any cancellation fees to their existing insurer and switching to another company that offers cheaper cover.

Whilst the cost of cover in general has been increasing it is important to remember that the cost of insurance can still vary from one provider to another. Therefore, it is vital to make sure that you look at cover from a number of different companies to see which one can offer the best value for money. The amount that you can save can be considerable, so this would be time well spent if you want to cut back on your outgoings.

In addition to switching your cover you may also want to consider whether it is worth downgrading the cover in order to save money. Obviously, if you have a pricey, new vehicle then it’s not worth taking the risk of downgrading. However, if you have an older vehicle and the cost of a downgraded policy is considerably lower then it may be something that you want to consider.

One thing to remember is that the world of vehicle insurance is still highly competitive, and your insurance company will want to retain your custom if possible. It is therefore worth speaking to your existing insurance firm and informing them that you are thinking of switching for financial reasons. In some cases the insurance firm will find a way to reduce the cost of your cover – sometimes without even changing or downgrading your policy.

Fortunately the internet makes it far easier to compare and find vehicle insurance cover, so if you do want to switch and save some money you won’t have to go to any undue hassle, and you could even use of the various insurance comparison sites in operation to speed things up.

Tags: Insurance, finance, insurance comparison sites, General, Vehicle insurance

Nearly three million people could get PPI compensation

According to the UK’s financial regulator, the Financial Services Authority, nearly three million people could be in line for compensation over mis-sold PPI or Payment Protection Insurance. The regulator claims that 2.75 million people could be entitled to compensation totalling £2.7 billion.

Banks and financial institutions have been given until the beginning of December this year to bring in new rules with regards to dealing with complaints over PPI. The FSA has already said that over a five year period it had found a “wide and deep evidence of weaknesses in PPI sales”.

PPI is a type of insurance cover that is designed to cover repayments on loans and other forms of borrowing for a specified period of time in the event that the policyholder is unable to make repayments due to redundancy, sickness, or injury. However, investigations into the sale of this type of cover found that in many cases the insurance cover was being mis-sold.

One of the ways in which cover has been mis-sold is through selling to those that could not claim, such as the self employed. In other cases consumers were led to believe that they had to take out the cover to get the finance that they needed. In some instances consumers were not even aware that PPI, which is a costly form of cover, had been added to their finance agreement.

In a statement the FSA said: “Today is the culmination of months of hard work and now, with these measures, we look forward to consumers being treated fairly whether they are buying or complaining about PPI. Since we took over the regulation of PPI we’ve carried out 24 investigations and three thematic reviews, issued warnings, halted the selling of single premium PPI with unsecured personal loans, visited over 200 firms, and handed out some very significant fines.”

Tags: ppi, Financial Regulator, insurance cover, finance, payment protection insurance

Cut back on your vehicle insurance costs

It was recently reported that the cost of car insurance in the UK has soared recently, with industry groups claiming that there has been a 14 percent rise in vehicle insurance related cost in the second quarter of this year. These increases are something that most drivers can ill afford, particularly considering the financial strains that most people are under due to the difficult financial climate, the after-effects of the recession, and the high price of essentials such as petrol and food.

Of course, having insurance cover in place is a legal requirement for drivers, and no driver should be on the road without having some form of cover in place. However, it is important to remember that there are different levels of insurance cover to choose from, and you may find that the vehicle that you have does not require the more comprehensive and costly cover.

If you have an older car that is not worth much in terms of monetary value there is little point opting for the fully comprehensive cover, as this will work out more expensive and you will get very little back for your car in the event that it is written off in an accident because of its low value. On the other hand if you have a newer, higher value vehicle it is best to opt for comprehensive cover as otherwise you would be shelling out a fortune in the event that you had an accident that was your fault.

It is also important to remember that the excess levels that you choose will affect the cost of your cover. This is the amount that you have to pay from your own pocket in the event of a claim, and insurance firms tend to offer a number of choices. If you go for the lower excess then you will not pay as much yourself in the event of a claim, but with the higher excess you can take a risk and cut the cost of the cover.

Comparing deals is vital in order to reduce the cost of your vehicle insurance, and this is something that can be quickly and easily done these days using the various comparison websites available online. You will be surprised at how much you can save simply by comparing deals. In some cases you can even reduce your insurance costs by phoning your insurance company and stating that you are considering going elsewhere. The competition amongst insurers is stiff, and many will negotiate a discount in order to keep your custom.

Tags: Vehicle insurance, Insurance, insurance cover, car insurance, insurance costs

Cyclists should ensure their bikes

Most of us would never dream of driving or even owning a car without insurance cover due to the risk of accidents, damage, or theft. However, many people who have bicycles fail to get their bikes insured, and this can prove to be a problem in the event that the bike is stolen.

A survey was carried out recently by M& S Money, and according to the results over twenty five percent of cyclists have had at least one bike stolen in the past two years, reflecting the high risk of theft for cyclists. The figures show that over three quarters of adults in the UK have a bike in the home, whether it belongs to them personally or to a member of the family.

The research indicated that the average value of these bikes was around £240. According to officials this makes these bikes a prime target for thieves, and with more and more people getting health conscious and more aware of the environment the number of people that own and use bikes could increase steadily over time.

Officials are now urging consumers to ensure that their bikes are insured so that they do not suffer financially in the event that their bikes are stolen. In many cases this can be done under a home insurance policy, and some policies also cover bikes as standard as long as they are within a certain value.

However, cyclists also need to ensure that they have cover that protects them if their bike is damaged or stolen whilst outside the home, and whilst this may come at an additional cost it will be well worth it in the event that something does happen to the bike.

