An Overview of Private Dental Insurance

Visiting the dentist is a costly proposition. Those without insurance generally put off such visits until they have no other choice even though they do have coverage under the National Health Service. If you consider taking out private dental insurance you can enjoy more flexibility and have some of your dental costs covered. Read more

Tags: x rays, abscesses, dental work, private dental insurance, premium, copy, optical treatments

Packaged account charges on the rise

The monthly fees charged on some packages current accounts have been hiked up recently according to a recent report, with officials stating that this is the first step that banks are taking in order to make up for possible losses stemming from the recent High Court test case into bank charges. Whilst the judge ruled in favour of the Office of Fair Trading in the case, which means that the OFT will be able to assess the banks’ terms and conditions for fairness, banks have appealed against the ruling. Read more

Tags: set monthly fee, benefits include things, bank account charges, report, Gold, premium, bank accounts

Huge difference in car insurance premiums based on jobs

A recent survey has shown that there is a huge difference in the amount of money drivers have to pay for their car insurance based on their job – even in cases where their jobs do not involve driving in many cases.

As part of the research thirteen insurance companies were used and quotes compared for 465 different professions. The results of the research showed that there was a difference of around £850 between the premiums paid by those in the highest bracket professions and the amount paid by those in the lowest bracket professions.

At the top of the league tables and paying the highest in terms of insurance premiums are footballers, who are charged an average of £1348 a year for fully comprehensive car insurance. Other professions in the top ten included comedians, who were charged the second highest premiums, stuntmen, circus employees, cab drivers, fortune tellers, builders, and national press journalists. Other professions made up the top fifteen highest paying policyholders, including bin men, driving instructors, mechanics, telephone salesmen, and bizarrely beekeepers.

Amongst those paying the lowest premiums on their car insurance cover were secretaries, who enjoyed the lowest premiums of all the professions included in the research, police officers, paramedics, doctors, lawyers, bank managers, teachers, firemen, and computer consultants. One insurance professional stated: “Insurers assess risk in many different ways — one of which is profession.”

However, she added that it was still important for people to compare quotes despite their profession, as many insurance companies also base premiums on their own claims experience of different professions.

The research was carried out by insurance price comparison website confused.com, and in order to get the different quotes the company used the character of a man aged 32, living in the London area, driving a Ford Mondeo, and enjoying maximum no claims bonus.

Tom Smith
5th November 2007

Tags: Insurance, vehicle, cover, price, quote, car, premium, depending, occupation

Consumer fail to shop around for car insurance

According to a recent survey carried out by Sainsbury’s, many consumers in the UK are failing to take the time to shop around for their car insurance, and in many cases end up paying considerably more than they have to for their vehicle insurance by going with the first quote that the get.

Sainsbury’s officials state that the cost of insuring a vehicle has been rising over the years, but an alarming number of consumers still won’t take the time to compare premiums in order to cut back on the cost of car insurance.

According to the research carried out by Sainsbury’s 20% of drivers in the UK obtained just one quote when they last bought vehicle insurance. It is advisable for consumers to obtain at least three quotes before making a decision on car insurance, as the cost of cover can vary dramatically from one insurance provider to another, and can make a big difference to drivers’ monthly instalments or total premium costs.

There are also a number of other factors that affect the cost of vehicle insurance, and some insurance professionals have been offering advice to consumers on how they can cut the cost of cover. In addition to shopping around for insurance cover, consumers can save money by opting for a smaller engine size and by cutting down on mileage.

For younger drivers the Pass Plus scheme is a good way to cut back on the cost of cover – car insurance for younger drivers has rocketed in price over recent years and can be extremely expensive, even at the more basic levels.

According to officials from Direct Line younger drivers that take the Pass Plus course after passing their initial driving test could benefit from around 35% off the cost of their insurance premiums, which could amount to a substantial sum based on the average premium for a younger make driver of £2000.

Tom Smith
25th October 2007

Tags: pass, younger, Insurance, quote, premium, shop around, cover, car

Life Direct: Despite whole of life safety most choose term insurance

The majority of people decide to take out term insurance rather than whole of life insurance, even though the latter offers guaranteed security.

