Keeping insurance costs down

For most people having insurance cover in place is a way to provide a financial safeguard against a plethora of possibilities, from the chances of having a car accident to the chances of being burgled or falling ill. There are many different types of insurance policy available these days, with cover to protect against a wide range of events and possibilities, and having this cover in place can provide consumers with real peace of mind.

 The cost of cover can vary depending on a number of factors, such as the type of cover being taken out, the level of cover, and any past claims made, amongst other things. However, the insurance market has become incredibly competitive with a wide range of companies vying for the business of consumers, and this has resulted in some very competitive deals being made available for consumers.

 In this day and age, with many people still reeling from the recession and the global credit crisis, it is vital to try and keep costs down, and therefore it is important to ensure that you get the best deal on your insurance cover no matter what type of policy you are looking for. There are plenty of deals available these days offering all sorts of incentives from cut price protection to several months of free cover.

 Some people have decided to cut back by cancelling their insurance policies altogether, but this can work out to be very costly in the long run if something goes wrong. An alternative is to try and reduce the level of cover to one that you can comfortably afford, although you should make sure that you do not under-insure yourself otherwise you may still face financial difficulties if something goes wrong.

 Another important thing to consider is the importance of comparing policies from a wide range of providers, as there can be a big difference in price and you could find that you are paying far less with one company for the same level of cover than with another. There are various price comparison sites now available that will allow you to compare different insurance policies and companies with ease and speed, and you can really save time by using these. However, do bear in mind that not all insurance firms operate through these price comparison sites, so it may be worth checking on individual insurance firms’ sites to try and get the best deal.

Tags: insurance policies, insurance firms, Insurance, Types of insurance, insurance policy

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.

Tags: Financial economics, home insurance, insurance provider endsleigh.rhiannon, dyeing, insurance policy, skilled workmen, Business and Economy, structural alteration

‘Homeowners protected from acts of god’

Building and contents insurance can help protect homeowners from the effects of climate exchange, according to the head of risk and underwriting at esure home insurance.

Mike Pickard states that the recent earthquake and increasingly frequent extreme weather conditions can see homeowners “rely” on their home or buildings insurance policy.

The head of risk and underwriting also states that measures can also be taken to help protect homes in the event of severe weather, such as flooding.

“There is no quick fix for flood damaged properties and the destructive power of water can turn lives upside down and damage personal belongings beyond repair”, he explains. Taking precautions and being prepared for the unexpected, whenever it should strike, is crucial.”

Research released by esure also revealed today that nine in every ten adults would not by a property if it had previously been flooded.

Following the earthquake in February, esure said that “a bout of extreme weather can strike at any time and in any street across the UK with devastating effects”.

Tags: Esure, Financial economics, head of risk, insurance policy, flood, water, United States, god

Failing to take out insurance puts homes at risk

Failing to take out building insurance can put your home at “real risk”, according to one expert.

Nationwide said that consumers avoided building and home contents insurance due to the supposed ‘complexity’ involved in the contracts, but stated that it is not complicated at all.

Charlotte Sjoberg, campaigns manager for Nationwide, said the need for insurance had not necessarily increased since the spate of bad weather.

“Whether you are in a flood risk area or not, it is really important to protect your home against unexpected events. You really don’t know what could happen,” she said.

She also said that is it important for homeowners to have the right amount of insurance cover and to be aware that home contents and building insurance protect consumers in different ways.

Research conducted by the building society has found that one in five of home owners do not have buildings insurance, and that one in four do not know what is included in their policy.

Furthermore, 14 per cent of those surveyed had also failed to take out home contents insurance.

Tags: Financial services, weather, Title insurance in the United States, insurance policy, flood risk, manager, real risk, building and home contents insurance

Insurance switching gains momentum

There has been a marked increase in insurance switching, an industry expert has said.

According to MoneyExpert.com, the car and home insurance markets have seen a dramatic rise in people changing policy.

