Insurance fraud hits low-income consumers
The Financial Services Authority (FSA) has recently issued a number of fines in relation to insurance fraud which has left many people underinsured or in some cases uninsured despite paying their premiums. However, despite the fact that many consumers have forwarded this their premiums in good faith and assumed that the relevant cover has been taken out many will find the shocking reality when they try to claim in the future. So what can consumers do to protect themselves?
If you take out an insurance policy with any third party you should demand to see the relevant paperwork which should confirm the date when the cover began, the premiums and details of the cover offered by the insurance company. Alarm bells should start ringing if you pay your premiums but do not see sight of the correct paperwork within an "appropriate" space of time.
Even though the FSA has undergone a number of investigations into the insurance industry and uncovered a number of frauds there are many more going on under the surface. Consumers, the authorities and the insurance industry as a whole need to be more alert and more aware of the potential problems and take the relevant action as soon as possible.
Christmas comes early for some Norwich Union customers
UK insurance giant Norwich Union has this evening confirmed plans to return up to £40 million of unclaimed life and pension policy assets to over 40,000 customers. The move has received widespread approval as some of these unclaimed policies date back to the 1950s. The company is currently handing back over £1 million a month to customers who have either changed address or disappeared off the ra...Read More
Is this the end of payment protection insurance?
The FSA has today made a historic move by suggesting that UK banks and financial companies withdraw payment protection insurance for loans and credit cards. This brings to an end a very volatile period in the financial sector in which a number of its mis-selling scandals, involving payment protection insurance, were investigated and the original complaints on the whole were upheld.
UK motor insurance premiums rise by 14%
The average motor insurance premium in the UK has increased by 14% over last year with young drivers apparently bearing the brunt of this new push by the car insurance industry to lock in profits for the future. This comes at a time when more and more people in the UK are struggling to cover their everyday living expenses and a 14% increase in motor insurance premiums is a disaster for many people...Read More
Is ID theft insurance worth the money?
There is a growing debate within the financial sector with regards to ID theft insurance and whether it is required and whether it gives value for money. Currently many credit cards companies and banks will offer ID theft insurance as part of an overall financial package but you need to be aware of the small print and exactly what you're covered for. At this point in time, as long as there is n...Read More
High Fuel Prices Are Feeding The Online Car Insurance Market
As fuel prices continue to creep higher and higher there are signs that more car owners are looking to the internet for the best car insurance deals. Recent figures have shown a marked increase in the number of car insurance policies granted over the internet and many observers expect this trend to continue for some time.
It seems that while just a year ago many people would not ha...