According to a spokesperson for Life Direct, Steve Wroe, many people are unaware that nowadays whole of life insurance offers assured premiums which is why they are choosing term life insurance.

Mr Wroe said: “Life insurance is just about peace of mind and the trouble with a term policy is that one day that policy is going to stop working for you.

“You might still be living, but you might not be insurable if you try replacing it because you might be too old or you might have come down with some medical issue since you took your term policy out that prevents you getting life cover.”

He added that people who are younger often opt for term insurance whereas the older generation are more likely to choose whole of life policies for funeral expenses and to “leave a little bit of extra money”.

The Motley Fool explains that with a term policy, a payout is offered if you perish within the term specified, getting the largest sum possible.

Whereas, with whole of life insurance offers a fixed payout upon death as long as premium payments are kept up. This provides “investment for your heirs” and requires you to take a “gamble” on your life expectancy.

Tags: term insurance, term life insurance, Permanent life insurance, Insurance, fixed payout

High number of claims over lost luggage

Insurance companies in the UK have reported that the level of claims coming in over lost luggage has soared over the first half of this year, increasing by a huge amount compared to the same period last year.

One leading travel insurer reported that between January and June there were nearly three thousand claims made over lost luggage to the company, which reflected an increase of 85% on the same period in 2006. The average claim was for over £200 according to the insurance company.

The travel insurance company also reported that there was a 22% rise in the number of bags lost across Europe in the same period, despite the level of passengers travelling only rising by 1.4%. The figures have been compiled by the Association of European Airlines. However, some budget airlines such as EasyJet were not included when these figures were put together, and therefore the actually number and level of lost luggage could be even higher.

A spokesman for the insurance company stated: “We have seen an enormous rise in claims for lost luggage. With the summer holiday season now in full swing, we can unfortunately expect more families’ holidays to be ruined by lost baggage.”

Another leading insurance company, Norwich Union, reported a rise of 40% in claims over lost luggage in the first half of this year. The figures from the Association of European Airlines also showed that in 2006 British Airways lost more luggage than any other European airline following a variety of problems that resulted in luggage problems. The reports also highlight the importance of having adequate travel insurance in place when going on holiday or even travelling on business, as loss of all of your luggage can prove very costly.

Tom Smith
28th September 2007

Tags: airline, policy, Insurance, company, lost, premium, travel, claims, increase, luggage

Car owners leaving ‘paradise’ on display

One in five British drivers are leaving their cars unattended with valuables on display worth more than £200, it has emerged.

Zurich research has discovered that 85 per cent of car owners are leaving belongings in their cars with an average value of £145, representing a total of £3.9 billion worth of gadgets on display to potential thieves.

The study also found that younger drivers between 18 and 24 years old are the worst offenders for leaving their possessions visible to thieves, while popular items left include car stereos, polling 51 per cent, and CD collections, which were left by 44 per cent of drivers.

With many Britons not taking adequate precautions to protect their vehicles from thieves with 18 per cent of having no security measures in place, Zurich has commented that UK cars are a “thief’s paradise”.

“Harried, time-poor drivers often fail to realise just how valuable the possessions they leave in their cars are and are not taking the right precautions,” Zurich Insurance head of motor underwriting Roy Seeds said.

A Direct Line spokesperson has recently advised younger drivers that taking part in the government’s Pass Plus training initiative, at a cost of about £100, could help to reduce the cost of their insurance premium by up to 35 per cent.

Tags: security, Business Finance, britons, poor drivers, value, premium

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

Tags: uk, caravan, premium, holiday, accident, car, travel

Over six billion in premium bond sales

With a number of juicy million pound jackpots up for grabs next month, there has been a massive boost of six billion pounds in premium bond sales.

Savers are ploughing in billions into Premium Bonds in the hope of becoming one of the lucky few that become a millionaire when the draw takes place in June. The million pound jackpots are part of the fiftieth birthday celebration for Premium Bonds. Five people will be drawn as million pound jackpot winners next month as part of the celebration.

Last October saw sales of over two billion pounds worth of premium bonds, which was the highest monthly total on record. Since the start of the celebrations, over six and a half billion has been invested in premium bonds by savers. Half a million new savers have also jumped on board during this period, which gives Premium Bonds a customer base of nearly twenty four million savers.