In the last six months, insurance customers for these sectors have abandoned in excess of 9.2 million uncompetitive policies.

The website’s Switching Index shows that, in the same period ten per cent have switched home insurance policy while 15 per cent have changed motor insurance policy.

In total, 9.27 million policies have been swapped in the last six months, which represents a staggering increase of 1.6 million from the previous quarter this year.

Sean Gardner, chief executive of MoneyExpert.com, said: “The good news is there are plenty of excellent offers out there and many product sectors are incredibly competitive – insurance being a prime example.

“It will almost certainly be the case that everyone can save money by switching and we would urge consumers to continue to seek out the best deals.”

Tags: case, best deals, home insurance, insurance policy, economics, momentum

BIBA: Christmas holidaymakers should insure valuables and gifts

People planning to travel during the festive season have been urged to be extra careful to insure all of their valuables, including Christmas gifts.

According to the British Insurance Brokers’ Association (BIBA), holidaymakers should ensure they have adequate cover, especially as doing so is unlikely to break the bank.

However, Graeme Trudgill, technical and corporate affairs executive for BIBA, expanded on the point saying: “What you might have already is, under your home insurance, a personal possessions extension.

“In which case, you’re going to get a much higher limit under your home insurance than you are on any travel product, but also you don’t have to then have that section of the travel insurance policy.”

Research carried out on behalf of Halifax Travel Insurance last year showed that a staggering 2.5 million people leave Britain at Christmas taking with them £727 million worth of presents.

Furthermore, it found, average personal baggage claims go up by an impressive 48 per cent from its annual average of between £560 and £830.

Tags: insurance policy, personal baggage, case, baggage, point, holidaymakers, season, personal possessions

‘Common room valuables’ may not be covered

As the academic year gets underway for thousands of students, one organisation is warning them to keep an eye on their belongings or risk losing out financially.

Graeme Trudgill, technical services manager for the British Insurance Brokers’ Association, said that items left in communal areas like the kitchen or living room may not be included in some insurance policies.

“Don’t leave valuable items where they’re visible through windows, and they need to keep their laptops and things in their locked room when they go out,” he advised. “If it’s stolen from a communal area, it may not be covered.”

According to the London Student Housing Guide, the average cost of a student burglary is £900 – and what’s more they are more at risk than other Britons.

“Students are three times more likely than the average homeowner to be burgled,” Mr Trudgill said. “One in three students fall victim to crime each year.”

A separate report from Abbey revealed recently that each student will have on average £3,300 worth of possessions with them at university.

Tags: Don, burglary, the London Student Housing Guide, technical services manager, home insurance, victim, insurance policy, Common room valuables

Happy couples warned over insurance

People in the UK are being urged to check their wedding insurance, as gifts they received on their happy day may not be covered after the cover period expires.

According to research by Abbey, 13 per cent of home contents insurance policies will not cover the value of wedding gifts temporarily.

And even if they do, this cover tends to only last a month – so the 28,000 happy couples married last month may need to move fast to ensure they are covered.

The report also revealed that many insurers limit their wedding cover. So, with the average amount spent on a present at £43, inviting more people could mean the limit is quickly exceeded.

“Sadly the amount of cover is often not enough to cover the number of gifts received by couples, and it only lasts for a month on average, potentially leaving newlyweds underinsured,” said Prasad Shastri from Abbey.

According to the study, newlyweds with temporary insurance of up to £1,000 would hit their limit after receiving gifts from on average 23 guests.

Tags: limit, amount, cent, period, insurance policy, number, value, home contents insurance

Cats of any age ’should be covered by insurance”

Cat owners have been advised that they should purchase insurance no matter how old their pet is.

Maggie Roberts, head of veterinary services for feline welfare charity Cats Protection, argues that vets’ bills can “soon mount up” and that “even the most well looked after cats can develop unexpected illnesses”.

