Is it time to review your car insurance?
If there is one area of the insurance market which continues to attract the wrath of UK consumers it has to be the car insurance sector. This is an area of the insurance market where premiums constantly seem to go higher and higher with legally insured drivers also paying the price, and the cost, of those who drive on the UK roads without insurance. So is it time to review your car insurance?
Many people do not realise but there is the potential to reduce your car insurance premiums simply by either increasing the excess or taking out an insurance policy which best suits your driving habits and your driving requirements. For example, if you drive less than 5,000 miles a year then you may well be able to have this written into your policy with reduced premiums. There are other areas which you can review which include the safe parking of your vehicle, the introduction of a car alarm and other similar measures which will reduce the risk to your insurance company and therefore, in theory, reduce your premiums.
Those who remain with the same insurance company year after year after year are potentially paying over the odds for what they actually require.
Pet policy disputes rise by 60 per cent
After the Financial Ombudsman Service (FOS) reported a massive rise in complaints about pet insurance policies last year, experts are urging that owners read the small print to check that their animal is adequately covered.The majority of the cases called were found in favour of the insurers because policyholders had failed to disclose pre-existing conditions.FOS spokeswoman Emma Parker told the T...Read More
UK government details loans under RBS insurance scheme
The UK government has today issued details of the Royal Bank of Scotland's participation in the asset protection scheme and there is some concern about the make-up of the loans in question. More than half of the £280 billion of loans in the scheme have been agreed with foreign entities, something which is causing concern within the UK government. In reality, the UK taxpayer is paying to ensure lo...Read More
Insurers to discuss flood claims with ministers
Insurance industry representatives will today meet with ministers to determine how best to deal with the high volume of claims resulting from the recent widespread flooding in England and Wales.The talks come after the Association of British Insurers (ABI) warned that the estimated cost of addressing damage caused by the floods has increased to around £1.5 billion. It is now thought that some 27...Read More
FSA launches investigation into with profits insurance sector
The Financial Services Authority (FSA) has launched an investigation into the with profits insurance sector amid concerns that communications with policyholders and the performance of these funds may not be as good as it should be. After completing a review of 17 companies, which control 80% of the assets held in the UK with profits fund sector, the FSA has launched investigations into two individ...Read More
UK taxpayers to make profit from asset protection scheme
The Asset Protection Agency, the agency in charge of the UK government's asset protection scheme, is confident that UK taxpayers could walk away with a profit from the scheme of anywhere between £5 billion and £6 billion. This is the scheme utilise by Lloyds bank and Royal Bank of Scotland which effectively insures their toxic assets and "puts a lid" on any potential liabilities in the future. I...Read More