Insurance fraud peaks at 2300 claims a week
The Association of British Insurers has issued a damning report on the UK insurance arena with confirmation that over 2300 fraudulent insurance claims are being discovered each and every week. It is estimated that these claims account for over £800 million a year which is then passed on to UK consumers who are left yet again to foot the bill. So why are insurance fraud claims rising?
While there's no doubt that insurance fraud has been ongoing for ever and a day in the UK, even though monitoring systems have been approved, it is the onset of the recession which has brought home just how difficult the financial situation is in the UK. As a consequence, more and more people are now willing to take the chance that they could be prosecuted for fraudulent insurance claims in the knowledge that many insurance companies will look to avoid expensive legal fees.
However, that is not to say that insurance companies will sit by and let insurance fraudsters rule the roost because this would encourage more people to step forward with "borderline" insurance claims in the future. Unfortunately, in the short term it will yet again be law-abiding citizens in the UK who are left to foot the bill for an ever-increasing problem.
Consumers warned about insurance policy administration fees
A survey by the Which? magazine has today highlighted administration fees being charged by some car insurance and home insurance companies which can be as high as £55 for relatively minor alterations. The report suggests that while some alterations to insurance policies, or insurance records, may see insurance underwriters themselves passing on small fees, this is not always the case. The advi...Read More
Do you really understand how your car insurance works?
One element of car insurance which many consumers cannot get their head around is the fact that you buy a car, you insure the car for the value at the time (with the premiums calculated on the situation then) but if you are involved in some kind of crash of accident and your car is written off you do not always receive the full value on the insurance documentation. So how does this work?
Insurance companies set to increase premiums across the board
As we have covered on a number of occasions, many insurance companies have "sneaked in" premium increases over the last few weeks when their sector has been overshadowed by that of the banking and mortgage industry. This constant increase in premiums has gone largely unnoticed but over the next six months, as UK consumers look to renew their policies, they will become all too evident.
Income protection 'can help with school fees'
Britons who send their children to private schools should consider taking out an income protection policy to help cope with rising fees, one expert has advised.Equity Partners, an IFA specialising in school fees, has advised parents that an income protection policy can ensure education costs are met even if fees increase.Kevin Tooze, managing director of the IFA, said: "If you want to protect the...Read More
Are your insurance policies secure?
News that Aviva has taken a hit on its asset base but is still financial secure will offer at least some short term relief to consumers and investors but should we be worried about the long term stability of the insurance market? Do we need to review who we hold our policies with?
While it would be a little foolish to suggest that we should all be checking the small print of our ins...