Ms Roberts also said that having a pet undergo treatment or surgery can be emotionally draining. She said that having to worry about treatment costs can be an “added burden” for cat owners who have an ill animal.

The head of veterinary services continued that costs can be generated in a number of areas, listing that pet owners could find that their animal has to undergo surgery, hospitalisation or be referred to a specialist.

In its latest report on pet insurance in the UK, market research consultancy Defaqto found that less than one in five cats (17 per cent) in the UK are covered by pet insurance.

Tags: specialist, ill animal.The head, Retroviruses, Insurance, pet, age

Holidaymakers – accommodation top gripe

Holidaying Brits are more likely to complain about their accommodation than anything else.

New research by Halifax Travel Insurance shows that 82 per cent of complaints from Brits abroad concern accommodation.

Holiday reps across Europe were asked to disclose what the most common complaints are and following accommodation, noise pollution was the next most popular.

This was followed by problems concerning nearby building work, complaints about the quality of food and gripes with organised excursions.

The research also highlighted that many holidaymakers are unsure of what to do if they are the victim of theft while abroad.

According to the reps, 20 per cent of British tourists do not know that a police report is needed before an insurance claim can be made.

Shockingly, 3.5 million Brits in the last five years have failed to obtain a report following a theft and £1.5 billion worth of items were not properly covered.

“Halifax Travel Insurance would advise all holidaymakers to research their destination thoroughly before travelling, completing the appropriate medical forms and establishing what to do if they become a victim of crime,” said Paul Birkhead, underwriting manager at the insurance firm.

“It is important when holidaymakers take out insurance that they read the terms and conditions carefully, so they know the correct procedure for making a claim.”

Tags: procedure, insurance policy, food, PRWEB, GBP, Types of insurance, Holidaying, finance

Home disasters for returning holidaymakers

Over one million Brits return from holiday each year to find that there home is a disaster area.

Research by Halifax Home Insurance shows that we arrive home to a combined total of £2.3 billion worth of damage and, without insurance, we could be counting the cost for years to come.

The most common problems are criminal damage, faulty utilities and storm damage. According to Halifax, a quarter of us are burgled while on holiday.

Water damage is another costly problem that affects many, with 1.7 million holidaymakers having to pay a combined bill of £960 million to repair damage done by burst pipes and the like.

“Home disasters can be extremely distressing at the best of times, so returning to one after a relaxing holiday would certainly bring you back down to earth with a bump, so having adequate home insurance cover to protect your property – whether it’s occupied or not – is absolutely critical,” said Vicky Emmott from Halifax.

“As well as making sure they are insured there are lots of other practical things that holidaymakers can do to protect their properties whilst they’re away.

“For example, ensuring that the heating comes on during the winter can prevent pipes from bursting, and cancelling regular deliveries like milk or newspapers make it less obvious to a thief that your property is vacant,” she added.

Children left alone on the house are also a common menace for holidaying Brits, with almost one million saying that they had returned to find their home damage by the kids.

Tags: milk, Vicky Emmott, adequate home insurance cover, halifax, water, house

Older travellers face insurance cost hike

People looking forward to going travelling in their retirement could be in for a shock when taking out insurance.

Average premiums for travel cover increase by more than 100 per cent when people reach their 66th birthday and rise again by a similar amount when customers reach 70, according to Moneysupermarket.com.

The most competitive annual multi-trip insurance premium was found to be £35.42 for a 65-year-old person, compared to £88.64 for a 66-year-old and £171.08 for someone of 71.

Richard Mason, director of insurance for the site, said: “Anyone who dreams of seeing the world in their retirement will get a nasty shock when they reach their 66th birthday and find insurers have doubled the cost of their travel insurance.

“The situation gets even worse for travellers entering their 70s as the cost of cover leaps by almost as much again.”

Mr Mason stressed that people should be able to take advantage of fairly-priced travel insurance, whatever their age.