Andrew Ferguson from M&S said: ‘Cycling can certainly be a popular activity, particularly as the evenings are lighter and the weather is warmer. It is important that if people have a bicycle already, or are considering making a new purchase, they make sure it is covered adequately by their home insurance policy.’

Tags: bicycle, Cycling, bikes, Insurance, insurance cover

Norwich residents urged to ensure home insurance up to date

Residents in the Norwich area of the UK are being urged by officials to make sure that their home insurance is up to date and adequate. The warning comes after several break-ins in the area, which took place at the end of May and the beginning of June.

Whilst most people are well aware of the importance of having home insurance in place many forget to get their policies renewed or fail to ensure that the policy is amended to provide adequate coverage. This can cause big problems in the event of a break in, as the homeowner may find that he or she is unable to make a claim because of lack of coverage.

Residents in the area are being warned to check both their buildings and contents insurance to make sure that it is all up to date and provides adequate coverage. Officials are now stressing the importance of having home insurance policies in place for residents in Norwich, particularly given the spate of break ins that has been seen over recent weeks.

Police are still appealing for information with regards to the break ins, and in the meantime are warning residents in the area to be on their guard and do as much to protect themselves and their homes as they can.

Consumers that are looking for affordable home insurance coverage are able to choose from a range of options these days, and it is therefore possible to get a low cost policy that provides adequate protection. Police have confirmed that a number of high value gadgets and cash were taken in the recent break-ins, so consumers could save themselves a fortune in the cost of having to buy replacement simply by ensuring that they have insurance cover in place.

Tags: protection, norwich, claim, business, home insurance

England fans need to sort out travel cover

A huge number of lucky England football fans will be looking forward to jetting off to South Africa over the coming weeks to enjoy the excitement of the World Cup, which kicks off in June. Many will already have sorted out their hotels, travel money, flights, and even itineraries.

However, many excited England fans may have forgotten about one very important element of their travel arrangements in the form of their travel insurance cover. With the possibility of things going wrong even before the trip has started, as well as the risk of something happening whilst they are away, World Cup ticket holders are being advised to ensure that they get their travel insurance sorted out sooner rather than later.

High Street retail giant Marks & Spencer, which also deals with financial products including insurance, has said that travellers heading off to South Africa for the football should ensure that they prioritise on getting travel insurance cover if they do not have any in place already.

Officials from M&S said that some travellers may find that they have to make a claim on their cover before they have even travelled, and with people having paid out huge sums of money for their trip to see the football those that do not have cover in place could end up losing out big time.

One insurance industry official said: “People get really excited about trips like this, and they spend aged getting their flights and hotels sorted out. However, many overlook the fact that they need travel insurance cover or tend to leave it till the last minute, and this can cause a real problem if a claim has to be made prior to travel.”

Tags: form, travel insurance cover, insurance cover, Insurance, the World Cup, time one, travel insurance

Elderly not always getting best deal on insurance cover

Many older consumers in the UK opt for insurance services that cater specifically for the elderly, and in most cases they believe that they are getting a great deal on their cover. Read more

Tags: insurance cover, cheaper motor insurance cover, health insurance, insurance services, Types of insurance, British Insurance Brokers Association

Many travel companies adding unnecessary travel insurance cover

According to some industry experts many consumers who are heading off on their travels are being ripped off by travel companies that are adding insurance cover that is not actually required. Read more

Tags: effective suitable cover, insurance cover, cancellation, Types of insurance, internet

Lying motorists to be weeded out by insurance firms

It has been reported recently that motorists that try and hide or lie about convictions when they apply for insurance cover are to find themselves at the centre of a crackdown by the insurance industry. Read more

Tags: Driving, car insurance fraud, better deal, Association of British Insurers, economics, insurance industry official, insurance cover, car insurance

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

Tags: insurance cover, financial climate, finance, home insurance, different ways, Association of British Insurers, insurance fraud, insurance policies

Save money by cutting insurance costs

As most of us know the recession is underway, and with finances already very tight for most this has resulted in the financial situations of many households going from bad to worse. Read more

Tags: certain ways, insurance costs, home insurance, difficult times, insurance cover, fat cat pocket, cases insurance firms, saving

How younger drivers can save money on their car insurance cover

For many years younger drivers have been penalised because of their age and inexperience when it comes to getting car insurance, and for many younger drivers the cost of cover can be crippling. Read more

Tags: insurance companies, driver’s lack, car insurance market, insurance cover, young person car insurance, Insurance, car insurance, sporty design

Space travel insurance

Commercial space travel may soon become a reality for some, with Richard Branson reportedly two years away from offering out-of-this-world flights.

If that is to become a reality than potential space tourists need to begin thinking about space travel insurance and one firm is already looking into it.

Bupa says that it is prepared to go where no travel insurance firm has gone before and offer cover to the next generation of travellers for their space trips.

“We provide insurance cover to people in 190 countries so it wouldn’t be a giant leap to add outer space to that list,” said Nick Potter, head of Bupa Travel.

“We are looking into space tourism as a real market for the next generation of travellers, especially as Russian cosmonauts have already taken tourists up into space.”

Richard Branson’s Virgin Galactic project is already picking up speed and the business tycoon hopes to perform test flights as early as this year.

With that in mind, Bupa says that it wants to provide cover for travellers but will need to carry out a full investigation into the dangers involved.

“Obviously we have to take into account various issues, such as the effect such a journey would have on the human body, although clarity will come in this new area of travel within the next decade,” added Mr Potter.

If you are planning an earth holiday make sure you get travel insurance so that you can relax and enjoy yourself with peace of mind.

Tags: world flights, insurance cover, Spaceport America, russian cosmonauts, firm, mind space, market, earth