June’s draw will see a record number of bonds, and there is now over thirty six billion invested in Premium Bonds in all. One draw has already been completed in December, which was also part of the celebrations and also saw five bondholders become millionaires. And with the forthcoming draw record number of bondholders can look forward to the chance to become very wealthy.

A spokesman for Premium Bonds stated: ‘The past eight months have seen a huge surge of interest in Premium Bonds. Despite being launched 50 years ago, they continue to attract new customers. In just the last eight months, over half a million people have begun saving in Premium Bonds for the first time. The anniversary draws, combined with the ease of investing online have appealed to old and new customers alike.’

Tom Smith
7th June 2007

Tags: draw, savers, premium, online, invest, savings, interest, bonds

The Great British insurance scam

Con-artists are costing the UK insurance industry £1.6 billion per year and we are suffering as a result.

The Association of British Insurers (ABI) claims that fraudulent insurance claims are rife in the country and innocent people are being penalised through increased premiums.

Research by the organisation shows that the average policy holder’s premium is £40 higher than it should be because £4 million worth of false claims are made every day.

The ABI carried out a survey which found that ten per cent of people have cheated their insurance company, either by completely fabricating a claim or exaggerating it.

Nick Starling, director of general insurance and health at the ABI, wants to see greater power given to the authorities to deal with the crime.

“Honest customers should not have to pay for cheats. These figures highlight that greater deterrents, such as criminal prosecutions, are needed to discourage fraud,” he said.

“This is why we are calling for police forces to be given more resources so that fraud can be treated with the seriousness it deserves.”

The ABI says that around 50 per cent of all fraudulent claims centre on home contents and building insurance.

Tags: premium, seriousness, fraudulent insurance claims, day, Great

Small drop in car insurance premiums

Despite a small dip in the last quarter, car insurance premiums remain high, new research shows.

Drivers taking out comprehensive insurance faced an average annual bill of £802, according to the AA’s benchmark British Insurance Premium Index.

Although this represents a £4 dip in yearly costs from the previous figures, it was falling from an all-time high after prices rocketed 4.35 per cent in the three months to the end of 2006.

Commenting on the results, Kevin Sinclair, managing director of AA Insurance, expressed surprise that premiums had dropped, saying: “I had expected premiums to continue rising and I think the underlying pressure is still upward.

“Most insurers continued to apply small increases in an effort to close the gap between premium income and claims costs.”

Third-party, fire and theft (TPFT) insurance saw a slightly higher drop in annual premiums to £993 at the start of the year, equivalent to a £6 saving.

But Mr Sinclair also doubted whether this downward trend would continue as most TPFT cover is bought by young people, who represent a five-time greater risk to insurers due to the higher accident rate among people under 21.

Tags: effort, previous figures, Business and Economy, premium, insurance premiums

5 Ways To Reduce Your Car Insurance Premiums

Even with a competitive UK car insurance market bringing down the average cost of car insurance premiums in the UK, by following certain guidelines you can reduce your car insurance premiums even more! Read more

Tags: premium, perfect excuse, Insurance, neighborhood, cheap car insurance, crime

Car insurance gets more expensive

The cost of car insurance has steadily grown in the past year, with figures showing a 2.1 per cent increase.

Figures released by Sainsbury’s Car Insurance show that the average premium in January 2006 was £462.72.

By July of the same year this had risen to £466.63 and by the end of the year it had grown again to £475.52.

That means that the average premium was £9.80 more expensive in December 2006 compared to the same premium just 12 months earlier.

“It always pays to keep a close eye on your car insurance premiums and shop around to make sure that you are paying a competitive rate because you could enjoy significant savings of over £100,” said Steve Johnson, head of car insurance at Sainsbury’s Bank.

The data also highlights the fact that the gender gap in car insurance premiums remains as vast as ever, with men paying an average £499.06, while women pay £434.46.

Motorists aged under 25 saw their premiums increase by the most, with the average cost rising by 5.8 per cent.

The only group to see their premiums fall were those aged over 65, with the average premium dropping by 0.5 per cent.

The easiest way to ensure that you are getting the best deal on your car insurance is to shop around and find the deal that best suits your needs.