Tags: birthday, old person, insurance policy, Financial economics, travellers face insurance

Buy-to-let insurance risk warning

With buy-to-let investments becoming an increasingly attractive proposition for consumers, Sainsbury’s Bank is encouraging landlords to ensure they are adequately covered.

With figures from the Council of Mortgage Lenders showing that the number of buy-to-let mortgages has increased to 21 per cent, there are also now believed to be more than three million privately rented properties in the UK.

With the properties being worth a collective £510 billion, landlords are being advised in the strongest terms to ensure that they take out a comprehensive insurance policy.

Sainsbury’s Bank policies ensure against rental income of up to £20,000, while also providing contents cover of up to £40,000.

“Robert O’May, home insurance manager at Sainsbury’s Bank, said: “There has been huge growth in the number of properties rented out and it’s a lucrative venture for many.

“It’s therefore important for landlords to pick a good home insurance policy to protect their investments,” he added.

Tags: good home insurance, insurance policy, venture, warning, manager

Custom Built Car Insurance

When you phone your motor insurance company to insure your car you tell them you drive a standard 1.8 Mitsubishi Lancer. True enough. However, what you have failed to tell them is that you have made one or two minor modifications to your car so that it now has alloy wheels, a spoiler and flashy strips down the side. Later you need to make a claim on your motor insurance and the car insurance company sends an insurance adjuster around to see your car. Guess what? In all likelihood the insurance adjuster is going to inform your car insurance company to invalidate your policy. The reason – you have a custom built car! Read more

Tags: insurance policy, custom car insurance, miles a-year driver, standard 1.8 mitsubishi, job, minor modifications, loss

How To Reduce Your Family Car Insurance Premiums

If you are a family with children in their late teens (i.e. 17,18,19) or early twenties (20-25), then a dilemma you no doubt have already had to face if how to reduce your family car insurance premiums. The following are a few tips on how you may achieve this: Read more

Tags: family car insurance, name, blanket insurance policy, premiums, Human Interest, reduce car insurance

Understanding Buildings Insurance

Home owners’ insurance varies depending on the type of residence they are living in. A four bedroom home on an acre of property can obviously cost higher than a two bedroom home on a smaller property. Comparing a flat or apartment in the middle of an expensive city, this might actually cost the same as the four bedroom home (if not more money) to insure. Wherever you live, it is always a smart idea to have a sizable amount of insurance for your property. Read more

Tags: policy, premium cost, occupier, home owner, insurance policy, major items, buildings home insurance, buildings insurance

Theft : A Vital Part of Car Insurance

Car theft has increased in the UK and more than a 100,000 cars are being stolen a year. The insurance claims for car theft are 1 policy claim out of 20, and the car insurance companies want drivers to realize the need to protect their vehicles from these incidents. The more claims made to an insurance policy, the higher the premium. Read more

Tags: luxury cars, United Kingdom, Car Security, car insurance, car theft, theft

Skiers warned over insurance

Holidaymakers planning a skiing trip in the coming months are being warned to check their travel insurance policy before setting off.

The Post Office says that the mild winter has left many people disappointed, as there has not been enough snowfall.

Recent weeks have seen a fairly heavy dumping in many parts of Europe, but the travel insurance provider says that there is still a risk that a lack of snow may stop play.

The firm warns holidaymakers to check their travel insurance policy before setting off, ensure that they are covered and read the small print to make sure there are no hidden surprises.

“So far, this ski season has been among the worst on record in Europe with some areas having little or no snowfall,” said Kevin McAdam from the Post Office. “This can mean limited time on the slopes, plus an increased risk of injury or damage to equipment due to poor conditions.

“This may leave people without the holiday they would have wanted and looking for some form of compensation.

“Our advice is to make sure you know exactly what your cover offers before you go and, importantly, what evidence you need to have before you come home,” he added.

Mr McAdam went on to say that many insurance companies will only pay out if all of the slopes are closed for 12, or even 24, hours. Many firms also want written confirmation from authorities that the slopes were closed.