Tags: Sainsbury's Bank.The data, close eye, cent, Sainsbury, head of car insurance, GBP, premium, Business Finance

Treasury Announces Investigation Of Travel Insurance Mis-Selling

By and large, Brits are a conservative consumer group.  As such, millions of us will gladly pay a relatively small premium to take-out a travel insurance policy before we go away on our holidays.  If you happen to have been one of the millions of Britons who have also experienced the reality of trying to claim on a travel insurance policy, only to find the insurance company worm its way out of the deal under one of the many exemptions, then you may well be delighted to hear that the Treasury has announced that it going to commence an investigation into the manner in which travel insurance is sold in the UK. 

Annually, we Brits spend over £1 billion a year on travel insurance premiums.  We do it because we believe we will be covered for almost all eventualities should something go wrong – either prior to the holiday itself or while on holiday.  In many cases, however, the harsh reality is that the numerous “get out” clauses that travel insurance policies customarily contain means the reality of being refunded, or even being compensated, for an event we thought was covered in our travel insurance is a far cry from what we may have been lead to understand when being sold the policy in the first place.

As such, of particular interest to the Treasury’s investigation will be the old gripe of whether or not travel insurances that are sold as part of a “holiday package” are being mis-sold.  While standalone insurance policies are regulated by the Financial Services Authority (FSA), travel insurance that is sold as part of a holiday package is not. 

Commenting on the current practice of possibly mis-selling travel insurance as part of a travel package, Economic Secretary Ed Balls said, “We need to find out whether travel insurance sold with a holiday is being mis-sold and if we need to educate consumers to consider the cover they want and ensure they are properly informed.”  This comes after Balls discovered that almost half of the UK’s 20 million annual travel insurance policies don’t cover terrorist attacks.

Although travel insurance policies sold by travel firms are not currently regulated, meaning that aggrieved policyholders have little or no right of redress against the travel firm, the announced forthcoming investigation by the Treasury may be just the wake-up call the industry needs to get its house in order or follow the fate of other financial service providers whose practices and activities have recently been curtailed following high profile investigations.

Tags: premium, uk, travel, commission, Insurance, cost, fsa

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.

Tags: claim, emergency, cover, Insurance, company, cost, premium

Consumers Advised To Get Home Insurance Before Christmas Arrives

With an alarming percentage of homeowners having inadequate or even no contents insurance cover to protect their worldly goods and their homes, experts are advising consumers to ensure that they get themselves sorted out with protective cover before Christmas comes around. With reports suggesting that claims on contents insurance tend to rocket over the Christmas period, consumers are being advised to ensure that they do not get caught short at a time when it seems that accidents and burglaries are most likely to occur.

According to research carried out by Zurich, a whopping ten percent of UK homeowners have no contents cover at all, which means that they are not protected in the events of theft, loss, or damage. A further twenty percent do not have adequate contents insurance based on the items that they have in their homes. The reports also suggested that fifty percent of those with contents insurance had no accidental damage cover on their policies, reducing the protection they received from having cover.

Data provided by Barclays Insurance suggested that the festive period was the time when accidental damage in the home was most likely to occur, and statistics showed that the rise in contents insurance claims tended to shoot up over this period. This is also the time of year when many homes are left empty, as people go to stay with friends and family, as well as the time of year when there are many valuables in homes, in the form of gifts and cash. These factors combined could also mean an increased risk of burglaries.

Data showed that there was a rise of over forty percent in home insurance claims after the Christmas period in 2005 compared to claims made the month before. One Barclays spokesperson stated: “Our data shows that during the Christmas party season, people are particularly likely to incur accidental damage incidents in their homes. The cost of replacing items or cleaning carpets or furniture can quickly add up. It is therefore important to add accidental damage cover to your home insurance policy.”

Tags: storm, winter, Insurance, home, cover, christmas, damages, weather, premium, prepare

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.”

Tags: policy, protection, cover, premium, Insurance, travel

Pet Insurance

It’s a Dog’s Life

Whether you have received a cute kitten or a puppy as a present or been out and bought one for yourself, vets bills and care of the animal are all part and parcel of being a pet owner. Insurance is there to help with the unexpected or even expected bills. Read more

Tags: premium, cover, vet, Insurance, pet