Tags: Hospitality Recreation, economics, holiday, insurance companies, risk

New car? New insurance

A new year brings a new set of registration plates and quite often a new car.

However, insuarncewide.com is warning drivers not to get too caught up in the excitement of buying a new car that they forget all about insurance.

The firm says that simply transferring your previous insurance policy could leave you out of pocket and it is always worth shopping around.

“Think new car, new policy, or at least do your research online to check whether you could get a better deal than your existing policy offers,” said James Harrison, chief executive of insurancewide.com.

“A driver’s profile will constantly change. Your age, occupation, address and type of car all affect your premium and the type of insurer capable of offering the most competitive product and price.”

Mr Harrison went on to say that it may be worth talking to your dealer to see if there is a period of free insurance on offer when buying the vehicle.

He also pointed out that many discounts are available online, before adding that those seeking insurance need to have their wits about them.

“Finally, don’t be misled by insurers’ advertising campaigns that don’t tell the whole story or that don’t really apply to you,” added Mr Harrison.

“Decide what cover you need for your own circumstances, then look for it.”

Tags: Mr Harrison, insurance policy, story, new insurance, profile, economics, don't tell, com

Car Insurance FAQ

• Is it legal to drive without car insurance?
• What is an excess?
• What is a compulsory excess?
• What is a voluntary excess?
• What is a fault claim?
• What is no claims discount?
• What is protected no claims discount?
• What is a high risk group?

Is it legal to drive without car insurance?

No. Accidents do happen, and the law states that you must be able to compensate any person you injure or any damage you may cause. The cheapest form of car insurance is third party , which only covers any damage that you may cause. the most popular policy sold in the UK would be comprehensive cover , which will cover you for any damage to your own vehicle as well as anyone else.

What is an excess?

An excess is the cost you will have to pay if you make a claim to your insurance company. A common amount for an excess charge would be around £100. However, if the claim was due to an accident which was not your fault then you may be able to claim this excess back. You will however have to pay the excess then try to claim the money back afterwards.

What is a compulsory excess?

Some insurers may only insure you if you agree to drivers if they agree to a compulsory excess charge. This will usually be around £100 and is aimed at giving you a cheaper quote.

What is a voluntary excess?

A voluntary excess is aimed at what insurance companies deem as higher risk drivers. drivers between the ages of 17 – 21 are generally seen to be the highest risk group and some insurers will only consider insuring people from this group if they agree to pay a larger excess fee which could be anything from £250 to £1000.

What is a fault claim?

A fault claim is an insurance company’s way of saying that they can’t recover their costs of any claim that you make. This may be because you are at fault for an accident claim or maybe the person at fault is untraceable.

What is no claims discount?

No Claims discount ( NCD) is a discount added to your policy for each year you do not make a claim. This can increase to a maximum discount of 60% for 5 years without claims. If you change insurance suppliers then you can take this no claims discount with you.

What is protected no claims discount?

If you do make a fault claim then you will be penalized when you attempt to renew your policy by a loss in your no claims discount. Protected no claims discount will allow you to make claims to your policy without losing any discount. Usually you will be able to make on average 2 claims in any 5 year period.

What is a high risk group?

A high risk group is a section of the population that insurance companies will feel are most likely to make a claim due to statistics. If the insurance company puts you in this section then you will have to pay higher than average premiums and excesses. examples of high risk groups would be males aged 17 – 21, drivers with 6 or more penalty points or drivers who have made many claims.

Tags: car insurance faq, larger excess fee, law, insurance policy, no claims discount, higher risk drivers

No Claims Bonus

Information about your car insurance no claims discount:

A no claims bonus can significantly reduce the cost of your car insurance cover. If you have never heard of the no claims bonus, or are unsure as to its workings or methodology it can be explained as follows: Read more

Tags: older drivers, maximum bonus, no claims bonus, young drivers, risk, insurance policy, no claims discount, car insurance